The exchange’s token distribution program was implemented with the explicit intention of addressing community apprehensions regarding the ZK token airdrop.
Binance has recently disclosed its intention to incorporate ZKsync (ZK) trading pairs and a token distribution program that is intended to alleviate community concerns regarding the ZK token airdrop.
The token will be available for spot trading, and the listing for ZKsync trading pairings will commence at 8AM UTC today. USDT, FDUSD, BTC, and the Turkish Lira will be available as trading pairs. If users wish to prepare for the launch of Binance, they may deposit ZK. Withdrawals will be available one day following the listing. The listing is slated to occur one hour following the commencement of the legitimate ZKsync airdrop claims.
Despite reservations regarding the token’s airdrop strategy, Bybit, a crypto exchange, authorized deposits for ZKsync on June 14. OKX CEO Star posed inquiries on X regarding this trend, inquiring as to whether the “crypto influencers” who were incorrectly labeling ZKsync as a “scam” were doing so due to the fact that “the airdrop fails to fulfill the initial community expectations.”
“Normal individuals who have been contributing to zksync for between three and four years are ineligible. Only 50,000 wallets received 60% of the airdrop, while the zk distributed to 9,203 wallets represents 25% of the airdrop (917 million zk). Wallets that have been utilizing zksync for 3-4 years were disqualified from the airdrop due to the balance requirement, but wallets that contained a portion of NFTs and Shitcoins received disproportionate multipliers,” the X user explained.
In order to address this issue, Binance acknowledged in its announcement that the community has “ongoing concerns” regarding the ZK token distribution, which was initially disclosed by the ZKsync Association last week.
The airdrop program’s absence of measures to prevent Sybil attacks, which involve the creation of a large number of false accounts to acquire additional tokens while mining the airdrop tokens, appears to be the source of the criticism.
The ZK team acknowledged that the plan had caused unrest in the community, but it reiterated its commitment to the course of action it has chosen in a post on X last week. The team provided a list of frequently asked questions, stating that it did not identify any significant issues with the airdrop.
Binance has unveiled a token distribution program in response to community criticism of the ZK airdrop, in addition to the ZK trading pair listing. An estimated 52,500 customers will receive 10.5 million ZK tokens from the exchange.
Users must have initiated a minimum of 50 ZKsync Era transactions between February 2023 and March 2024, spanning at least seven distinct months within that time frame, in order to be eligible for the Binance ZK token distribution program.
Furthermore, users must not have obtained any ZK tokens through the official ZK Nation airdrop program. The initial token airdrop is scheduled for June 25, and eligible addresses will get ZK tokens on a first-come, first-served basis.
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