zkSync’s ZK Token Airdrop has sparked controversy on Cybil’s filter
TLDR
zkSync, an Ethereum layer-2 scaling solution, has faced criticism over the ZK token airdrop distribution. Critics say the airdrop lacks sufficient anti-syphilis measures, making it easily farmable. The controversy resulted in a significant drop in zkSync's Total Value Locked (TVL). zkSync plans to distribute 17.5% of the total 21 billion ZK token supply to early adopters in a single airdrop. Despite explanations from zkSync, some users are not satisfied with the classification and eligibility criteria.
zkSync, Ethereum's Zero Knowledge (ZK) layer-2 scaling solution, has come under fire following the announcement of the ZK token airdrop.
In the year The project, which aims to compensate long-time backers starting with Mainnet development in 2023, has faced criticism from industry experts and rival networks for its lack of anti-cybil measures and unfair token distribution.
Mudit Gupta, chief information security officer at rival Layer-2 network Polygon, described the ZK token airdrop as “the most farmable and farmable airdrop ever,” adding that zkSync has “virtually no Sybil filtering.”
zkSync airdrop is out.
Most arable airdrops probably.
As far as I can see there is no Sybil filter.
Anyone who knew the criteria could easily cultivate the land.
It makes you appreciate what LayerZero is trying to do with the Sybil filter.
— Mudit Gupta (@Mudit__Gupta) June 11, 2024
Adam Cochran of CinemaHine Ventures echoed this sentiment, saying that the airdrop requirements are “easy to hit as a real user and easy to hit as a farmer.”
I love the zkSync guys but damn it wasn't a well planned airdrop in terms of Sybil.
Those benchmarks are easy to not hit as a real user, and easy to hit as a farmer, and they had no anti-sybil program.
Real users can easily use 1-2 daps or few tokens on you… pic.twitter.com/PiqprIbKJ3
— Adam Cochran (adamscochran.eth) (@adamscochran) June 11, 2024
Controversy around weather caused a significant drop in zkSync's Total Value Locked (TVL).
According to DeFillama, TVL dropped from $200 million to around $128 million following the announcement of ZK token distribution details. This decline in TVL reflects a lack of trust among consumers who are marginalized by the distribution system.
zkSync announced on June 17 that 17.5% of the total 21 billion ZK token supply will be distributed to early users in a one-time airdrop.
The project explained that 89 percent of this allocation is intended for users who have done a lot of network marketing, and the remaining 11 percent is for developers and researchers. However, this explanation does not eliminate the dissatisfaction among some users who feel that they are not rewarded enough.
zkSync emphasizes its commitment to transparency and community engagement, inviting more feedback to better align future decisions with user expectations.
The project maintains that its token distribution plan allocates 16.1% of tokens to the team and 17.2% to investors, with the rest dedicated to ecosystem initiatives, designed to support the growing ecosystem as new users join the network.
As the ZK token launch date approaches, the debate over the fairness and effectiveness of zkSync's airdrop continues.
Some users predict that the token could reach $1 at launch, while pre-listing platforms such as Wells Market show the price trading at around $0.34.
