Customers of layer 2 blockchain network zkSync non-public claimed more than 2.62 billion ZK tokens rate about $630 million in roughly the first ten hours of zkSync’s lengthy-awaited airdrop that went live Monday morning, data from a Dune Analytics dashboard reveals.

This kind 1.05 billion tokens, valued at practically about $253 million, are left to be claimed. Of the cease 10,000 addresses that got a ZK airdrop allocation, 29.6% offered some of their allocations, whereas 37% offered their total holdings similar to 0x663 and ​​0xb78, the fifth- and sixth-greatest claimers who offloaded collectively more than 4.9 million tokens rate practically $1.18 million, in step with blockchain analytics company Nansen.

The last 33.4% of the cease 10,000 addresses, including two of the cease three claimers who every got over 5.6 million tokens’ rate ($1.4 million), peaceful place their total ZK airdrop allocation.

After opening round 30 cents, ZK has since dropped 27% to commerce at 22.8 cents, giving it a $868 million market cap and a truly diluted valuation of $4.9 billion, ahead of frog-impressed memecoin PEPE but in the abet of rival L2s, similar to Mantle, Starknet, and Optimism.

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Early Success Despite Congestion

“Per the brand new behavior of the cease wallets claiming ZK, at the time of this quote, the airdrop has been a success as a first-rate percentage of top holders non-public yet to pass or sell their tokens,” wrote Nansen’s Edward Wilson, including that the actions of ZK whales “might possibly commerce in the long run.”

One crypto seller with the X address @Dissensio_Owl, who got an airdrop allocation by keeping a Milady non-fungible token, mentioned the zkSync airdrop became “if truth be told one of the upper ones since ARB,” citing how merely one-third of your total ZK provide became earmarked for the team and merchants, whereas the assorted two-thirds became reserved for neighborhood. Snapshot date didn’t happen too far in arrive, and whereas some had been upset about zkSync’s eligibility requirements, “nothing [was] out of the standard,”@Dissensio_Owl added in a message to Unchained over Telegram.

Seventeen and a half percent of your total ZK token provide became particularly disbursed to the airdrop, making it “if truth be told one of the supreme airdrops in historical previous,” in step with Vest CEO, Justin Ma, in a Telegram message to Unchained. “While it’s easy to ogle $ZK as a speculative instrument enticing now, I abet everybody to ogle its ownership as becoming a member of the mission to manufacture a more enticing and equitable world.”

Even supposing some are dubbing zkSync’s airdrop an early success, the highly anticipated token generation tournament drove exercise that congested the layer 2 blockchain network. One crypto user on X mentioned that it took over 20 minutes to efficiently receive their ZK allocation.

Moreover, Binance users confronted delays in their ZK deposits as a consequence of issues with Binance’s node operator, whereas the commerce itself suspended ZK withdrawals for this reason of the “network being congested,” per a tweet from @BinanceHelpDesk at 7:25 a.m. EST.

Projects That Bought ZK Airdrop

Contributors and treasuries of initiatives natively building on zkSync, such restaking protocol EtherFi and perpetual futures commerce Vest, had been also airdropped tokens – more than 215 million in total.

“We take care of free money,” wrote EtherFi CEO Mike Silgadaze to Unchained in a Telegram message. When asked how EtherFi intends to expend its ZK airdrop allocation, Silgadaze mentioned, “The notion became to expend it for incentives on zkSync,” with EtherFi’s chief growth officer, Rok Kopp, noting that the ZK airdrop allocation is “fervent about DeFi integrations on zkSync.”

On X, the Vest team introduced that it got round 2.5 million ZK tokens and plans to present out 100% of its allocation to the Vest and zkSync neighborhood as “0% will most certainly be given to the arrive team.”