“It’s not a financial question,” says CEO – DL News

• ZKsync’s long-awaited ZK token will launch on June 17.
• ZK Nation, a newly created organization with the aim of governing and developing the ZKsync protocol, will launch and distribute the token.

Crypto users are set to receive another big airdrop payment.

ZK Nation, a newly formed organization with the aim of governing and developing the ZKsync protocol, announced on Tuesday that the protocol’s ZK token will launch next week.

The market value of the ZK token will likely reach hundreds of millions once it launches on June 17.

Despite this, Alex Gluchowski, co-founder and CEO of Matter Labs, highlighted the usefulness of the ZK token.

“It’s not a financial question,” he said DL News. “It’s really a guarantee of governance.”

Matter Labs is the company behind the ZKsync protocol, which includes the ZKsync Lite and ZKsync Era blockchains.

“When will Airdrop?” »

The airdrop, or distribution of tokens to users of a cryptocurrency project, ends what has been a slow beat of anticipation for the new cryptocurrency over the past year.

The ZKsync protocol aims to make transactions faster and cheaper on Ethereum.

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Unlike other layer 2 blockchains, it uses zero-knowledge proofs, a cryptographic method invented in the 1980s, to aggregate transactions and publish them on Ethereum.

Although Matter Labs launched the first iteration of ZKsync in 2020, it does not yet have a token. However, in May, ZKsync’s X account announcement a new protocol upgrade planned for the end of June that would hand “governance” to Layer 2 users.

“Wen Airdrop??” read one of the first comments below the post.

The Block then reported that the launch of the token could take place as early as mid-June, citing two sources close to the matter and an internal message.

And on Monday, ZKSync’s X account announced the creation of ZK Nation, an organization responsible for governing and developing the ZKsync protocol, as well as launching its token.

“Pre-match starts tomorrow,” ZKsync’s X account posted. “Rest.”

ZK-nomics

There are 21 billion ZK tokens, a third of which are reserved for investors and employees of Matter Labs and the ZKsync Foundation, according to a report. blog post.

The other two-thirds are for community members: approximately 695,232 wallets will receive 17.5% of the token supply, 19.9% ​​will go to the ZKsync Foundation, and 29.3% will be set aside for the ZKsync treasury. what ZK Nation calls its “Token Assembly.” .”

This is akin to a decentralized autonomous organization that helps govern the protocol.

Gluchowski, the CEO of Matter Labs, said DL News that the drop is the only one planned.

He said the token launch was not a cash grab and that Matter Labs had around $200 million in cash.

According to the blog, investors and employees cannot sell their tokens for a year after the airdrop.

Then, their collection capacity will follow a release period of three years between June 2025 and June 2028.

“It’s a sign of governance,” Gluchowski said. “But the community will also have the power to use it as a means of payment.”

The Matter Labs CEO also said that after the airdrop, members of the ZKsync community could vote to add additional features.

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