Crypto News – ZkSync Token Debuts Despite Network Strain and RPC Problems

Crypto News – ZkSync Token Rollout Faces Challenges with Heavy Network Load

Crypto News- The highly anticipated zkSync token (ZK) officially launched on exchanges on June 17.

According to CoinMarketCap, it has a total supply of 21 billion ZK and a market capitalization of roughly $971 million.

The token launched on Binance, Bybit, Gate.io, KuCoin, and other exchanges, initially reaching as high as $0.30 but has since dropped to about $0.25. Network Load and RPC Issues Shortly before the token launch, zkSync announced on X that its network had experienced a high load and degraded performance in some remote procedure call (RPC) services.

RPCs facilitate communication between nodes and perform network operations, including sending transactions or querying data.

At the time of the X post, the team explained that they were working on increasing RPC capacities and advised to stay tuned for updates. Rise in Impersonators Following the announcement that over 695,000 wallets were eligible for the recent ZK token airdrop, a notable increase in malicious DApps impersonating zkSync was observed.

Ido Ben-Natan, CEO of Web3 security platform Blockaid, explained to Cointelegraph that the malicious DApps were “using drainer SDKs to mitigate detection and reach users.”

“The scammers are using Twitter (X) comment sections to reach their target audience. If you go to the reply section of almost every one of ZK’s recent tweets, you’ll see many accounts abusing Twitter’s verified accounts to distribute links to malicious DApps.” Community Airdrop Concerns zkSync’s token distribution program, set to run from June 17 to July 16, aims to distribute 10.5 million ZK tokens to eligible users.

However, the community raised concerns about the methodology used to filter Sybil farms.

The zkSync team stated that they would address these concerns to ensure a fair and transparent distribution process for the community.

FAQ for zkSync Token Launch

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