The post What Prompted Binance to List ZKsync (ZK) Trading Pairs? appeared on BitcoinEthereumNews.com.

Binance announced the listing of ZKsync (ZK) trading pairs. Binance plans to distribute 10.5 million ZK tokens to around 52,500 users through a token giveaway program. In response to community concerns and following in the footsteps of several other leading exchanges, Binance, the world’s largest crypto exchange, has officially announced the listing of ZKsync (ZK) trading pairs. This move comes amidst ongoing scrutiny over the airdrop of ZK tokens and marks a pivotal moment for ZKsync, an Ethereum Layer 2 scaling solution leveraging ZK-SNARK roll-up technology. Users on Binance can trade the ZK spot against BTC, USDT, FDUSD, and the Turkish Lira–starting at 8 a.m. UTC on Monday. The crypto exchange has also opened ZK deposits in advance, with withdrawals set to commence the day after the listing. In addition to the trading pair rollout, Binance has revealed a token distribution program aimed at huge community enthusiasm surrounding the ZK token airdrop. The initiative involves distributing 10.5 million ZK tokens among approximately 52,500 users. This move still increased criticisms leveled at the airdrop process. The decision to list ZKsync on Binance mirrors similar actions by other exchanges like Bybit and Bitget, all of whom have recognized the significance of integrating ZK-SNARK roll-up technology into their platforms. These exchanges acknowledge ongoing community concerns, particularly regarding the transparency of the ZK token distribution.  While the enthusiasm toward ZK airdrop is at its peak, critics have pointed out potential vulnerabilities such as susceptibility to Sybil attacks, where individuals create multiple fake accounts to exploit airdrop rewards. Further, ZKsync’s approach to the airdrop has been met with mixed reactions across social media platforms, with some voices within the community labeling the project as a scam. The controversy stems largely from the strict eligibility criteria set for receiving the ZK tokens, which includes requirements for…

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Filed under: News - @ June 17, 2024 11:24 am