The cryptocurrency market is going through active days. Ethereum scaling solution zkSync encountered some issues during the much-anticipated and controversial ZK token airdrop. At the same time, cryptocurrency exchange giant Binance is struggling with its own technical issues in preparations to list the ZK token. Besides this chaos, Binance has also opened a new Perpetual Contract market for MEW (cat in a dogs world).
zkSync airdrop problems
“The network is currently under high load,” the zkSync team said in a statement on Twitter on Monday morning. Some RPC services may experience performance degradation.” he said. At the time of writing, the team has yet to announce that the issues have been resolved. But despite the ongoing issues, ZK Nation, the community created to manage the ecosystem and token, stated that 45% of the airdropped tokens were claimed by more than 225,000 wallets.
The ZK Nation team spent much of the weekend responding to angry community members on Twitter and updating the FAQ documentation on how Sybil detection is used to determine eligibility. Sybil attacks occur when a single user creates and controls multiple accounts or wallets and uses them to gain excessive activity. But a very vocal group of users claims that Sybil detection still allows suspicious wallets.
ZK token distribution program on Binance exchange: Listed in futures
Binance, on the other hand, is dealing with its own problems to meet the trading opening for ZK. “Our technical team is urgently resolving the issue and it will be fixed before trading begins,” the exchange said on Twitter. “Investments will be added to the account after the block height is achieved,” he said. Binance later announced that ZK listing was postponed until technical issues were resolved. However, ZK is already traded on other exchanges and its price has fallen 23% since its launch to $0.2413.
The company was planning to allow users to deposit ZK into their wallets “in preparation for making transactions.” It initially announced that it would list trading pairs for ZK with Bitcoin (BTC), Tether (USDT), First Digital USD (FDUSD) and Turkish Lira (TRY). The company will also gift up to 10.5 million ZK tokens to up to 52,000 users through the Binance ZK Token Distribution Program to address ongoing community concerns regarding ZK token distribution. Binance specifically distributes tokens to wallets that have not been issued ZK tokens but have made at least 50 transactions (excluding self-transfers) in zkSync Era L2.
MEW’s new permanent term contract
While struggling with zkSync airdrop issues and ZK token listing delay, Binance has opened a new Perpetual Contract market for MEW (cat in a dogs world). The new contract offers up to 50x leverage and allows users to buy and sell MEWUSDT tokens and profit from price fluctuations.
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