The initiative underscores crypto exchange's commitment to expanding its crypto offerings and supporting innovative blockchain projects.
In a significant move aimed at growth of its platform, Binance has listed ZKSync (ZK), an Ethereum Layer 2 scaling solution. The exchange began offering trading pairs ZK/BTC, ZK/USDT, ZK/FDUSD, and ZK/TRY on June 17, 2024. Withdrawals for these pairs will open on June 18, 2024.
The ZKSync token utilizes ZK-SNARK roll-up technology, which promises improved scalability and reduced transaction costs on the Ethereum network.
Alongside the listing, Binance has introduced a ZK token distribution program (airdrop), set to run until July 16, 2024. A total of 10.5 million ZK tokens will be distributed to 52,500 eligible users. To qualify, users must have completed at least 50 transactions on the ZKSync network over a 14-month period between February 2023 and March 2024 and must have engaged in transactions across at least seven distinct months within this timeframe.
The distribution process involves depositing a minimum of 0.02 ETH from whitelisted addresses on the ZKSync ERA network to Binance. Eligible participants will receive 200 ZK tokens on a first-come, first-served basis, starting with the initial airdrop on June 25, 2024.
This program not only incentivizes active participation in the ZKSync network but also aims to boost liquidity and trading volume on Binance. However, Binance has issued a risk warning, noting the higher-than-normal volatility associated with new tokens like ZK.
The move reflects Binance's ongoing efforts to enhance its platform's offerings and support latest blockchain technologies.
At the time of writing, the ZK token is trading at $0.33 in the pre-market, according to Whales Pro.
For more details on the new listing, please see the official Binance announcement.
This initiative could serve as a model for future token launches and distributions, further solidifying Binance's role as a leading player in the crypto exchange landscape.
