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Last updated: June 17, 2024 02:11 EDT | 1 min read

Binance has announced to list ZKSync and launch a ZK token distribution program for eligible users.

According to an official announcement by Binance, the exchange will list ZKSync (ZK) and open trading for the ZK/BTC, ZK/USDT, ZK/FDUSD, and ZK/TRY spot trading pairs on June 17.

The announcement stated that users can now deposit ZK tokens in advance for trading preparation. The withdrawals are scheduled to open at 08:00 (UTC) June 18.

Binance also detailed a token distribution program, which will run from June 17 to July 16. The program will distribute 10.5 million tokens to up to 52,500 Binance users who meet specific activity criteria on the ZKSync Era network.

To qualify for the airdrop, users must have initiated at least 50 transactions on the ZKSync Era network between February 2023 and March 2024, spanning a total of 14 months. These transactions must have been conducted in at least seven distinct months within this period, excluding self-transfers.

Eligible addresses for the airdrop should not have received ZKStnc from the official ZK Nation airdrop program. Additionally, the claim address must not be associated with a contract, centralized exchange, or bridge.

The official ZK token launch previously led to a significant drop in its total value locked (TVL) due to controversy over token distribution. According to DeFiLlama, the TVL fell to around $128 million as early users expressed dissatisfaction with the allocation plan.

The company announced 17.5% of the total 21 billion supply would be allocated to early users via a one-time airdrop. The plan detailed that 16.1% of the tokens would go to the team, 17.2% to investors, and the remainder would support ecosystem initiatives.

Many early users felt the distribution was unfair. They cited the low cap on maximum allocation as a key issue, which continued to fuel dissatisfaction and backlash against the airdrop.

Link:

Binance to List ZKSync With New Trading Pairs And Airdrop Program - Cryptonews