Binance to Add ZK Tokens to Its Listing
To qualify, participants must have conducted a minimum of 50 transactions on the ZKSync Era network from their address between February 2023 and March 2024. These transactions should be spread across seven different months within this timeframe, excluding self-transfers.
Eligible addresses must not have received tokens from the official ZK Nation airdrop and must not belong to contract, CEX (centralized exchange), or bridge addresses.
To claim the tokens, users must deposit at least 0.02 Ethereum (ETH) from an approved ZKSync Era address to Binance. The deposit amount does not affect the quantity of ZK tokens awarded. Distribution will be conducted on a first-come, first-served basis, granting 200 ZK tokens per successful Binance User ID (UID) claim.
Previous community dissatisfaction arose from concerns about inadequate safeguards against Sybil attacks and perceived inequities in token distribution. Tensions heightened recently with the trending hashtag #ZKsyncScam on social media.
The community’s discontent primarily revolves around the allocation methods and transparency of the airdrop process.
Key platforms within the ZKSync Era, such as Element, the largest non-fungible token (NFT) marketplace, have openly criticized their exclusion from the benefits of the airdrop. Element, which contributed to nearly 70% of the platform’s total trading volume until June 12, expressed frustration through social media channels.
In addition, prominent contributors such as ZKApe and DMail expressed astonishment at their omission despite significant user engagement and transaction volumes.
To address this criticism, Binance has revamped its token distribution strategy to restore trust and stability in the ecosystem. Furthermore, it will commence listing the ZK token on June 17 at 09:00 UTC.
Binance users have access to various ZK trading pairs including ZK/BTC, ZK/USDT, ZK/FDUSD, and ZK/TRY. Crypto traders like Axel Bitblaze have outlined their strategies based on the fully diluted valuation (FDV).
“If ZK launches with an FDV exceeding $15 billion, I’ll sell all positions to buy back below $10 billion later. If the launch valuation is below $7 billion, I’ll hold. Lastly, if the ZK token’s FDV climbs above $20 billion, I’ll aggressively short,” stated Axel Bitblaze.