Binance will include ZKsync in its token distribution program amid widespread criticism

Key notes

• Community criticism of the ZK airdrop arose from the lack of prevention of the Sybil attack and the alleged disproportionality in distribution.
• Binance will list trading pairs starting at 8am UTC today, along with a token distribution program to address concerns.
• The exchange's ZK token giveaway is aimed at users with 50+ transactions over 7 months, excluding airdrop claimants.

binance Announced Today it plans to include ZKsync (ZK) trading pairs and a token distribution program designed to address community concerns about the ZK token airdrop.

The ZKsync trading pair listing begins today at 8 am UTC, and the token is available for spot trading. Trading pairs will be provided for btc, USDT, FDUSD and Turkish Lira. Ahead of its launch, Binance users can deposit ZK to prepare, with withdrawals opening one day after listing. The listing is scheduled for one hour after the official ZKsync airdrop claims begin.

Community criticism

On June 14, cryptocurrency exchange Bybit opened deposits for ZKsync despite concerns about the token's airdrop strategy. OKX CEO Star Released x.com/star_okx/status/1801771641455919175″ target=”_blank” rel=”noopener nofollow noreferrer”>questions about x Regarding this trend, he asked if the “crypto influencers” who labeled ZKsync as a “scam” were doing so because “the airdrop does not meet the community's original expectations (?).”

A user x.com/MDonmez35/status/1801783271577071736″ target=”_blank” rel=”noopener nofollow noreferrer”>resume the arguments surrounding the community's criticisms against ZKsync.

“(…) normal users who have been supporting and adding value to zksync for 3 or 4 years are not eligible. 60% of the airdrop was distributed to only 50 thousand wallets, while the zk distributed to 9203 wallets is 25% of the airdrop (917 million zk). While wallets that have been using zksync for 3 or 4 years were removed for the airdrop due to the balance requirement, wallets that had some nfts and Shitcoins in their wallets received disproportionate multipliers,” the x user explained.

To this end, Binance acknowledged in its announcement that there are “ongoing concerns” from the community surrounding the distribution of the ZK token, which was first announced by the ZKsync Association last week.

The criticism seems 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 airdrop tokens.

In response, the ZK team wrote on x last week that x.com/TheZKNation/status/1801378349442269345″ target=”_blank” rel=”noopener nofollow noreferrer”>acknowledged that the plan had upset the community but stated that the team would maintain the chosen path. The team offered a series of frequently asked questions and noted that it did not identify any major issues with the airdrop.

ZK Giveaway Eligibility

In addition to the listing of the ZK trading pair, Binance has announced a token giveaway program in response to community criticism surrounding the ZK airdrop. The exchange plans to distribute 10.5 million ZK tokens to approximately 52,500 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, spread over at least seven different months within that time period.

Additionally, users must not have claimed any ZK tokens through the official ZK Nation airdrop program. Eligible addresses will receive ZK tokens on a first-come, first-serve basis, with the first token release scheduled for June 25.