The biggest cryptocurrency exchange, Binance, has announced the listing of ZKsync (ZK) trading pairs and a token distribution program, which is meant to allay worries expressed by the company’s concerns.
The announcement states that on June 17 at 8:00 (UTC), Binance will list ZKsync (ZK) and begin trading for spot trading pairs with BTC, USDT, FDUSD, and the Turkish Lira.
According to Binance, users can now begin adding ZK to their accounts prior to trading while withdrawals will be available the following day, on June 18, at 8:00 (UTC).
In light of the criticism from the community regarding the ZK airdrop, the exchange also revealed a token giveaway program. It intends to give out 10.5 million ZK tokens to roughly 52,500 users who fulfill certain requirements.
To become eligible for this program, the user needs to have completed at least 50 ZKSync Era transactions between February 2023 and March 2024. Additionally, within the specified seven months, the user must have started these transactions in different months.
Furthermore, there must be no ZK tokens remaining from the previous ZK Nation airdrop program associated with the wallet address. Eligible users must deposit at least 0.02 ETH to Binance from the approved address on the ZKSync ERA network to claim the ZK tokens from Binance.
According to Biancnce, the first token airdrop is scheduled for June 25 and Eligible addresses will receive ZK on a first-come, first-served basis.
The ZKsync Association’s recent announcement regarding ZK token distribution has sparked controversy within the community. The criticism primarily revolves around the airdrop program’s vulnerability to Sybil attacks, where individuals create numerous fake accounts to exploit token distribution.
Mudit Gupta, Polygon’s chief information security officer, highlighted this issue on social media, calling the airdrop “the most farmable and farmed ever,” due to inadequate measures to filter out such attacks.
In response to the backlash, the ZK team acknowledged the community’s concerns but defended their chosen approach. They provided a set of FAQs and asserted that no major issues were identified with the airdrop process. Despite the divided opinions, the team remains committed to its distribution strategy.
