Binance to List ZKsync (ZK) and Commence Token Distribution Program to Address Community Concerns
Binance, the world’s largest cryptocurrency exchange by market cap, has informed the general public that it will be listing the ZKsync (ZK) token on its platform. Additionally, the exchange giant looks to address previous community concerns by planning a token distribution program, giving out tens of millions of ZK tokens to eligible users.
According to the announcement, Binance will list ZKsync (ZK) and open trading for spot trading pairs on June 17 at 08:00 (UTC). Specifically, the spot trading pairs include ZK/BTC, ZK/USDT, ZK/FDUSD and ZK/TRY. Binance added that users can now commence depositing ZK ahead of trading. Notably, withdrawals will open the next day, June 18 at 08:00 (UTC).
ZK Token Giveaway Program
Considering the ongoing community criticism regarding the ZK airdrop, Binance has decided to launch a token distribution program to address the issues. According to the announcement, the exchange is giving out 10,500,000 (10.5 million) ZK tokens to 52,500 Binance users who meet certain criteria. To be eligible to receive from the distribution, the user must have conducted at least 50 transactions on ZKSync Era from February 2023 to March 2024.
Also, the user must have initiated these transactions in separate months within the seven months stated. In addition, the wallet address must have not received any ZK tokens from the previous ZK Nation airdrop program. To claim the 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, the ZK tokens will be distributed on a first-come, first-served basis. Each user will receive only 200 ZK tokens to their Binance User ID. It is important to note that the token distribution program will start on June 25.
Community Backlash
Previously, the ZKsync Association 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. Disregarding the concerns, Bybit, the second-largest crypto exchange by trade volume, launched deposits 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, Wallets on the hop protocol blacklist, and exchange addresses are eligible for the airdrop, leaving out ‘people who have been ‘normal users’ who have been supporting and adding value to zksync for over 3 years.
“60% of the airdrop was distributed to only 50k wallets, while the zk distributed to 9203 wallets is 25% of the airdrop (917m zk) While wallets that have been using zksync for 3-4 years were eliminated for airdrop due to the balance requirement, wallets that held some NFTs and Shitcoins in their wallets received disproportionate multipliers,” the user said.
Responding to this, the ZK Nation team took to X to inform the community that it has been monitoring the feedback and discussions over the previous days. ZK Nation stood by the plan stating that they believe they have chosen the right path.
“We are proud of the path we’ve chosen and believe we made reasonable tradeoffs”…”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 in full transparency,” the team said.
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