Binance Responds to ZKsync Airdrop Backlash with New ZK Token Giveaway

Highlights:

Binance’s ZK token airdrop requires users to complete 50 transactions on the zkSync Era between February 2023 and March 2024.
The 10.5 million $ZK token pool will reward up to 52,500 users, each receiving up to 200 ZK tokens.
ZK token trading pairs are now live on Binance, with withdrawals available a day after listing.

In the wake of community dissatisfaction with zkSync’s initial airdrop announcement, Binance has launched a new ZK token distribution program. This initiative addresses the grievances of zkSync users who felt shortchanged by the original airdrop.

Just In: Despite widespread criticism from the community, Binance announced that it will list ZKsync (ZK) and open trading for the following spot trading pairs at 2024-06-17 08:00 (UTC). https://t.co/HrOwJmQfGL

— Wu Blockchain (@WuBlockchain) June 17, 2024

Eligibility Criteria and Process

Users must meet specific criteria to participate in Binance’s $ZK airdrop. They should not be eligible for the zkSync airdrop and must have conducted at least 50 on-chain transactions on the zkSync Era network between February 2023 and March 2024.

Additionally, these transactions should span at least seven different months. To claim their tokens, eligible users must send 0.02 ETH ($71) to Binance from their zkSync Era address.

Token Pool and Distribution

Binance has allocated 10.5 million $ZK tokens for this airdrop, with each eligible user able to claim up to 200 ZK tokens. At pre-market prices, this equates to approximately $72 per user. The distribution operates on a first-come, first-served basis and aims to reward up to 52,500 users. This move by Binance is an attempt to rectify the issues raised by the zkSync community regarding their token distribution approach.

ZK Token Listing on Binance

Starting at 8 a.m. UTC today, June 17, Binance has listed ZK trading pairs, allowing users to trade the token with Bitcoin (BTC), Tether (USDT), their fiat-backed stablecoin (FDUSD), and the Turkish Lira (TRY).

While deposits for ZK are open, withdrawals will be available a day after the token goes live on the platform. This strategic listing aligns with the beginning of the zkSync airdrop claims, scheduled an hour before Binance’s own airdrop program commences.

Addressing Community Concerns

The initial announcement of the zkSync airdrop faced significant criticism, particularly from the crypto community and experts like Mudit Gupta, Polygon’s chief information security officer. The main concern was the lack of measures to prevent Sybil attacks, where individuals create multiple fake accounts to claim more rewards. Despite zkSync’s initial defense of their approach, the community’s feedback led to acknowledging these issues.

zkSync airdrop is out.

Most farmable and farmed airdrop ever probably.

Almost no sybil filtering as far as I can see.

Anyone who knew the criteria could’ve easily farmed the shit out of it.

Makes you appreciate what LayerZero is trying to do with sybil filtering.

— Mudit Gupta (@Mudit__Gupta) June 11, 2024

Based on actual network activity, Binance’s separate distribution program provides a more equitable solution for active users who feel excluded. The first airdrop from Binance will begin on June 25th, potentially offering a more transparent and fair distribution method.

Binance Delays ZKsync Launch Due to Node Issues

However, in a recent update on X, Binance announced that the launch of ZKsync (ZK) will be delayed due to technical issues with their node. The exchange stated that deposits may face delays as their technical team works urgently to fix the problem. This postponement aims to ensure a smooth and accurate transaction process.

Update: $ZK deposits may face delays due to issues with our node.

Our tech team is fixing it urgently, and will be recovered before trading starts. Deposits will be credited once the block height catches up.

Successful deposits are secure. Please stay tuned.

— Binance (@binance) June 17, 2024

Originally scheduled to go live earlier, the ZKsync launch will now occur at 18:00 UTC+8 today. Binance assured users that deposits will be credited once the block height catches up, addressing the delays caused by the node issues.

Binance’s quick response and commitment to resolving the issue demonstrate their dedication to providing a seamless experience for their users. The ZKsync community can look forward to the updated launch time and the anticipated trading opportunities.

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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.