Price Analysis

ZKsync Price Prediction Amid Controversial ZK Airdrop: Is $1 Possible?

Abdullah Sarwar

Crypto traders are speculating on ZKsync price as the much-awaited and highly-awaited ZKSync airdrop gets completed. After years of development and accruing a massive userbase, the Ethereum L2 scaling solution has finally rolled out its native cryptocurrency which is now trading with the ticker ZK.

The global crypto markets remain in a slump as Bitcoin and Ethereum prices consolidate below key support levels. Nevertheless, the market conditions didn’t impact the ZKsync team’s plan to launch their crypto token. Therefore, the token was listed on crypto exchanges on June 17.

ZKSync Airdrop Faces Backlash Over Sybil Measures

In order to keep malicious actors and automated airdrop farmers at bay, ZKsync came up with a Sybil protection plan. During this process hundreds of thousands of addresses were flagged and rendered ineligible for the airdrop.

However, in the process, the wallets of many real organic users also got flagged, depriving them of their airdrops. Therefore, the project started to face a lot of backlash from the affected users on X and Discord.

What Is ZKsync?

As the name suggests, ZKsync is an Ethereum scaling solution based on zero-knowledge roll-ups. ZKSync bundles multiple transactions together into a single unit. This significantly reduces the load on the Ethereum mainnet, allowing for faster processing and lower fees.

According to DeFi Llama, $129.76 million is currently locked on the ZKsync layer 2 network. After the recent launch of the native ZK token, this figure is expected to increase in the coming months.

ZKsync Price Prediction & Analysis

At the time of writing, the ZK/USD pair is trading at $0.246 in its exchange debut. This puts it at a current market capitalization of $901 million and a fully diluted market capitalization of $5.15 billion. Despite a sell-off on the listing day, the long-term ZKsync price prediction appears to be quite bullish if we compare it to other L2 rollup coins like Optimism (OP), Arbitrum (ARB) and Starknet (STRK).

Most of these coins have a fully diluted market capitalization of $8-$9 billion, which gives a 50%-60% upside to ZK coin based on its current price. However, it is worth mentioning that the ZKsync TVL is significantly lagging compared to these protocols and this metric needs to be improved for the coin to rally in the coming months.

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