ZK (ZKsync) has pumped 16.04% in the last 24 hours.

Gate News Bot news, on November 20, according to CoinMarketCap, as of the time of writing, ZK (ZKsync) is currently priced at $0.05, with a rise of 16.04% in the last 24 hours, peaking at $0.06 and dropping to a low of $0.04. The current market capitalization is approximately $479 million, an increase of $66.61 million compared to yesterday.

ZKsync is a blockchain network protected by cryptographic technology rather than validators. Its cutting-edge zero-knowledge proof technology provides the necessary privacy, performance, and connectivity for businesses to thrive in the digital asset economy. ZKsync connects public chains and private chains, forming a single encrypted security network. It allows users to launch, control, and monetize their own chains while maintaining a connection to global liquidity. ZKsync also supports the tokenization of physical assets, building programmable capital markets, and real-time cross-border settlement.

Recent important news about ZK:

1️⃣ Large Token Unlocking is Coming Soon ZKsync (ZK) will unlock approximately 173 million tokens at 4 PM Beijing time on November 17, accounting for 3.37% of the current circulating supply, valued at about 9 million USD. This unlocking event may impact short-term market supply, and investors should closely monitor the market response after the unlock.

2️⃣ ZK Nation community proposes to upgrade token contract The ZK Nation community recently put forward an important proposal to upgrade the ZK token contract to the ZKTokenV3 version. The new version will introduce a public burn function, allowing token holders to permanently destroy their held tokens. In addition, specific roles can burn tokens from designated accounts and enforce a maximum supply of 21 billion ZK. This upgrade aims to enhance the flexibility and controllability of the token, potentially having a positive impact on the long-term value of ZK.

3️⃣ Institutional-level privacy needs are increasingly prominent Alex Gluchowski, the founder of ZKsync, recently emphasized that privacy tools are becoming a key factor in driving institutional adoption of blockchain technology. With a large number of institutions holding significant crypto assets, the demand for “system-level privacy” is becoming increasingly prominent. This perspective highlights the potential advantages of ZKsync in privacy solutions, which may attract more institutional investors to focus on the ZK ecosystem.

From a technical perspective, the price of ZK has experienced significant fluctuations recently. Despite a single-day drop of 5.14% on November 14, there was a strong rebound afterward. Considering the ongoing market interest in privacy technology and the potential upgrades in the ZK ecosystem, the long-term development prospects of ZK are still worth paying attention to. However, investors should closely monitor the upcoming token unlock events and their potential short-term market reactions.

This message is not to be taken as investment advice, and investors should be aware of the risks of market volatility.