Binance launched the ZKSync (ZK) token distribution program to address community concerns. The program started on June 17 at 05:00 and will continue until July 16 at 02:59. This process aims to reduce tensions arising from previous deployments.
A total of 10,500,000 ZK tokens will be distributed and potentially 52,500 users will benefit from this distribution.
Binance will list ZK tokens
In order to participate in the program, users must have made at least 50 transactions on the ZKSync Era network between February 2023 and March 2024. These transactions must be spread out over seven different months, excluding self-transfers.
Eligible addresses must also not have received tokens from the official ZK Nation airdrop. Additionally, CEX and bridge addresses are not accepted.
To claim tokens, users must deposit at least 0.02 Ethereum (ETH) to Binance from a verified ZKSync Era address. The deposited amount will not affect the amount of ZK tokens issued. The distribution will be on a first-come, first-served basis, and 200 ZK tokens will be awarded for each successful Binance User ID (UID).
Previous dissatisfaction among community members stems from inadequate protection against Sybil attacks and perceived unfairness in token distribution. This situation escalated further last week when the hashtag#ZKsyncScamtrended on social media.
The community demonstrated this reaction to the allocation methods and transparency of the airdrop process.
Major platforms such as Element, the largest NFT marketplace in the ZKSync Era, criticized their exclusion from airdrop benefits. Element, which accounted for approximately 70% of the total transaction volume until June 12, expressed its disappointment on social media.
Other contributors such as ZKApe and DMail expressed surprise at being excluded despite high user engagement and transaction activity.
In response to these reactions, Binance's revised token distribution strategy aims to restore trust and stability within the ecosystem. The popular crypto exchange listed the ZK token on June 17 at 12:00 pm.
Binance users can trade various ZK trading pairs such as ZK/BTC, ZK/USDT, ZK/FDUSD and ZK/TRY. Investors determine their strategies based entirely on diluted valuation (FDV).
Axel Bitblaze made the following comment on the subject:
“If ZK launches with an FDV over $15 billion, I will sell everything to buy under $10 billion. If it launches below $7 billion, I'll keep it. “If the ZK token trades above the $20 billion FDV, I will sell aggressively.”
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