ZKsync (ZK)
ZK rollup with strong tech but catastrophic tokenomics; airdrop dump destroyed community trust and TVL collapsed 90%+
Ranked 167th of 251 rated tokens. Scoring pass 18 Sept 2026.
What the numbers say
ZK scores 95 of 250 across the 25-variable framework, which places it 167th of 251 rated tokens and inside the lower half of the set. The framework verdict is PASS.
The score rests on Exchange Depth 7/10, 12th of 251, Regulatory Safety 7/10, 17th of 251, P/S Multiple 6/10, 23rd of 251 and Treasury Runway 6/10, 33rd of 251.
Against the same universe, ZK sits in the bottom third on Vesting Schedule 1/10, 244th of 251, Circulating / FDV Ratio 2/10, 241st of 251, Supply Inflation 2/10, 228th of 251 and Insider Selling 3/10, 201st of 251. These are the variables that would have to move for the verdict to change.
Only 51.5% of ZK's maximum supply is in circulation, so 1.94x the current float is still scheduled to arrive. Holding price per token flat while the rest enters circulation implies 48.5% of the fully diluted value sitting ahead of today's holders. That is a real but manageable overhang.
ZK trades 96.3% below its all-time high of $0.3210. Recovering that level is a 27x move, not a 96.3% one, which is the arithmetic most drawdown charts hide.
$95.0M sits in the protocol. Each dollar of value locked carries 1.36 dollars of token market cap.
ZK is strong on Exchange Depth, and those are variables the market demonstrably pays for across the rated universe. Most of that quality is already in the price. It is weak on Active Users and Market Share, which the market does price, so that damage is already done and visible in the valuation.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 3 | 98th of 251 | |
| Revenue Trend | 3 | 117th of 251 | |
| P/S Multiple | 6 | 23rd of 251 | |
| Real Staking Yield | 3 | 143rd of 251 |
Supply
| Supply Inflation | 2 | 228th of 251 | |
| Vesting Schedule | 1 | 244th of 251 | |
| Circulating / FDV Ratio | 2 | 241st of 251 | |
| Buyback and Burn | 2 | 114th of 251 |
Ownership
| Smart Money Flows | 4 | 93rd of 251 | |
| Insider Selling | 3 | 201st of 251 | |
| Holder Concentration | 3 | 197th of 251 |
Traction
| TVL Trend | 3 | 111th of 251 | |
| Active Users | 3 | 149th of 251 | |
| Developer Activity | 5 | 83rd of 251 | |
| Network Growth | 4 | 100th of 251 |
Position
| Market Share | 3 | 131st of 251 | |
| Competitive Moat | 5 | 57th of 251 | |
| Institutional Adoption | 4 | 71st of 251 | |
| Exchange Depth | 7 | 12th of 251 | |
| Social Mindshare | 4 | 86th of 251 |
Risk
| Regulatory Safety | 7 | 17th of 251 | |
| Catalyst Calendar | 4 | 90th of 251 | |
| BTC Alpha Potential | 3 | 114th of 251 | |
| Team Execution | 5 | 74th of 251 | |
| Treasury Runway | 6 | 33rd of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
ZK Stack elastic chain network expansion and ZKsync native account abstraction adoption
Principal risk
Only 17% circulating supply with years of heavy releases ahead; TVL and developer activity abandoned after airdrop controversy
Market and supply
| Price | $0.0119 |
| Market cap | $129.1Mrank 244 |
| All-time high | $0.321016 Jun 2024 |
| Circulating supply | 10,816,539,153 |
| Eventual supply (max supply) | 21,000,000,000 |
| Dilution to full supply | 1.94x |
| Total value locked | $95.0M |
| Listed on | Binance, Bybit, OKX |
Price, market cap, supply and all-time high from CoinGecko, fetched 7 Oct 2026. The 25 scores come from the research pass dated 18 Sept 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to ZK measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
ZK compared head to head
Both sides of each comparison were scored by the same framework in the same pass, so the gap between them is a measurement rather than two readings taken with different rulers.
Sources
- [Blockworks] ZKsync airdrop in June 2024 was widely criticized for insider allocations and Sybil exclusions; token dumped 60% post-launch
- [DefiLlama] ZKsync TVL collapsed from $700M to under $100M by Q1 2026 as developers migrated to Arbitrum/Base
- [TokenUnlocks] Only 17% of ZK supply circulating; massive vesting schedule through 2028 guarantees sustained sell pressure
Common questions
- What is the Early Thunder score for ZKsync (ZK)?
- ZK scores 95 out of 250 on the 25-variable framework, ranking 167th of 251 rated tokens (lower half). The framework verdict is PASS.
- What are ZK's strongest fundamentals?
- ZK ranks highest on Exchange Depth 7/10, 12th of 251, Regulatory Safety 7/10, 17th of 251, P/S Multiple 6/10, 23rd of 251 and Treasury Runway 6/10, 33rd of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the ZK thesis?
- ZK scores in the bottom third of the universe on Vesting Schedule 1/10, 244th of 251, Circulating / FDV Ratio 2/10, 241st of 251, Supply Inflation 2/10, 228th of 251 and Insider Selling 3/10, 201st of 251. The single risk carried on the scorecard is: Only 17% circulating supply with years of heavy releases ahead; TVL and developer activity abandoned after airdrop controversy
- How much ZK supply is still to enter circulation?
- 51.5% of eventual ZK supply is circulating today, leaving 1.94x the current float still to arrive. At a flat price per token that is 48.5% of fully diluted value ahead of current holders.
- How far is ZK from its all-time high?
- ZK trades 96.3% below its all-time high of $0.3210. Returning to that high requires a 27x move from the level used in this scoring pass.
- Which tokens have a similar profile to ZK?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to ZK are STRK (93), SCROLL (102), IO (108) and BLUR (84). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for ZK?
- ZK Stack elastic chain network expansion and ZKsync native account abstraction adoption
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.