Regulation
Binance to List ZKsync (ZK) and Launch Token Distribution Program to Address Community Concerns
Binance, the world’s largest cryptocurrency exchange by market capitalization, has informed the general public that it will list the ZKsync token (ZK) on its platform. Additionally, the exchange giant is looking to address previous community concerns by planning a token distribution program, distributing tens of millions of ZK tokens to eligible users.
According to announcementBinance will list ZKsync (ZK) and open trading for spot trading pairs June 17 at 08:00 (UTC). Specifically, spot trading pairs include ZK/BTC, ZK/USDT, ZK/FDUSD, and ZK/TRY. Binance added that users can now start depositing ZK before trading. Notably, withdrawals will open the next day, June 18 at 08:00 (UTC).
ZK Token Giveaway Program
Given the continued community criticism regarding the ZK airdrop, Binance decided to launch a token distribution program to solve these problems. According to the announcement, the exchange is distributing 10,500,000 (10.5 million) ZK tokens to 52,500 Binance users who meet certain criteria. To be eligible for the distribution, the user must have made at least 50 transactions on ZKSync Era from February 2023 to March 2024.
Additionally, the user must have initiated these transactions in separate months within the indicated seven months. Additionally, the wallet address must not have received any ZK tokens from the previous ZK Nation airdrop program. To claim ZK tokens from Binance, eligible users must deposit at least 0.02 ETH to Binance from the accepted address on the ZKSync ERA network.
Once all criteria are met, ZK tokens will be distributed on a first-come, first-served basis. Each user will only receive 200 ZK tokens on their Binance user ID. It is important to note that the token distribution program will begin on June 25.
Previously, the ZKsync association had announced an airdrop program on X (formerly Twitter). Following the announcement, the project received backlash from the community, calling it a scam due to the project’s lack of measures to filter out Sybil attacks. Despite concerns, Bybit, the second largest crypto exchange by trading volume, deposits launched for ZKsync.
A user on X by 0xKingdra.eth, analyzed and summarized the reasons why the community thinks the project is a scam. According to his post, only Layerzero sybil addresses, hop protocol blacklisted wallets, and exchange addresses are eligible for the airdrop, leaving out “people who are ‘normal users’ who support and add value to zksync for over 3 years. .
“60% of the airdrop was distributed to only 50,000 wallets, while the zk distributed to 9,203 wallets represents 25% of the airdrop (917 million zk). While wallets that have been using zksync for 3-4 years were eliminated for airdrop due to balance Under this requirement, wallets that contained NFTs and Shitcoins in their wallets received disproportionate multipliers,” the user said.
In response to this, the ZK Nation team called on X to inform the community that he followed the feedback and discussions from the previous days. ZK Nation stood by the plan, stating that they believed they chose the right path.
“We are proud of the path we have chosen and believe we have made reasonable compromises”… “We are preparing a more systematic way for the community to collect and prioritize feedback, and will do our best to answer the remaining questions fully. transparency. “, said the team.