ZkSync Token Listing Continues to Cause Conflict After Controversial Airdrop

Key Points:

• The zkSync token listing decision by Bybit under the ticker ZK continued to spark controversy after the zkSync airdrop did not satisfy users.
• The conflict stemmed from disputes over trademark rights and community criticism regarding token distribution fairness and transparency.

zkSync token listing decision by Bybit under the ticker ZK has ignited a storm of controversy within the crypto community, drawing criticism from various stakeholders and sparking debates over trademark rights.

zkSync Token Listing Decision by Bybit Continues to Spark Crypto Controversy

Critics, including prominent figures like OKX CEO Star, Justin Sun and Binance’s He Yi, voiced concerns over transparency and fairness with the recent airdrop, saying insiders are getting too many tokens and opaque rules.

Controversy, originating on May 24, 2024, surprised many as Bybit chose to change the ticker of Polyhedra (which also has the token ticker as ZK), a project already listed, without prior notice or consultation. This zkSync token listing decision led to accusations of bias against zkSync by Polyhedra, which had used the ticker ZK for its token. Bybit’s move urges Polyhedra to collaborate with Hashkey to rename their token ZKJ (ZK Join) to differentiate it from zkSync.

Governance and Transparency Issues in the Crypto Industry

The controversy extended beyond ticker disputes to encompass intellectual property rights. zkSync, operated by Matter Labs, faced backlash for trademarking the ZK brand across multiple countries. This move drew sharp rebukes from other projects in the ZK space, including Polygon and StarkWare, leading to Matter Labs ultimately withdrawing their trademark applications.

Finally, the tension related to the ZK ticker has turned to a trademark controversy. Although zkSync has received the ZK ticker, it is facing a lot of opposition to registering the ZK trademark.