tl;dr
zkLink, an Ethereum layer-3 project, has launched its native token, ZKL, on several centralized exchanges such as Bybit, Hashkey, BitGet, KuCoin, and Gate.io. However, major platforms like Binance, Coinbase, and Kraken have not listed the ZKL token. The token experienced a significant drop of about ...
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zkLink, an Ethereum layer-3 project, has launched its native token, ZKL, on several centralized exchanges such as Bybit, Hashkey, BitGet, KuCoin, and Gate.io. However, major platforms like Binance, Coinbase, and Kraken have not listed the ZKL token. The token experienced a significant drop of about 45% shortly after its listing and is currently trading at around $0.42.
The ZKL token serves various functions within the zkLink protocol, including subsidizing gas costs on the zkLink Nova network, funding the zkLink X’s App Rollup infrastructure service, and granting governance rights to ZKL holders. Despite its utility, the initial market response has been poor, with substantial selling pressure following the listing.
zkLink outlined its ambitious vision, which included introducing aggregated rollups and layer 3 solutions intended to streamline blockchain functionality and ease the use of Web3 applications. The launch of the ZKL token is a crucial milestone in achieving the potential of an Aggregated Layer 3 network. However, shortly after its listing, the ZKL token dropped significantly, plunging by about 45%. As of writing, it is trading at around $0.42.
The ZKL token serves multiple roles within the zkLink protocol, primarily helping to subsidize gas costs on the zkLink Nova network and funding the zkLink X’s App Rollup infrastructure service. Additionally, it grants ZKL holders governance rights, allowing them to influence decisions determining the future direction of the zkLink platform. Despite its extensive utility and fundamental role within the zkLink ecosystem, the initial market response has been poor, with substantial selling pressure following the listing.
Vince Yang, CEO of zkLink, emphasized the significance of the token, stating, "Operationally, ZKL tokens are the lifeblood of the zkLink ecosystem, serving as a subsidized gas fee token on Nova, user rewards for protocol engagement, and payment for the app rollup license fee. ZKL tokens are also given as grants to DApp teams accepted in our Ecosystem Developer Program.” Despite this, the ZKL token faced a 45% drop shortly after its listing, underscoring the challenges despite its extensive utility.