Today, Monday, June 17, at 11:00 Turkish time, cryptocurrency exchange giant Binance started listing the zkSync (ZK) token. ZK token is the native cryptocurrency of zkSync, the Ethereum Layer 2 scaling solution. With this listing, Binance offers its users ZK/BTC, ZK/USDT, ZK/FDUSD and ZK/TRY trading pairs. Meanwhile, listing announcements came for many altcoins from separate exchanges. Let’s look at the details together.
Binance lists zkSync
Binance’s zkSync listing is considered a significant development in the cryptocurrency market. zkSync is a Layer 2 solution that aims to increase processing speeds and scalability. Using ZK-SNARK technology, zkSync aims to provide faster and cheaper transactions by reducing the transaction load on the Ethereum network.
However, it was known that there were some concerns in the zkSync community about token distribution. To address these concerns, Binance has launched a ZK Token Distribution Program. Within the scope of the program, a total of 10,500,000 ZK tokens will be distributed to Binance users who meet certain criteria. So, how do you participate in the ZK Token distribution program? Important items on the subject are as follows:
- The program is valid between 17 June 2024 at 07:00 and 17 July 2024 at 02:59.
- To benefit from the program, you must have initiated at least 50 transactions on the ZKSync Era network in at least 7 different months between February 2023 and March 2024. (The sending address of the transactions must be yours.)
- Accounts that have not participated in the ZK Nation airdrop program and do not have a cryptocurrency exchange/bridge address are included in the program.
- To benefit from the distribution, you must deposit a minimum of 0.02 ETH into your Binance account from a whitelisted ZKSync address. (The amount of ETH deposited does not affect the number of ZK tokens to be distributed.)
- ZK tokens will be distributed on a “first come, first served” basis to users who meet all requirements. 200 ZK tokens are allocated for each Binance User ID (UID).
- The first token distribution will begin on June 25, 2024.
How will ZkSync be traded on Binance?
The exchange underlined that ZK is a relatively new token and may be subject to high price volatility. It is important for users to conduct detailed research and practice risk management before investing. Meanwhile, the ZK token will be marked as “testing” on Binance and users will have to pass the exam every 90 days to trade with the token. This exam is implemented to ensure that users are aware of the risks.
The zkSync listing and ZK Token Distribution Program demonstrate the importance Binance places on Layer 2 solutions. This move could contribute to the growth of the zkSync ecosystem and the adoption of the ZK token. However, it is important that investors, as always, make investment decisions based on their own research and risk tolerance.
There are intense listings on other cryptocurrency exchanges
Meanwhile, other cryptocurrency exchanges other than Binance also took action. Also today, the zkSync (ZK) token created great excitement in the market by being listed on exchanges such as Gate.io, Bitrue and MEXC Global. In addition to these listings, different projects such as ARTFI and STYLE Protocol were also listed on Bitget, KuCoin and BitMart exchanges. The listings are as follows:
- Binance: zkSync (ZK)
- Gate.io: zkSync (ZK)
- Bitrue: zkSync (ZK)
- MEXC Global: zkSync (ZK)
- bitget: ARTFI
- MEXC Global: ARTFI
- KuCoin: ARTFI
- BitMart: STYLE Protocol
- MEXC Global: Legion Ventures ($LEGION)
- MEXC Global: Gems VIP (GEMS)
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