Binance to list ZKsync with token distribution program amid widespread criticism -

Binance to list ZKsync with token distribution program amid widespread criticism

Jun 17, 2024Jeremy ParkinsonCryptocurrency, No picture0

Key Notes

Community criticism on the ZK airdrop stemmed from a lack of Sybil attack prevention and the alleged disproportion in distribution

Binance will list the trading pairs starting 8AM UTC today, alongside a token distribution program to address the concerns

The exchange’s ZK token giveaway targets users with 50+ transactions over 7 months, excluding airdrop claimants

Binance announced earlier today that it plans to list ZKsync (ZK) trading pairs and a token distribution program designed to address community concerns about the ZK token airdrop.The listing for ZKsync trading pairs begins today at 8AM UTC, with the token available for spot trading. Trading pairs will be provided for BTC, USDT, FDUSD, and the Turkish Lira. Prior to its launch, Binance users may deposit ZK to prepare, with withdrawals opening a day after the listing. The listing is scheduled to take place an hour after the official ZKsync airdrop claims begin.Community criticismOn June 14, crypto exchange Bybit opened deposits for ZKsync despite concerns about the token’s airdrop strategy. OKX CEO Star posted questions on X regarding this trend, asking whether the “crypto influencers” tagging ZKsync as a “scam” were doing so because “the airdrop doesn’t meet the original community expectations[?].”

One X user named 0xKingdra.eth tried to summarize the contentions surrounding the community criticism against ZKsync.

” […] normal users who have been supporting and adding value to zksync for 3-4 years are not eligible. 60% of the airdrop was distributed to only 50k wallets, while the zk distributed to 9203 wallets is 25% of the airdrop (917m zk). While wallets that have been using zksync for 3-4 years were eliminated for airdrop due to the balance requirement, wallets that held some NFTs and Shitcoins in their wallets received disproportionate multipliers,” the X user explained.

To this end, Binance acknowledged in its announcement that there are “ongoing concerns” from the community surrounding the ZK token distribution, which was first announced by the ZKsync Association last week.The criticism appears to stem from the airdrop program’s lack of measures to filter out Sybil attacks, where people create a large number of fake accounts to acquire more tokens while farming the airdrop tokens.In response, the ZK team wrote on X last week that it recognized the plan had upset the community but stated that the team would stand by the path it has chosen. The team offered a set of FAQs, noting that it did not identify any major issues with the airdrop.ZK giveaway eligibilityIn addition to the ZK trading pair listing, Binance has announced a token giveaway program in response to community criticism surrounding the ZK airdrop. The exchange plans to distribute 10.5 million ZK tokens to an estimated 52,500 users.To be eligible for the Binance ZK token distribution 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.