Popular centralised cryptocurrency exchange Binance has listed ZKsync ($ZK) trading pairs and created their own $ZK token distribution program, the latter of which is aimed to address community concerns following backlash over ZKsync’s original airdrop criteria.
Listed on Monday, Binance users are now able to trade ZKsync with Bitcoin ($BTC), Tether ($USDT), First Digital USD ($FDUSD), and the Turkish Lira ($TRY). Deposits for $ZK were enabled immediately, with withdrawals available from today.
The Binance listing went live an hour after the ZKsync airdrop claims began.
Community concerns over airdrop criteria
Last week, ZKsync unveiled plans for their $ZK Token. These were met with immediate backlash, primarily over the eligibility criteria. Critics argued that the measures to prevent Sybil attacks — where individuals create multiple fake accounts to exploit the airdrop — were insufficient, and unfairly harmed real users.
ZKsync took a snapshot of activity on March 24, 2024, to determine airdrop eligibility. ZKsync stated that strict anti-Sybil measures often exclude legitimate users and opted for a more lenient approach, focusing on identifying real users based on their activity history.
Despite assurances from ZKsync that the majority of Sybil accounts had been filtered out, many users felt that the criteria unfairly excluded long-term, active ZKsync users. Further criticism arose over the weighting given to liquidity providers and locked value, as opposed to trading volume and transaction history.
Binance takes the initiative
In spite of this backlash, Binance not only announced that they’d be listing the $ZK token, but also revealed that they would be implementing a separate token distribution program, offering an additional way for long-term ZKsync users to claim a share of $ZK tokens.
To qualify, users must have conducted at least 50 ZKsync Era transactions between February 2023 and March 2024, across at least seven different months. Additionally, users must not have participated in the official ZK Nation airdrop program.
The Binance $ZK distribution program will operate on a first-come, first-served basis, with the initial airdrop scheduled for June 25.
On top of that, Binance are also running a $ZK token giveaway, with plans to distribute 10.5 million $ZK tokens to approximately 52,500 of its users.
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