🌋 ZKsync and Lens Protocol Seal the Deal

posted  19 Jun 2024
Photo - ZKsync and Lens Protocol Seal the Deal
Sources from DLNews reveal that the L2 blockchain ZKsync developers have committed about 0.5% of all issued tokens to the decentralized social network Lens Protocol to ensure its launch on their platform. Although the precise number is undisclosed, it’s estimated to be around 100 million ZK ($22 million at current market value).

As a result, other competitors have abandoned efforts to attract the project. Matter Labs and Avara, the companies behind ZKsync and Lens respectively, have refrained from commenting. During the airdrop, Lens wallets and its founder Stani Kulechov received 13.9 million tokens ($3 million).
There are a lot of projects that are ZK-native and non-ZK-native that have some sort of allocation,
stated Stani Kulechov, founder and CEO of Avara.
This kind of practice is not unprecedented in the cryptocurrency industry. For example, Polygon Labs paid Starbucks to test NFT technologies some years ago. Kulechov indicated that the Lens community will decide how to utilize the received tokens through proposals aimed at enhancing the protocol's functionality.