Binance announced the ZK Token distribution program to address community concerns
Binance has launched the ZKSync (ZK) token distribution program to address ongoing community concerns. Scheduled from June 17, 2024, at 02:00 UTC to July 16, 2024, at 23:59 UTC, this initiative aims to ease tensions in previous broadcasts.
It will distribute 10,500,000 ZK tokens that can benefit up to 52,500 users.
Binance Lists ZK Tokens
Eligibility requires participants to conduct at least 50 transactions on the ZKSync Era network originating from their address between February 2023 and March 2024. Additionally, these transactions had to be spread over a period of seven months, excluding self-transfers.
Eligible addresses cannot be contract, CEX or bridge addresses that have not received official ZK Nation airdrop tokens.
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To claim the tokens, users must deposit at least 0.02 Ethereum (ETH) into Binance from an authorized ZKSync Era address. The amount of the deposit does not affect the number of ZK tokens issued. Distribution follows a first-come, first-served basis, awarding 200 ZK tokens for successful Binance User ID (UID) claims.
Earlier dissatisfaction among community members was due to insufficient protection from Sybil and perceived unfairness in token distribution. This uncertainty was exacerbated last week when the hashtag #ZKsyncScam appeared on social media.
This was the community's response to the transparency of distribution methods and the airing process.
Prominent platforms in the ZKsync Era, such as Element, the largest non-volatile token (NFT) marketplace, have openly criticized their exclusion from climate benefits. Element, which drove nearly 70% of the platform's total traffic as of June 12, took to social media to express its frustration.
Similarly, other major contributors such as ZKApe and DMail expressed a lack of confidence in their isolation despite high user engagement and marketing activity.
In response to this backlash, Binance's revised token distribution strategy seeks to re-establish trust and stability in the ecosystem. Moreover, the ZK token will be listed on June 17, 09:00 UTC.
Read more: What is zkSync?
Binance users can trade various ZK trading pairs such as ZK/BTC, ZK/USDT, ZK/FDUSD and ZK/TRY. Crypto traders like Axel Bitblaze have launched their strategies based on fully developed value (FDV).
“If ZK starts with a FDV of more than $15 billion, I am selling everything to buy less than $10 billion. If there's a startup under $7 billion, I'll take it. Finally, if ZK Token trades above $20 billion FDV, I'm shorting a lot,” said Axel BitBlaze.
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