According to the analytics firm, over 4,160 addresses sold ZK tokens after claiming them. About 30% of top recipients sold part of their allocations, and less than 29% of claimers still hold tokens after the airdrop. Nansen reported that airdrop claimants have sold almost $500 million worth of ZK in the open market, even though the top recipients make up only a fraction of the total distribution plan. ZKsync plans to distribute 3.67 billion tokens to 695,232 addresses, with the top 10,000 wallets receiving only 1.44% of the allocation.
Sybil airdrop farming occurs when a single user uses hundreds or thousands of wallets to accumulate protocol activity, aiming to acquire as many tokens as possible from the airdrop that would have otherwise gone to single-user wallets and eventually dumping them after the token lists on crypto exchanges. This practice has been a source of concern within the crypto community. Analysts observed that several Sybil addresses blacklisted for LayerZero’s airdrop received thousands of ZK tokens. However, a representative from Nansen stated that it was unclear if Sybil farmers were predominantly behind the token dumps.
Regardless, ZKsync developer Matter Labs appears unfazed by this activity.
