Does zksync have its own native token?
The fast and simple answer is yes, but at the moment it is not possibly to obtain the tokens yet. This is because zkSync is this in development of its layer two and not ready to release their own token yet. Their efforts are momentarily spend elsewhere, improving various parts of the zkSync network. Quote: 'Right now, zkSync is at level 4 of this scale. It is fully noncustodial with zero trust assumptions: the zkSync validator has no power to do anything with user's assets without explicit authorization.'
When will I be able to obtain zkSync native tokens?
zkSync is momentarily fully focused on the continuous development of its platform and its security. Specific dates have not been given out yet. Many people expect the first tokens that are available for the public, to be in the form of an airdrop. These expectations are because of various other platforms who have shown the same behavior.
To stay up to date and have a change at receiving one of the first airdrops, make sure to follow the zkSync Discord and Twitter in case of announcements about their native token release.
How will the zkSync token work?
After zkSync becomes fully decentralized, token holders will be able to stake (temporarily lock tokens to accumulate more) their tokens. And this way become a validator for the transactions in the network. The paid transaction fees are distributed amongst the staked holders, thus accumulating their tokens.
Using the zkSync network will ofcourse come with costs. These costs consist of off chain, storage and prover costs. And on chain costs, which are gas costs. To not make it more complicated we will not go in depth about these point, if interested you can find more about the subject here: https://docs.zkSync.io/userdocs/tokens/#supported-tokens
The total estimated cost per transaction is 0.001 USD, which is significantly cheaper then most other chains. These fees are paid in an equal amount of the token users are trading.
Note: Tokens listed on Uniswap with $500 of liquidity and a token price on CoinGecko can be used to pay for fees. For tokens without a liquid market price, fees are paid in a different token.
Just like other chains, zkSync transactions will be transparent in the beginning. This means everyone will be able to see who sends, receives transactions and the details of it. The goal of the network is to implement more privacy. Only when zkSync can ensure low transaction costs with implemented privacy, the feature will be added into the network.
The smart contract for zkSync native token can not yet be looked in to, before release the developers will give more information free about the contract. The launch of the zkSync chain is currently aimed at October, November. In this period it is most likely the token will also be released.
zkSync is still in development, this means that many things are constantly changing. Deadlines, goals and plans are not certain. To stay up to date with the latest news, we suggest joining the official zkSync discord and follow the developer channel. These updates are in-depth posted in this channel.
