The ZKsync Association’s initial airdrop announcement sparked outrage on social media.
By Mayowa Adebajo
Edited by Julia Sakovich
Updated
2 mins read
Binance may have responded to earlier criticisms that trailed the ZKsync (ZK) token launch. The project, which announced its token and airdrop program last week, faced a huge community backlash as users expressed their concerns. Now, however, Binance appears to have stepped in with a ZK listing and a separate token distribution program, hoping to mend what may have been broken.
Starting at 8 a.m. UTC today, June 17, Binance will list ZK trading pairs, allowing users to buy and sell the token with Bitcoin (BTC), Tether (USDT), their fiat-backed stablecoin (FDUSD), and the Turkish Lira (TRY). Users can immediately deposit ZK in preparation for trading. However, withdrawals will not open until a day after the token goes live on the platform. Notably, the listing aligns strategically with the start of the ZKsync airdrop claims. It is scheduled to come an hour after the actual ZKsync airdrop claims start.
Meanwhile, Binance, as earlier mentioned, may have also done the bidding of critics. The exchange is launching a separate ZK token distribution program that aims to distribute a total of 10.5 million ZK tokens to an estimated 52,500 users. However, there is a catch. The token giveaway has at least three strict eligibility requirements.
Firstly, users must have carried out no less than 50 transactions on the ZKsync Era network. That is, between February 2023 and March 2024. Even if they did, the transactions must be spread across at least seven different months within the period. Lastly, users may not have claimed any ZK tokens through the official ZK Nation airdrop program.
According to Binance’s announcement, users who satisfy all three requirements will receive ZK tokens on a first-come, first-served basis. The first airdrop is scheduled to take off on June 25th.
The ZKsync Association’s initial airdrop announcement sparked outrage on social media. Critics, including Mudit Gupta, the chief information security officer of Polygon, argued that the program lacked measures to prevent Sybil attacks. These attacks involve creating fake accounts to inflate airdrop rewards.
The ZKsync team initially defended their approach but later acknowledged the community’s concerns. However, Binance’s intervention with a separate distribution program based on actual network activity might offer a solution for active users who felt left out.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
