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Binance lists Zksync (ZK) with token giveaway amid airdrop controversy

binance-lists-zksync-zk-with-token-giveaway-amid-airdrop-controversy
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Binance lists Zksync (ZK) with token giveaway amid airdrop controversy

Crypto exchange Binance announced the listing of Zksync (ZK) trading pairs and a token distribution program aimed to alleviate community concerns about the token airdrop.

Starting at 10:00 (UTC) on Jun. 17, the ZK token will be available for spot trading on Binance in pairs against Bitcoin (BTC), Tether (USDT), First Digital USD (FDUSD), and the Turkish Lira (TRY).

The exchange encouraged users to deposit ZK for trading, with withdrawals becoming available the following day. Additionally, Binance revealed plans for a token giveaway program, intending to allocate 10.5 million tokens to approximately 52,000 users.

To be eligible for the Binance ZK token distribution scheme, users must have conducted a minimum of 50 ZKsync Era transactions between February 2023 and March 2024, spread over at least seven different months during that period. Binance mentioned that those who obtained ZK tokens via the official ZK Nation airdrop program will also be ineligible.

ZK will be given to eligible addresses on a first-come, first-served basis, with the first token airdrop scheduled for Jun. 25, according to Binance.

The exchange acknowledged in its statement that the community has “ongoing concerns” over ZK token distribution, which was first revealed by the ZKsync Association last week. The community’s reaction to the ZK listing varied across social media, with some labeling the ZKsync initiative a “scam.”

The mentioned criticism seems to arise from the airdrop program’s lack of safeguards against Sybil attacks, which occur when someone creates a large number of fake accounts to obtain more tokens while farming the airdrop, making it harder to spread tokens evenly.

Polygon’s chief information security officer, Mudit Gupta, also criticized the ZKsync airdrop following the ZKsync Association’s announcement, describing it in an X post as the “most farmable and farmed airdrop ever.”

In reaction to the uproar, the ZK team reaffirmed its commitment to the planned approach, addressing queries in a FAQ section to assuage key concerns.

Meanwhile, the Seychelles-based crypto exchange KuCoin also announced the listing of the same Zksync (ZK) trading pairs starting at 8:00 (UTC) on Jun. 17. KuCoin users can deposit ZK in preparation for trading, with withdrawals enabled starting at 10:00 (UTC) on Jun. 18.

https://twitter.com/kucoincom/status/1802528154088820855