ZkSync has announced that the forthcoming v24 upgrade will be the last before transferring network governance to the community.
The layer-2 blockchain currently holds $141 million in total value locked (TVL).
Zero-knowledge (ZK) rollup zkSync has hinted at a potential governance token airdrop by the end of June. Speculation about an airdrop began in March of last year, leading investors to bridge over $8 million worth of tokens to zkSync to be eligible. Since then, the total value locked (TVL) has increased to $141 million, as reported by DefiLlama.
"The upcoming release of v24 is the final planned protocol upgrade needed before handing over network governance to the community. The remaining missing pieces are expected to be in place by the end of June," zkSync wrote on X.
ZkSync is a layer-2 network designed to scale Ethereum by providing cheaper transactions through off-chain computation and data storage. It is classified as a ZK rollup, a type of layer-2 technology that uses zero-knowledge cryptography, considered one of the most promising advancements in blockchain technology.
Transaction fees have decreased significantly since Ethereum's Dencun upgrade in March, which enabled layer-2 networks like zkSync to compress transactions before sending them in batches to the Ethereum mainnet.
The planned issuance of a governance token follows a trend of airdrops over the past year, with projects like EigenLayer, Renzo, Ethena, and Wormhole rewarding early adopters instead of conducting traditional token sales.
Matter Labs, the developers of zkSync, have raised a total of $458 million across several funding rounds from investors including Blockchain Capital and Dragonfly Capital.
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