# Who Are the Top 3 Delegates of ZKsync’s New Governance Token?

Source: https://unchainedcrypto.com/who-are-the-top-3-delegates-of-zksyncs-new-governance-token
Kiwi News: https://news.kiwistand.com/stories/Who-Are-the-Top-3-Delegates-of-ZKsyncs-New-Governance-Token?index=0x667208b81ab9021811c1ec46a894d45a32718f026b87538f8189a481c98ad688c73b7eb0
Submitted by misha on 2024-06-18 UTC, 1 upvote, 0 comments

## Summary

ZKsync's three largest delegates hold 431 million of the 1.12 billion delegated ZK governance tokens, more than a third of the delegated total, according to the article. SyncSwap, the top decentralized exchange on the platform, leads with 261 million tokens, followed by DeFi user Olimpio with 120 million and the analytics platform L2BEAT with 50 million. The article reports that 2.944 billion ZK tokens have been claimed so far, with 78.39% of eligible addresses participating in the airdrop, and that according to Nansen, 41.7% of the top 10,000 addresses have sold their entire allocation.

## Article

Ethereum scaling solution ZKsync’s top three delegates hold over a third of the protocol’s delegated governance tokens.

Three delegates hold over a third of delegated ZK tokens.

Posted June 18, 2024 at 12:48 pm ET.

In the wake of Ethereum layer 2 solution ZKsync’s ZK token airdrop, three entities have emerged as the top delegates, holding a significant portion of the delegated tokens.

Delegates serve as representatives of token holders who trust them to vote on their behalf in governance processes. ZK is ZKsync’s governance token and out of the 2.944 billion ZK tokens claimed so far, 1.12 billion have been delegated. The top three delegates collectively hold 431 million of these tokens, more than a third of the total delegated amount.

SyncSwap, the top decentralized exchange (DEX) on the platform, leads with 261 million ZK tokens. Olimpio, a prominent DeFi user who’s also a delegate for other protocols such as Arbitrum, Optimism, Blur, and more, holds 120 million ZK tokens, while L2BEAT, a blockchain analytics platform, has 50 million ZK tokens.

The ZK token airdrop has seen substantial engagement, with 78.39% of eligible addresses participating, per a Dune Analytics dashboard. The token is currently trading at $0.20, giving it a fully diluted valuation (FDV) of $4.4 billion. However, according to Nansen, 41.7% of the top 10,000 addresses have sold their entire airdrop allocation, indicating mixed sentiment among early recipients.

Read more: ZkSync Users Claim $630 Million Tokens in First Ten Hours of Airdrop

What Is ZKsync?

ZKsync, developed by Matter Labs, is a layer 2 scaling solution for Ethereum using zero knowledge-rollup technology to enhance scalability by processing transactions off-chain, reducing gas fees and congestion while maintaining security by anchoring to the Ethereum mainnet.

Learn more: What Are Zero-Knowledge Proofs?