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Binance Lists ZKsync, Launches Token Distribution

Zksync

Today Binance revealed the ZKsync (ZK) trading pair listing and a token distribution program, the latter of which seeks to allay community worries.

ZKsync Trading Pairs on Binance

Starting on Monday UTC at 8 a.m., ZK will be accessible for spot trading alongside BTC, USDT, FDUSD, and the Turkish Lira. Binance customers can now deposit ZK in readiness, the exchange stated in the statement. According to the exchange, withdrawals would be accessible one day following the listing. The listing is planned to arrive one hour following the start of the real ZKsync airdrop.

Apart from the ZK trading pair listing, Binance revealed a token distribution initiative in view of the community criticism directed at the ZK airdrop. It intends to distribute 10.5 million ZK tokens across 52,500 users, approximately.

Users of the Binance ZK token distribution scheme had to have started at least 50 ZKsync Era transactions between February 2023 and March 2024 to be qualified. Still, these purchases have to be spaced over at least seven separate months within that period. Users also cannot have claimed any ZK tokens via the official ZK Nation airdrop program.

First Airdrop Scheduled for June 25

The first token airdrop is scheduled for June 25, Binance said; eligible addresses will be handed ZK first come, first served.

First revealed by the ZKsync Association last week, the exchange noted in the announcement that there are “ongoering concerns” from the community concerning ZK token distribution. Social media channels saw different responses to the ZK listing; some called the ZKsync initiative a “scam.”

READ:  Gemholic Accused of Rug Pull Following ZkSync v24 Release

The objection seems to be related to the absence of steps in the airdrop program to filter Sybil attacks, in which individuals create many false identities to obtain more tokens while farming the airdrop tokens.

“Most farmable and farmed airdrop ever probably—aalmost no Sybil filtering as far as I can see,” Polygon’s chief information security officer, Mudit Gupta, posted on X the day after the ZKsync Association’s revelation.

In response to the criticism, the ZK team commented on X last week, acknowledging that the plan offended the community but stating that the team would stick to its chosen course. It provided a set of FAQs stating that the airdrop did not reveal any significant problems.

ZKsync (ZK) Listing Postponed

Fellow Binancians, The trading start time for ZKsync (ZK), originally set at 2024-06-17 08:00 (UTC), will be further postponed to 2024-06-17 10:00 (UTC).” Binance stated.

 

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