Binance announces ZKsync listing, but ZK token drops 20%

Binance, one of the largest cryptocurrency exchanges in the world, announced this Monday (17) the listing of trading pairs for the ZKsync (ZK) protocol. Additionally, the exchange announced the launch of a token distribution program, in response to concerns raised by the community.

Starting at 8am UTC (5am EDT), the ZK token will be available for spot trading with pairs such as BTC, USDT, FDUSD and the Turkish lira. Users can now deposit ZK into their accounts, and withdrawals will be released one day after listing.

The listing coincides with the start of airdrop claims for ZKsync tokens, which will take place one hour before trading begins on the platform. This move is part of Binance’s efforts to address user demands and criticism regarding token distribution.

ZKsync, Binance, airdrop e token ZK

In response to community criticism over the ZK airdrop, Binance announced a token distribution program that aims to benefit around 52,500 users. The exchange will distribute 10.5 million ZK tokens.

To be eligible, users must have performed at least 50 transactions on the ZKsync Era network between February 2023 and March 2024, spread over a minimum of seven months. Additionally, users cannot have claimed ZK tokens through the official ZK Nation airdrop program.

Qualified addresses will receive ZK tokens on a first-come, first-served basis, with the first airdrop scheduled for June 25th. The exchange acknowledged that there are ongoing concerns about the distribution of the ZK token, which were mentioned by the ZKsync Association last week.

Part of the community expressed skepticism on social media, with some classifying the project as a “scam” due to the lack of adequate measures to prevent Sybil attacks, where individuals create multiple fake accounts to maximize token acquisition.

Criticisms of the protocol airdrop

Mudit Gupta, director of information security at Polygon, commented on X (formerly Twitter) that the ZKsync airdrop was one of the most “easily cultivable”, criticizing the lack of effective filtering against Sybil attacks.

In response to criticism, the ZKsync team stated that despite community concerns, they will stick to their original plan. They have made a set of frequently asked questions available, stating that they have not identified any significant issues with the airdrop.

Meanwhile, the ZK token continues to fall. According to data from CoinGecko, in the last 24 hours, the price of the cryptoactive fell by around 20%. At the time of writing this article, the token is costing US$0.25. In other words, in the case of ZK, the so-called “Binance Effect” – appreciation of the asset when listed on Binance – did not occur.