zkSync Could Launch Token This Week

zkSync, an Ethereum Layer 2 network powered by zero-knowledge technology, is planning to conduct its Token Generation Event (TGE) this week, according to a report from The Block.

While the ticker is yet to be announced, the token is expected to have a maximum supply of 21 billion, with an airdrop for early adopters to take place within 30 days of the TGE, the report claims.

zkSync Era is a top 10 Layer 2 with $927 million in total value locked (TVL).

DeFi traders have been speculating on a potential airdrop ever since Era went live in March 2023. Last week, the project finally confirmed that a token would be forthcoming, posting that it “stands by its commitment to decentralize.”

More than three million wallets have generated 8.1 million transactions on the network to date, according to a Dune dashboard.

However, activity peaked shortly after Era launched and has trended lower ever since.