Binance, the largest cryptocurrency exchange by trading volume, announced the listing of zkSync’s ZK token on Monday, June 17th.
This listing will feature multiple trading pairs, marking a significant milestone for the zkSync community. Binance also revealed plans for a ZK token distribution program to address ongoing concerns within the community.
The ZK token will debut with trading pairs, including ZK/BTC, ZK/USDT, ZK/FDUSD, and ZK/TRY. Withdrawals for the ZK token will be available starting Tuesday, June 18th, a day after the listing.
The ZK ticker will represent zkSync’s native token, a layer 2 scaling solution for the Ethereum network. This event aligns with the scheduled zkSync token airdrop, anticipated today, June 17th, with the Binance listing set for an hour later.
ZK token distribution program
In addition to listing the ZK token, Binance is launching a ZK token distribution program. This initiative will distribute 10,500,000 ZK tokens to up to 52,500 users. To qualify for this program, users must have completed at least 50 transactions on the zkSync Era initiated from their address.
These transactions should have occurred between February 2023 and March 2024, spanning 14 months. Furthermore, users’ addresses must have been active for seven months, and the transactions should not be self-transfers. Eligibility also requires that users’ addresses have not received airdrops from the official ZK Nation airdrop. Addresses linked to contracts, centralized exchanges, or bridges are also excluded.
Eligible users must deposit a minimum of 0.02 ETH into their Binance.com account. However, the total ETH deposited will not influence the ZK tokens received. The distribution will be on a first-come, first-served basis, with each eligible user receiving 200 ZK tokens. The first distribution from this program is scheduled to begin on June 25th.
Addressing airdrop concerns
ZK Nation has responded to community concerns regarding the airdrop. Some community members voiced frustrations, noting that the airdrop lacked effective Sybil filtering, potentially allowing bots to exploit the process and farm multiple ZK tokens.
ZK Nation acknowledged these issues, highlighting the challenges of conducting airdrops and the sophisticated methods used by bot farms that mimic real users. In a public statement, ZK Nation expressed their awareness of the dissatisfaction among community members who received fewer tokens than expected.
They emphasized their commitment to investigating reports and double-checking data to ensure accuracy and fairness. ZK Nation has released a set of FAQs to address these issues to provide clarity and support. Additionally, they are working on developing better methods for the community to provide feedback and prioritize concerns.
Community Commitment
Binance and zkSync are demonstrating their commitment to the community through the ZK token distribution program and their responses to airdrop concerns. They aim to build trust and support within the ZK community by ensuring a fair distribution process and addressing issues transparently.
The listing of the ZK token on Binance and the subsequent distribution program are significant steps in promoting the adoption and growth of zkSync’s layer 2 scaling solution on the Ethereum network. This strategic move by Binance enhances the visibility of the ZK token and provides a structured approach to resolving community concerns, fostering a more robust and engaged ecosystem. The ongoing efforts to improve the airdrop process and ensure fair distribution reflect a dedication to maintaining the integrity and trust of the ZK community.