A significant amount of ZKsync token airdrop recipients have offloaded their full allocation within 24 hours of the ZK -8.29% token going live, according to the onchain analytics platform Nansen.

Some 41.1% of the top 10,000 addresses who received the Ethereum Layer 2 network’s native ZK token have completely sold their airdrop allocation, Nansen data show. A further 30.1% have sold at least some of their allocations, with just 28.8% holding on to their full airdrop. However, the top addresses only account for 1.44% of the total 695,232 wallets eligible for the airdrop.

The top ZK token claims range from 52,816 ZK ($11,600) to 5,644,020 ZK ($1.2 million). In total, $346.7 million worth of ZK has been sold by addresses offloading their full allocation and $149.2 million by addresses making partial sales, per Nansen’s dashboard.

Top ZK airdrop claims status. Image: Nansen.

ZKsync token airdrop

The ZKsync Association began its airdrop of 3.675 billion ZK yesterday to early users and adopters of ZKsync, as the token went live for trading on multiple centralized crypto exchanges, including Binance, Bybit, Gate.io and KuCoin.

The airdrop represents 17.5% of the ZK token's total supply of 21 billion tokens. A further 49.1% of the token supply will be distributed through ecosystem initiatives, with 17.2% allocated to investors and 16.1% to ZKsync developer Matter Labs.

Some 78.5% of the one-time token airdrop have been claimed by users so far, according to a Dune Analytics dashboard. However, 11% of the airdrop reserved for contributors cannot be claimed until June 24. 

Users are those who transacted on ZKsync and met a threshold of activity. Contributors, on the other hand, are individuals, developers, researchers, communities and companies who contributed to the ZKsync ecosystem and protocol through development, advocacy, or education — regardless of their network activity.

The airdropped tokens do not have any vesting or lock-up periods and are fully liquid from day one. When asked if that could result in selling pressure, Alex Gluchowski, founder and CEO of Matter Labs, told The Block last week that "people are free to dispose of their tokens."

"It's a community governance airdrop," Gluchowski said at the time. "So we hope that the majority of the recipients will participate in the governance, will delegate their tokens, and will become active members of the community. If some of them don't want to do this, it's better if the tokens go into the hands of people who actually deeply care about the protocol."

Gluchowski also acknowledged that while it's hard to eliminate 100% of the bots, some of the allocation could go toward them.

ZK's market capitalization is sitting at $791.7 million, with a fully diluted value of around $4.5 billion. The token is currently trading for $0.21, according to The Block’s ZKsync price page, with $1.3 billion in trading volume over the past 24 hours.

ZK/USD price chart. Image: The Block/TradingView.