Binance to Distribute 10.5 Million ZK Tokens Among 52,500 Users

On June 17, cryptocurrency exchange Binance launched spot trading for the native token of the ZKsync L2 network (ZK) and initiated a token distribution program.

Trades with ZK are available in pairs with Bitcoin, USDT, FDUSD, and the Turkish lira. Withdrawals for the asset will open on June 18.

According to the announcement, in response to “community concerns about token distribution,” Binance is offering 10.5 million ZK tokens to 52,500 users who meet the necessary criteria:

• The wallet initiated at least 50 transactions in the ZKsync Era from February 2023 to March 2024;
• Transactions were made over seven different months (from February 2023 to March 2024);
• The address did not receive an official airdrop from ZKsync;
• The wallet is not associated with a smart contract address, CEX, or a cross-chain bridge.

Eligible users must deposit at least 0.02 ETH to Binance from a whitelisted wallet in the ZKSync Era network.

The exchange will also distribute 200 ZK to each verified Binance user with a UID who makes the minimum deposit. The first token distribution will begin on June 25.

“ZK is a relatively new token that represents a higher than usual risk and is likely to be subject to high price volatility. Users should exercise adequate risk management and conduct their own research to fully understand the project before trading,” Binance concluded.

Previously, the ZKsync community complained about an unsuccessful airdrop, as only 13% of wallets were eligible, with many addresses being “sybils.”

Developers plan to distribute 3.6 billion ZK among early network participants. The claim will be available from June 24.