ZkSync, an Ethereum Layer 2 network developed by Matter Labs, is gearing up for its token generation event (TGE) this week, according to two sources familiar with the matter who spoke to The Block. Following the TGE, the token launch and airdrop are expected to take place within the next 30 days, with an aim for the airdrop to occur around June 13. This date positions the event before Blast's token airdrop scheduled for June 26, as indicated by an internal message seen by The Block.

The token, with a proposed ticker of ZK, will have a total supply of 21 billion tokens. However, there is some contention over the ticker as the Polyhedra Network has already claimed it. Despite this, ZkSync may still proceed with using ZK, especially since Polyhedra's token has not been listed on Binance, noted a source.

"zkSync is currently in the process of becoming decentralized. At this moment, no definitive plans have been finalized," a Matter Labs spokesperson told The Block.

Last week, ZkSync hinted at the upcoming token launch and airdrop, signaling that these developments are part of broader efforts to accelerate the protocol's decentralization. "The upcoming release of v24 is the final planned protocol upgrade needed before handing over network governance to the community," ZkSync stated. "The remaining missing pieces are expected to be in place by the end of June."

Backed by high-profile investors such as Andreessen Horowitz (a16z), Dragonfly Capital, Blockchain Capital, Crypto.com Capital, Placeholder Capital, and 1kx, Matter Labs has raised a total of $258 million in venture funding, along with an additional $200 million ecosystem fund.

ZkSync is a prominent Ethereum Layer 2 network that utilizes ZK-rollups to enhance Ethereum's scalability, making transactions faster and more cost-effective. Ethereum co-founder Vitalik Buterin has previously endorsed ZK-rollups, predicting they "will win out in all use cases" in the medium to long term due to their specific advantages and broad applications.

On Tuesday, Buterin reiterated his optimism about ZK-rollups, forecasting that "in 10 years, all rollups will be ZK and will commit blocks with finalized state roots to L1 every slot. It will take a lot of infrastructure and prover optimization to get there, but that's the clear endgame."

As ZkSync advances towards its TGE and subsequent airdrop, the crypto community is keenly observing these developments, anticipating significant impacts on the network's growth and the broader Ethereum ecosystem.