Nearly Half Of Airdropped ZkSync Tokens Claimed In Just Two Hours

The launch of ZkSync’s ZK token has users racing to claim the token, with nearly half of the airdropped tokens claimed within two hours.

Nearly Half Of Airdropped ZkSync Tokens Claimed In Just Two Hours

The launch of ZkSync’s ZK token has users racing to claim the token, with nearly half of the airdropped tokens claimed within two hours. The ZK token is off to a mixed debut performance, with the asset dipping 26% since airdrops went live but retaining a nearly $850 million market cap.

ZkSync users began claiming their airdrops on Monday evening, driving a surge in activity on the network that led to degraded performance. Nearly 45% of the total airdrop had been distributed within two hours of claims going live.

The ZK token dropped to a low of $10.08 during the debut, marking a 26% decline from the launch price of $13.6. However, the token recovered to trade above $12 by Monday evening. At the time of writing, ZK is trading at a price of $12.23, giving the token a total market cap of nearly $846 million.

After launching the token and opening up claims for users, ZkSync announced that it will be pausing further airdrop distributions due to "technical difficulties." The team added that it will be working on resolving the issue and resuming distributions as soon as possible.

Soaring Xai Adoption Propels L2 and L3 TVL To All-Time High

Activity on Ethereum scaling solutions is at a new all-time high of 243 transactions per second (TPS). Layer 3s are on fire, with Xai’s throughput surging 9,000% in one week to tag 101 TPS, while Proof Of Play Apex is at 16 TPS after jumping 900% over the same period.

Data from Footprint Analytics shows that the seven-day average transaction volume for Ethereum L2s has hit a new all-time high of 243 TPS. Layer 3s are leading the way, with Xai seeing the biggest increase in activity.

Over the past week, Xai’s transaction volume has surged by over 9,000% to reach an average of 101 TPS. This marks a significant increase from the previous week, when Xai was processing an average of just 1 TPS.

Another notable increase in activity was seen on Proof Of Play Apex, which saw its transaction volume jump by over 900% to reach an average of 16 TPS.

Among Layer 2s, Base and GoodRollupApex are also seeing strong activity, both clocking in at over 20 TPS. Other L2s are also showing positive activity, albeit at lower volumes.

ETH Exchange Balances Hit Eight-Year Low as Investors Prepare for Rally

Just 12 million ETH or 10% of Ether's supply remains on centralized exchanges after investors pulled 4.1 million Ethereum from CEXes in 10 days. The trend has driven the sum of ETH on centralized exchanges to its lowest level since March 2016, suggesting whales are preparing for a rally in anticipation of spot Ether ETFs.

According to data from Glassnode, a total of 120,000 ETH was withdrawn from centralized exchanges on Monday, while 106,000 ETH was deposited onto exchanges. This brought the net outflow for the day to 14,000 ETH.

Over the past seven days, a total of 4.1 million ETH was withdrawn from centralized exchanges, while only 2.2 million ETH was deposited onto exchanges. This resulted in a net outflow of 1.9 million ETH during the period.

The last time ETH exchange balances dropped to a level this low was in March 2016, around the time when the cryptocurrency was experiencing a bull run that took it to an all-time high of $1,400 at the beginning of 2018.

Institutions Offload Millions in Bitcoin as Digital Assets Dip

Institutional investors are hedging their Bitcoin bets, with $600 million flowing out of exchange-traded products tracking BTC last week — the largest weekly outflow since March. Digital assets are off to a feeble start to the week, with most leading assets suffering modest drawdowns.

According to data from Commodities and Futures Trading Commission, institutional investors withdrew a net total of $597 million from Bitcoin ETFs during the week that ended on Friday, June 30. This marks the largest weekly outflow from Bitcoin ETFs since the week ending March 10.

The outflows come amid a period of lackluster performance for Bitcoin, which has seen the world’s largest cryptocurrency trade within a narrow range over the past few weeks. Bitcoin dropped to a low of $29,300 during the week, while also briefly hitting a high of $31,000.

Despite