- On the day of the ZK token launch, the 7-day moving average of transactions on ZKsync Era reached a three-month high, with over 1.8 million transactions registered.
ZK, the much awaited token from ZKsync, debuted on June 17 with a market valuation of more than $1 billion.
ZK’s market value experienced a brief rise in the early going of the launch, but over the next few days, it steadily declined. This was probably caused by persistent sell pressure from airdrop recipients and unfavorable conditions in the broader market.
As of this writing, ZK’s market capitalization is approximately $600 million, and its fully diluted valuation is $3.4 billion, which is 40% less than what it was valued at launch.
Zsync Era saw a somewhat quiet period in terms of new unique addresses on the chain during the week before ZK launched, averaging about 7,000 per day. But this number shot up on the day of the ZK token launch, with 18,000 new unique addresses created on June 17, more than tripling from the previous day.
The original rollout did not cause the excitement to fade. This number increased by more than 76% the following day to 31,800 new unique addresses. Then, on June 19, it increased by an additional 12% to 35,800 new unique addresses for the day. On the day of the ZK token launch, over 1.8 million transactions were registered as users rushed to claim their airdrops, pushing the 7-day moving average for transactions on ZKsync Era to a three-month high.
Sadly, this spike in activity turned out to be fleeting for the network. The transaction count for the chain fell by 37% the very next day, and the next day saw another 32% decline.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
