A savvy “airdrop hunter” managed to acquire $753,000 worth of the latest ZKsync token (ZK) through 85 wallets, as reported by the crypto tracking platform Lookonchain. The trader then proceeded to transfer 2.71 million ZK valued at $678,000 to Binance and sold 300,000 ZK for 20 Ethereum (ETH) valued at $69,000 on the decentralized exchange (DEX) SyncSwap.

ZKsync is a second-layer Ethereum scaling protocol that recently launched the first airdrop of the ZK token. The distribution aimed to allocate 17.5% of the total supply to 695,232 wallets. The ZKsync Association announced that within two hours, more than 225,000 addresses had claimed over 45% of the airdropped ZK token supply, causing network performance issues.

The association disclosed that two-thirds of the total token supply will be designated for the community, while the remaining one-third will be allocated to the project’s team and investors. The ZK token serves as a protocol token enabling holders to propose and vote on protocol upgrades and cover network fees using ZKsync’s native account abstraction. Governance-led protocol enhancements allow the community to advance ZK to include staking and other features.

With the introduction of more ZK chains, the token is set to become a crucial tool for coordinating technical advancements. While ZKsync Era marks the first ZK chain, Lens Network, Cronos zkEVM, GRVT, and various others are set to launch in the upcoming months.

As of the current writing, ZK holds the 97th position in the crypto market with a market capitalization exceeding $796 million. The token initially traded at around $0.28 but has since dropped to $0.217.

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