Binance is set to introduce ZKSync with new trading pairs and an airdrop program
By Hongji Feng
Published on:
June 17, 2024 02:11 EDT
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Reading time: 1 min
In an exciting development, Binance has revealed plans to add ZKSync to its platform and initiate a ZK token giveaway for qualified users.
As per an official statement from Binance, the exchange will list ZKSync (ZK) and kick off trading for the ZK/BTC, ZK/USDT, ZK/FDUSD, and ZK/TRY spot trading pairs on June 17.
Binance to Introduce ZK Trading Pairs on June 17
Users are encouraged to deposit ZK tokens in advance to prepare for trading. Withdrawals are expected to open at 08:00 (UTC) on June 18.
Furthermore, Binance has outlined a token giveaway program scheduled to run from June 17 to July 16. This program aims to distribute 10.5 million tokens to a maximum of 52,500 Binance users who fulfill specific activity criteria on the ZKSync Era network.
To be eligible for the airdrop, users must have conducted a minimum of 50 transactions on the ZKSync Era network between February 2023 and March 2024, spanning a period of 14 months. These transactions must have taken place in at least seven distinct months within this timeframe, excluding self-transfers.
Addresses that qualify for the airdrop should not have previously received ZKStnc from the official ZK Nation airdrop program. Additionally, the claiming address should not be linked to a contract, centralized exchange, or bridge.
Criticism Surrounding the Official Airdrop Program
The launch of the official ZK token had previously caused a stir, resulting in a decrease in its total value locked (TVL) due to controversies surrounding token distribution. DeFiLlama reported a decline in TVL to approximately $128 million as early users expressed dissatisfaction with the allocation plan.
The company had announced that 17.5% of the total 21 billion supply would be distributed to early users through a one-time airdrop. The breakdown revealed that 16.1% of the tokens would be allocated to the team, 17.2% to investors, and the rest to support ecosystem initiatives.
Many early users viewed the distribution as unjust. They highlighted the low cap on maximum allocation as a primary concern, leading to ongoing discontent and backlash against the airdrop.
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