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zkSync token was set for a great start with Binance listing and token distribution. However, with the beginning of trading, ZK's price toppled over 12%, leading the day's losers list.

At the press time, the token is trading at $0.2556, down 10.8% according to data from CoinMarketCap. The market cap of the token stands at $940 million.

With the hope for a trading boost, ZKsync (ZK) was listed on Binance, the biggest cryptocurrency exchange in the world based on trading volume on Monday. Trading for the new spot pairs will also open on June 17, 2024, at 8:00 UTC, according to Binance.

ZKsync (ZK) will provide four new spot trading pairs: ZK/BTC, ZK/USDT, ZK/FDUSD, and ZK/TRY. Withdrawals for the same will be available on June 18, 2024, at 8:00 UTC. Binance has verified that ZK will not have a listing charge.

In the middle of the optimistic announcement, Binance revealed a delay in ZK deposits. According to the announcement, delays in ZK deposits could be caused by problems with nodes. Binance also clarified that its technical staff was working quickly to fix it, and they will be back online before trading begins.

Payments will be credited as soon as the block height is adjusted. ZKsync (ZK) launch has been pushed back by Binance until today at 18:00 UTC+8. The news could have possibly been seen in a bad light by Traders.

However, one of the things airdrop seekers were most excited to learn about was the distribution of ZKSync Era tokens. According to the release, starting on June 17, 3.6 billion additional tokens would be awarded to wallets that qualified. Ecosystem contributors will be able to start redeeming their benefits on June 24.

The term token distribution describes the process of giving participants tokens, usually following an ICO, IDO, or other fundraising event. The distribution can be made according to several factors, including reserves, team allocations, early investor awards, and more.

Despite this, the community is still divided about the news made by the ZKsync Association on the distribution of ZK tokens. The airdrop program's susceptibility to Sybil attacks, in which users create multiple fictitious identities to take advantage of token distribution, is the main point of contention.

Original post:

zkSync Falls Despite Binance Listing And Token Distribution: What's Next? - Bankless Times