In a move to address the cryptocurrency community’s concerns, Binance has announced the listing of ZKsync (ZK) trading pairs and a token distribution program on its platform. This strategic decision comes as a response to the backlash surrounding the ZKsync airdrop announcement last week.
Binance to List ZKsync Trading Pairs
Starting from 8 a.m. UTC on Monday, Binance users will be able to trade ZK pairs, including BTC, USDT, FDUSD, and the Turkish Lira. The exchange also stated that users can now deposit ZK in preparation, with withdrawals being available a day after the listing.
ZKsync Token Distribution Program
In addition to the trading pair listing, Binance has introduced a token giveaway program to address the community’s concerns. The exchange plans to distribute 10.5 million ZK tokens to an estimated 52,500 eligible 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, with these transactions 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.
“The exchange acknowledged in the announcement that there are ‘ongoing concerns’ from the community surrounding ZK token distribution, which was first announced by the ZKsync Association last week.”
The high variability of the airdrop with 100x difference between the highest and lowest allocations is a deliberate choice.
Simple math:
3.675 billion ZK airdrop. Let's say we increase the number of eligible accounts to 1.5 million. Most of them will be smart industrial…
— ZK Nation (@TheZKNation) June 15, 2024
Community Reaction and Concerns
The community’s reaction to the ZK listing was divided across social media platforms, with some calling the ZKsync project a “scam.” 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 to the backlash, the ZK team acknowledged that the plan upset the community but stated that they would stand by the path they had chosen. They offered a set of FAQs, noting that they did not identify any major issues with the airdrop.
Conclusion
Binance’s decision to list ZKsync trading pairs and introduce a token distribution program is a strategic move to address the cryptocurrency community’s concerns. The exchange aims to provide a solution that balances the interests of the ZKsync project and the concerns raised by the community. This move highlights Binance’s commitment to addressing community feedback and maintaining its position as a leading cryptocurrency exchange.
