ZkSync is a Layer-2 scaling solution for the Ethereum blockchain that has garnered significant attention recently. The project started a wave of zkEVM-related launches, providing users with a fast and cost-effective way to send transactions on Ethereum. ZkSynс has gained much attention in the crypto community following the recent airdrop. Besides being attracted by zkSync's innovative ZK-rollup technology for scaling Ethereum, the asset's price fluctuations have gained much attention. Discover the future for the best Ethereum Layer 2 protocol, and check out zkSync token price prediction for 2024 and beyond.

What is zkSync?

ZkSync is a Layer 2 protocol developed by Matter Labs to ensure scalable, low-cost payments on the Ethereum blockchain. The zkSync network brings security, user, and developer experience to the focus of attention. Following the release of zkSync Version 1.0 on the Ethereum mainnet on 15 June 2020 (which enabled transaction throughput of ~300 TPS), Matter Labs is currently focused on the development of zkSync 2.0, aiming for two major goals: 

1. Smart contract capabilities through supporting Solidity and Zinc
2. Increased throughput to 20,000+ TPS via zkPorter, a protocol combining zkRollups and sharding.

zkSynс white paper

The project's white paper stated, "zkSync is a Layer 2 ZK rollup, a trustless protocol that uses cryptographic validity proofs to provide scalable and low-cost transactions on Ethereum." It achieves high security and scalability for Ethereum transactions through zero-knowledge proofs and a proof-of-stake consensus mechanism. 

ZkSync is one of the best Ethereum Layer 2 protocols. It uses the same security warranties as in the L1, where all validity proofs are proven on Ethereum. In the Layer 2 ZK rollup, transactions are bundled into batches before generating a validity of proof.

zkSync crypto history

zkSync v1.0 was launched on the Ethereum Mainnet on 15 June 2020. It uses PLONK as its zero-knowledge prover and has a Universal Common Reference String for secure setup. Due to PLONK's limitations, the initial version had a throughput cap of approximately 300 TPS. 

With the release of zkSync 1.1 on 1 August 2020, recursive ZK proofs increased the capacity to up to 3,000 TPS, and new features like automatic recurring payments and token transactions were added. Subsequent funding rounds, including a $50 million investment led by Andreessen Horowitz, have bolstered zkSync's development. Since its launch, zkSync has processed over a million transactions on the mainnet, integrated with various dApps, and facilitated multiple Gitcoin Grant Rounds, positioning itself as Ethereum's potential main payment backbone.

How does zkSync work?

The zkSync crypto project was released to address the main issues facing the Ethereum network, namely low scalability and high transaction fees. zkSync platform runs on the zk-Rollups zero-knowledge proof technology, aggregating multiple transactions into one, proceeding them off-chain, and then verifying the Ethereum blockchain. By working this way, zkSync significantly reduces the computational burden, transaction fees, and transaction times. 

The zkSync layer 2 network was released to preserve Ethereum's security and decentralisation while improving its efficiency. The system is compatible with Ethereum's smart contracts and tools, facilitating integration for decentralised apps that want to take advantage of fast and cheap transactions. 

zkSync is designed to be a trustless protocol, meaning it doesn't rely on any custodian to validate user funds. It works decentralised by securing all assets via smart contracts on the Ethereum blockchain. This preserves all security features of the Ethereum network and enhances user sovereignty over their assets. 

zkSync airdrop drama

Wonder no more about "When is zkSync airdrop?" zkSync Layer-2 blockchain started its airdrop for the zkSync token on Monday, 17 June 2024. It proved successful enough, with over 45% of zkSync tokens claimed in less than 2 hours. Yet, many token holders were dissatisfied with how ZK distributed the airdrop.

On 11 June 2024, ZK Nation announced the upcoming launch and airdrop of zkSync's token, with over 3.6 billion tokens available for 695,000 eligible addresses. However, the distribution left many long-term users unhappy with their allocations, feeling they received less than those with fewer transactions. Some users reported ineligibility despite meeting the criteria.

Several top-ranking zkSync projects, like Element and zkApes, announced forming a coalition due to exclusion from the airdrop despite contributing significantly in gas fees. The controversy grew over the absence of anti-Sybil filtering, with reports suggesting 80 million ZK tokens went to 47,000 Sybil addresses.

In response, ZK Nation addressed the backlash, explaining that strict Sybil filtering was avoided to prevent mistakenly excluding real users. The chosen approach aimed to benefit organic users while accepting more Sybil accounts to reduce false positives.

Still, despite controversial reflections on the zkSync airdrop update, the event caused some hype around the zkSync airdrop, resulting in ZK's market capitalisation reaching $850 million.

Following the zkSync airdrop and tracking the behaviour of 10,000 addresses that attained the token, 41% of those tracked sold all assets. 29.2% of addresses sold some of their zkSync tokens, while 30% kept their holdings. Nearly 50% of the top wallets that obtained the new ZK token as part of the zkSync airdrops sold their entire allocation, resulting in a whopping 34.5% drop in the zkSync crypto price. 

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Is zkSync a good investment?

It's too early to create zkSync price predictions and zkSync token behaviour forecasts. But that hasn't stopped some analysts from already sharing their zkSync token price predictions. It's been only a few days since the zkSync airdrop, and it will take time for us to start judging the zkSync crypto's trends. Although some zkSync investors prefer buying new products, the asset has a short history, making it difficult to predict if the price will go up or down.

The answer to whether zkSync should be considered an investment opportunity also depends on whether the project attracts more investors who will express interest in buying the token. Overall, crypto market trends traditionally matter a lot. 

zkSync coin price analysis

While writing this zkSync token price prediction on 19 June 2024, the asset's price was $0.2322, with a daily trading volume of $653,376,049. The ZK token ranked #87 on CoinMarketCap, with a market cap of $849,318,942, a circulating supply of 3,675,000,000 ZK coins, and a maximum supply of 21,000,000,000 ZK coins.

ZK price statistics (as of 019/06/24)

zkSync Technical Analysis

The zkSync crypto market shows potential for a bullish recovery as the Moving Average Convergence Divergence (MACD) remains above the signal line, and the Relative Strength Index (RSI) holds above 50, indicating sustained higher lows. The positive green shades in the MACD histograms further support this bullish sentiment. If the zkSync price achieves a stable close above $0.2595, it could attract more buy orders and set the stage for a continued upward trend. Key levels for buyers to watch include $0.3500 and $0.4446, with a potential to reclaim its peak of $2.9700.

zkSync price prediction

At the time of writing, the zkSync token price mainly trades with a bearish sentiment. Following the recent zkSync airdrop and the asset's holders actively selling ZK tokens, the crypto price has mainly revealed a bearish outlook. However, it's too early to sell your holding since the big picture remains bullish, and analysts forecast the ZK token's price will gain momentum soon. That said, let's consider zkSync token price predictions.

WalletInvestor zkSync token price prediction for 2024, 2025, 2030, 2040 and 2050 

According to WalletInvestor zkSync token prediction, the crypto price could rise to around $0.37241 by the end of 2024. The ongoing growth trend indicates that zkSync might peak at $0.786198 in the next few years.

CoinCodex zkSync price prediction for 2024, 2025 and 2030 

CoinCodex's prediction for zkSync indicates that its price could surge by 231.97%, reaching $3.47 by 17 July 2024. For 2025, the zkSync token price is estimated to range between $1.044768 and $5.00, suggesting a potential increase of 2,168.94% from today's price if it hits the upper target. By 2030, the forecasted price range for zkSync is $2.71 to $4.39, implying a possible gain of 1,891.90% from its current value.

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