Regulation
Binance will list ZKsync (ZK) and begin 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 (ZK) token on its platform. Additionally, the exchange giant seeks 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 trades for spot trading pairs on June 17th 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. Specifically, withdrawals will open the following day, June 18th at 08:00 (UTC).
ZK Token Giveaway Program
Considering the ongoing community criticism regarding the ZK airdrop, Binance decided to launch a token distribution program to address the issues. According to the announcement, the exchange will distribute 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 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 seven months indicated. 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 make at least one deposit 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 receive only 200 ZK tokens on their Binance user ID. It is important to note that the token distribution program will begin on June 25th.
Previously, the ZKsync Association announced an airdrop program on X (formerly Twitter). Following the announcement, the project received negative reaction from the community, calling it a scam due to the project’s lack of measures to filter Sybil attacks. Ignoring the concerns, Bybit, the second largest cryptocurrency exchange by trading volume, deposits launched for ZKsync.
A user on X of 0xKingdra.eth, analyzed and summarized the reasons why the community believes 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, excluding “people who have been ‘regular users’ who support and add value to zksync from over 3 years”.
“60% of the airdrop was distributed to only 50,000 wallets, while zks distributed to 9203 wallets represent 25% of the airdrop (917 million zks). While wallets that have used zksync for 3-4 years were eliminated for the airdrop due to the balance requirement, wallets that had some NFTs and Shitcoins in their wallets received disproportionate multipliers,” the user said.
In response to this, the ZK Nation team went X to inform the community which monitored the feedback and discussions of the previous days. ZK Nation supported the plan saying it believes it has chosen 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 remaining questions with full transparency ,” the team said.