Market Times:


New York:


Binance, Bybit Announce ZKSync Listing Despite Community Criticisms

Binance proposes distributing ZK tokens to users to address the ongoing concerns of the project's community.


Despite several backlashes from the token’s community, major crypto exchanges have announced they will list the Ethereum-based project ZKSync (ZK). Binance, Bybit, and Bitstamp, among others, have stated that ZK will go live on their trading platforms on Monday.

Many would be surprised to see an early top listing for ZKSync, as the project has suffered criticism from its community. The controversy stemmed from concerns over its 3.6 billion ZK token distribution policy to airdrop participants.

Trading to Go Live Same Day

Leading exchange Binance announced it would list ZK tokens for spot trading an hour after ZKSync airdropped its tokens to eligible participants. Trading pairs ZK/USDT, ZK/FDUSD, and ZK/TRY will go live on Binance by 8 a.m. UTC on Monday.

Binance also noted that users could start depositing their ZK tokens to the exchange in preparation for trading and stated it would allow withdrawals for the token pairs on Tuesday.

Derivative platform Bybit earlier announced it would list ZKSync “when liquidity meets the listing requirements” before confirming it would list ZK at the same hour that the ZKSync distribution is made. At press time, ZK/USDT traded on Bybit at $0.29. South Korea’s second-largest exchange, Bithumb, followed suit in the announcement spree, stating it would list the token by 3 p.m. on Monday.

Binance Proposes to Lessen Community Pain

To lessen the “ongoing concern” among the project’s community, Binance has proposed a ZK distribution program. The leading exchange stated that it plans to give 10,500,000 ZK to about 52,500 Binance users who meet certain criteria.

Binance would reward users who have made at least 50 transactions in seven distinctive months on ZKSync Era between February 2023 and March 2024. The user’s claim address would also not have been pronounced eligible for the airdrop on the ZK Nation airdrop program, nor would it be a contract, centralized exchange, or bridge address. Binance would begin distribution on June 25, 2024.

ZKSync’s airdrop was branded “the most farmable and farmed airdrop ever” by Polygon’s CEO, Mudit Gupta. He further noted that there was no Sybil filter, which would allow users to open multiple fake accounts to acquire more tokens. However, ZK Nation has come out to defend its distribution program, stating that “airdrops are extremely challenging” in 2024.

Elendu Benedict

Elendu Benedict is a professional writer with sheer competence in crypto-related journalism. With a background in Engineering, Benedict specialises on news related to ETFs, market analysis, and macroeconomic policies that affects the crypto market.