I do not think that it is not a discovery for any of the retro drop hunters that project teams distribute most of the tokens in the retrodrop to themselves. ZkSync ERA has gone further in this topic of machinations than all other teams that have distributed retrodrops until today. However, unlike the above command, the blockchain remembers everything and is available for analysis to everyone. Let’s analyze together the data on changes in TVL volume in the ZkSync Era network for the period preceding the final snapshot (according to DeFfiLama). Why did I choose TVL analysis? And because ZkSync Era made a crazy distribution of 100 thousand tokens precisely for providing liquidity (the most important criterion for filtering wallets when choosing recipients during a retrodrop). But we understand that this is the L2 blockchain, and by no means the liquid (re) stakeing protocol.
11/19/23 — TVL 106 million US dollars
11/23/23 — TVL 150 million US dollars.
That is, in 4 days, the volume of locked-up liquidity in the ZkSync Era network increased by more than 40% — by 44 million. Agree, it looks more than suspicious, doesn’t it? Let’s drive on)…
09.01.24 — TVL 167 million US dollars
10.01.24 — TVL 127 million US dollars.
In one day, $40 million of liquidity was withdrawn. That is, how much was added in November 2023 in a very short time, the same amount was withdrawn in January 2024 in one day (In one day, Carl!) Do you also doubt that this is a coincidence? I also think this is unlikely.
The development team, various insiders, funds and other persons involved in the fraud invested more than 40 million US dollars as liquidity in most of those wallets, which eventually received the maximum (and unusually high) distributions of airdrop tokens (from 10k to 100k tokens) — which meets the main criteria that were selected for definitions of retrodrop recipients. Relatively speaking, these were just over 4,000 wallets, each of which had a balance of $10,000 at the time of the intermediate snapshots And, which, provided that this money was invested in a conditional Syncswap, were counted as $20,000 according to the criteria of the retrodrop from ZkSync Era. Do you think such a wallet has received a token distribution? 100% received!
And now let’s go through other, no less interesting, figures. So:
— The top 50k wallets will receive 55% of the total drop.
— Top 100k wallets — 68% of the total drop.
D — decentralization, or non-cyberpunk from the ZkSync Era.
2,376,152,343 ZK tokens were distributed to only 62,335 wallets. And this, for a moment, is as much as 11.3% of Total Supply!!!
Or, for example, 916,993,109 ZK tokens were distributed to 9203 wallets. And this (drum roll!!!) 4.3% of the Total Supply for some 9.2k wallets. How do you like the scale of stupidity and greed?! I will remind you about another sensational project with a bunch of well-founded complaints from the Starknet community — which distributed 5% of Total Supply to more than 500,000 wallets.
I will also throw up some interesting facts, namely that Nansen expressed his authoritative opinion and refused any participation in the search for sibiles for the ZkSync Era or any kind of advice on allocations / criteria. That is, we can conclude that all actions to determine the size of the distribution of drops and recipients were done by the team itself! And this is understandable, because when you distribute to yourself, it is definitely better to have as few people involved in the process from the outside as possible. TrustaLabs, by the way, also expressed their opinion about the “arts” of the ZkSync Era team!
A huge number of ecosystem projects were also left “overboard” by this token distribution scam. I will name only the largest ones:
ZK PEPE — devoid of allocation for projects
Zksync ID — devoid of allocation
Element NFT — the most important marketplace in the ZkSync Era was stripped of allocation
zkApes — left without allocation
Rollup.finance — also remained without allocation
Woofi, the largest DEX, which has many collaborations in the crypto industry, also remained without allocation, and the TVL of users was not counted in the drop criteria.
In addition, according to a preliminary analysis of the ZkSync Era network, there are also 2 farms of industrial sibiles for more than 44,000 wallets and 9,000 wallets. These wallets are listed in LayerZero reports as sibiles because they were replenished on the same day with the same amounts from the same sources. At the same time, these wallets received more than 500,000,000 ZK tokens in the total amount of the drop distribution. My investigation is ongoing — and everything that is written in this article is just the “tip of the iceberg”!!!
However, it is already safe to say that the “New bottom” in the distribution of retrodrops has already been officially broken by the ZK team and it is unlikely that anyone will “bypass” them in the near future on the scale of fraud!!!
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