ZkSync, Ethereum Layer-2 Network, Hints at Airdrop By End of June

Zero-knowledge (ZK) rollup zkSync has suggested that a governance token airdrop will take place at the end of June.

There have been murmurs of an airdrop since March last year when investors bridged over $8 million worth of tokens to zkSync in order to be eligible. Total value locked (TVL) since then has risen to $141 million, according to DefiLlama.

"The upcoming release of v24 is the final planned protocol upgrade needed before handing over network governance to the community. The remaining missing pieces are expected to be in place by the end of June," zkSync wrote on X.

ZkSync is a layer-2 network designed to scale Ethereum, providing cheaper transactions by performing computation and storing data off-chain; taxonomically speaking, it's classified as a sub-type of layer-2 known as a ZK rollup, which relies on zero-knowledge cryptography, seen as one of the most promising new technologies in blockchain.

Transaction fees became significantly cheaper in following Ethereum's Dencun upgrade in March, which allowed layer-2 networks like zkSync to compress transactions before sending them in batches to the Ethereum mainnet.

The planned issuance of a governance token comes after a series of airdrops over the past year with the likes of EigenLayer, Renzo, Ethena and Wormhole opting to rewards early adopters as opposed to traditional token sales.

Matter Labs, the developers of zkSync, have raised a total of $458 million across several funding rounds from the likes of Blockchain Capital and Dragonfly Capital.