ZKsync Second Airdrop Arrives—But Is the Party Already Over?

ZK Nation just dropped round 2 of airdrops, and this time the vibe is… different. We’re talking 1.91% of total ZK token supply going to Protocol Guild members, external project contributors, and nominees. Claims open until January 3, 2025.

Sounds good on paper, right? Here’s where it gets spicy:

The ZK Token’s Rough Ride

When ZK launched on June 17th, it came in hot—market cap over $1 billion, 3.6 billion tokens distributed to 695k+ wallets. But then? The slide began.

Community was already salty about the first airdrop favoring insiders over regular users. Token tanked 40% from debut, hitting $621M market cap (FDV: $3.5B) by the time people started asking questions.

Here’s the Real Problem—Network Activity Is Ghosting

Remember those 18,000 active addresses spiking on launch day? Turns out most were airdrop farmers. Once tokens hit their wallets, they ghosted.

Look at the numbers:

• Active wallets: 455k (late Feb) → 218k (early June) down 52%
• Weekly transaction volume: 1.8M → 51k literally collapsed

Before airdrop launch, daily active addresses were hanging around 7k. The bump to 18k? Pure farming frenzy.

The Elephant in the Room

Second airdrop is supposed to smooth things over by rewarding actual contributors. But if the first round’s selloff pressure + community trust issues persist, will round 2 even matter? Or are we just throwing more tokens at a narrative that’s already lost momentum?

Time will tell if ZKsync can convert this into real network growth, or if this becomes another cautionary tale about airdrop fatigue.