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Crypto Investor Snags $750,000 in Token Giveaway

Crypto Investor Snags $750,000 in Token Giveaway

A certain “airdrop hunter” managed to get $753,000 by strategically claiming the new ZKsync token (ZK) through 85 different wallets, according to Lookonchain crypto tracker.

This quick action points to the run away fortunes that can be obtained from airdrops but also raises questions about fair distribution.

Lookonchain reports that the investor deposited a part of his or her ZK reward, worth about $678,000, to Binance. They also swapped 300,000 ZK for approximately $69,000 in ETH on the DeFi exchange SyncSwap.

ZKsync is an Ethereum blockchain transactions accelerator and therefore aims to quicken transactions. On Monday they launched their ZK token, distributing 17.5% of total supply into over 695,000 wallets. This event however was not without its hiccups – according to The ZKsync Association, just within two hours; claims surpassed network capacity by more than 45%!

The ZkSync Association further explained that 2/3 of the total ZK supply will be distributed to the community while 1/3 will go to the team and the project’s investors.


READ MORE: Understanding Memecoins: Opportunities and Risks in 2024


What exactly is ZK token?

It is simply an opportunity for users to have a vote on the future of zkSync. Holders can vote for upgrades and pay network fees. Potentially a staking service could be added down the road.

As we await imminent launches of other “ZK chains”, which are specialized blockchains built atop zkSync, this means that someday ZKT could become a major player coordinating innovation in the crypto space.

At the time of writing ZK is trading at $0.28 and has a market cap of over $796 million, positioning it at the 97th spot in CoinMarketCap’s rankings.

Author
Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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