ZkSync to unveil token details in early November, says Matter Labs' product head

Quick Take

  • Matter Labs’ executive said zkSync’s tokenomics would be announced in early November.
  • This came as zkSync is scheduled to hit mainnet next Friday to start supporting Ethereum apps.

Ethereum scaling solution zkSync will announce details on its native token in the first week of November, Steve Newcomb, chief product officer at zkSync's development firm, Matter Labs, said in a Twitter Spaces discussion.

The statement comes ahead of zkSync's planned launch of its main network next Friday, after being in development since early last year.

"In the first week of November, and I don't wanna cause too much of a flurry here, look for us to make a statement that many people are waiting for relating to tokenomics," Newcomb said, when asked about the timeline for a potential zkSync token. 

While Newcomb confirmed token details were on their way, he dismissed talk of an airdrop, a free token giveaway for zkSync users, as “just a rumor.” 

ZkSync is a ZK-Rollup-based scaling solution that aims to offer faster and cheaper crypto transactions by bundling transactions off-chain while simultaneously piggybacking on Ethereum for security with the help of zero-knowledge (ZK) proofs. 

With the mainnet, the project is gearing up to provide an environment called "zk-EVM," which it says will fully support Ethereum smart contracts on the ZK-Rollup. 

More than 100 projects have shown interest in deploying their apps on zkSync after its mainnet launch. This includes Uniswap, the largest decentralized exchange by volume, which last week passed a governance vote to deploy its version 3 exchange on zkSync after the mainnet launch.

To fund the development of zkSync, Matter Labs raised $50 million in a Series B funding round led by Andreessen Horowitz (a16z) last November.

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