Steve Newcomb, product manager at zkSync development company, Matter Labs, has revealed in a Twitter Spaces discussion that the native token for Ethereum’s scaling solution, zkSync, will be revealed in the first week of November.

Newcomb made this announcement shortly before zkSync plans to debut its core network, which was under construction in 2021.

Also, when asked about the release date of a potential zkSync token, Newcomb said. “In the first week of November, and I don’t want to cause a lot of fuss here, look for us to make a statement that a lot of people are expecting regarding tokenomics.”

While Newcomb acknowledged that token information would soon be available, he described rumors of an airdrop, a free distribution of tokens to zkSync users, as false.

Matter Labs raised $50 million in a series B financing

In November 2021, Andreessen Horowitz (a16z) spearheaded a $50 million Series B funding round for Matter Labs to fund the creation of zkSync.

zkSync is a ZK stack-based Ethereum scalability solution that uses zero-knowledge (ZK) proofs to trust Ethereum for security, while also pooling off-chain transactions to deliver fast and less expensive crypto transactions.

the signature is getting ready to launch mainnetwhich it claims will fully support Ethereum smart contracts on ZK-Rollup, in an ecosystem branded “zk-EVM”.

Following the mainnet debut of zkSync, more than 100 projects expressed interest in using it to distribute their applications. Curiously, uniswapthe largest decentralized exchange by value, recently passed a bill to run its version 3 exchange on zkSync after the mainnet launch.

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