Binance to List ZKsync with Token Distribution Program

In response to community criticism, Binance has announced the listing of ZKsync (ZK) trading pairs alongside a token distribution program. The move aims to address concerns surrounding the ZK token airdrop, which has been met with widespread criticism from the crypto community.

Community Criticism

The criticism stems from the airdrop program's lack of measures to prevent Sybil attacks, where individuals create multiple fake accounts to acquire more tokens. Furthermore, there are allegations of disproportionate distribution, with some users receiving large amounts of tokens while others, who have been actively using the network for years, being left out.

Token Distribution Program

To address these concerns, Binance has announced a token distribution program, which will see the exchange distribute 10.5 million ZK tokens to an estimated 52,500 users. To be eligible for the program, users must have initiated at least 50 ZKsync Era transactions between February 2023 and March 2024, spread across at least seven different months within that time frame. Additionally, users must not have claimed any ZK tokens through the official ZK Nation airdrop program. Eligible addresses will receive ZK tokens on a first-come, first-served basis, with the first token airdrop planned for June 25.

ZKsync Listing

The listing of ZKsync on Binance is scheduled to take place on June 17, with trading pairs available for BTC, USDT, FDUSD, and the Turkish Lira. Deposits for ZK are already open, and withdrawals will be available 24 hours after the listing. The listing comes an hour after the official ZKsync airdrop claims begin.

Other Exchanges

Bithumb, a Seoul-based crypto exchange, has also announced the listing of ZKsync, supported by the Korean Won Market. Deposits and withdrawals for ZK will be available on the same day as the listing activation.

Airdrop Eligibility

ZKsync has announced that 695,232 wallets are eligible for the airdrop, with users receiving up to 100,000 tokens. The airdrop is capped at 3.68 billion tokens, which is 17.5% of the total supply. The remaining tokens will be allocated to initiatives, the development team, investors, and a "token assembly."

The airdrop starts on June 17 and runs until January 3, 2025. Holders can immediately trade their tokens, but they will be locked until June 2025, with a gradual release over three years until 2028.

Conclusion

The listing of ZKsync on Binance, combined with the token distribution program, aims to address the community's concerns surrounding the ZK token airdrop. The move is seen as a positive step towards ensuring a fairer distribution of tokens and preventing Sybil attacks. As the airdrop and token distribution program progress, it remains to be seen how the community will respond and whether the concerns will be fully addressed.