Ethereum scaling solution ZKsync’s top three delegates hold over a third of the protocol’s delegated governance tokens.
Three delegates hold over a third of delegated ZK tokens.
Posted June 18, 2024 at 12:48 pm EST.
In the wake of Ethereum layer 2 solution ZKsync’s ZK token airdrop, three entities have emerged as the top delegates, holding a significant portion of the delegated tokens.
Delegates serve as representatives of token holders who trust them to vote on their behalf in governance processes. ZK is ZKsync’s governance token and out of the 2.944 billion ZK tokens claimed so far, 1.12 billion have been delegated. The top three delegates collectively hold 431 million of these tokens, more than a third of the total delegated amount.
SyncSwap, the top decentralized exchange (DEX) on the platform, leads with 261 million ZK tokens. Olimpio, a prominent DeFi user who’s also a delegate for other protocols such as Arbitrum, Optimism, Blur, and more, holds 120 million ZK tokens, while L2BEAT, a blockchain analytics platform, has 50 million ZK tokens.
The ZK token airdrop has seen substantial engagement, with 78.39% of eligible addresses participating, per a Dune Analytics dashboard. The token is currently trading at $0.20, giving it a fully diluted valuation (FDV) of $4.4 billion. However, according to Nansen, 41.7% of the top 10,000 addresses have sold their entire airdrop allocation, indicating mixed sentiment among early recipients.
Read more: ZkSync Users Claim $630 Million Tokens in First Ten Hours of Airdrop
What Is ZKsync?
ZKsync, developed by Matter Labs, is a layer 2 scaling solution for Ethereum using zero knowledge-rollup technology to enhance scalability by processing transactions off-chain, reducing gas fees and congestion while maintaining security by anchoring to the Ethereum mainnet.
Learn more: What Are Zero-Knowledge Proofs?
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