Binance lists zkSync (ZK) with ZK token distribution program

Binance, the largest cryptocurrency exchange platform by volume, announced it will list zkSync’s ZK token on Monday, June 17th. The ZK token will be listed with multiple trading pairs. Binance also said it would roll out a ZK token distribution program to address the ongoing concerns within the ZK community. 

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The crypto exchange announced that it will list the ZK token and consequently open trading for its pairs. According to the announcement, the Binance exchange will list zkSync’s ZK under four trading pairs: ZK/BTC, ZK/USDT, ZK/FDUSD, and ZK/TRY. The Binance exchange will open withdrawals for the token on Tuesday, the 18th, just a day after the listing.

The ZK ticker symbol will represent the native token of zkSync, which is a layer 2 scaling solution on the Ethereum network. The zkSync token airdrop was scheduled for today, June 17th, which coincides with its listing on Binance. The ZK community expects to receive the ZK airdrop tokens today, while the Binance listing is scheduled for an hour later.

In the announcement, Binance also expressed intentions to clear up the ZK token airdrop issues. Binance Exchange is committed to releasing a Binance ZK token distribution program to address ZK airdrop concerns.

Binance issues a ZK token distribution program

Binance Will List @zksync (ZK) with $ZK Token Distribution Program

Listing Time: 2024-06-17 08:00 (UTC).

???? #Binance ZK Token Distribution Program????

Binance is offering 10,500,000 ZK tokens to up to 52,500 Binance users who meet all of the following criteria????… https://t.co/eVrl64hjUs pic.twitter.com/CyVKKalAmK

— Ethereum Daily (@ETH_Daily) June 17, 2024

Alongside the ZK token listing, Binance is also offering 10,500,000 ZK tokens in its distribution program. The exchange platform plans to distribute the tokens to up to 52,500 users. The exchange has also issued eligibility criteria for those interested in the token distribution program.

To be eligible, users must have initiated at least 50 transactions on the zkSyc Era. Meaning that the transactions must begin with the user’s address. The 50 transactions should have been recorded between February 2023 and March 2024, totaling 14 months.

During the same period, the user’s address must have also been used to make transactions in seven different months. These transactions should not be self-transfers. Additionally, user addresses should not have qualified for airdrops from the official ZK Nation airdrop. Binance also announced that the eligible recipient addresses should not be of a contract, CEX, or bridge.

Eligible users will be required to deposit a minimum of 0.02 ETH to Binance.com. However, the exchange announced that the total ETH amount deposited on the users’ Binance account would not affect the amount of ZK tokens to be received.

The crypto exchange has mentioned that the ZK tokens will be distributed on a first-come, first-served basis to all eligible user addresses. According to the announcement, every eligible user will receive 200 ZK tokens. The first airdrop from this token distribution program will begin on June 25th.

ZK Nation addresses community concerns on airdrop

zkSync airdrop is out.

Most farmable and farmed airdrop ever probably.

Almost no sybil filtering as far as I can see.

Anyone who knew the criteria could've easily farmed the shit out of it.

Makes you appreciate what LayerZero is trying to do with sybil filtering.

— Mudit Gupta (@Mudit__Gupta) June 11, 2024

The ZK Nation released a statement on X, addressing its community’s concerns with the airdrop. According to community members, the airdrop was conducted with minimal attempts of Sybil filtering. Community members acknowledged that bots may have taken advantage of the situation and farmed several ZK tokens.

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In its public address, the ZK Nation mentioned that airdrops are extremely challenging and admitted that sophisticated industrial farms may take advantage using bots that are indistinguishable from real users.

The ZK Nation’s statement read,

“We also recognize that many people are upset, having received less than they expected. We don’t take this lightly. We spent several days and nights looking into reports and double-checking data, to understand the full picture and eliminate any possible mistakes.”

The ZK Nation expressed its commitment to the community by releasing a set of FAQs to help address some of the concerns. The team also vowed to prepare a better way for the community to collect and prioritize feedback.

Cryptopolitan reporting by Collins J. Okoth