{"id":625074,"date":"2024-06-18T00:00:18","date_gmt":"2024-06-18T00:00:18","guid":{"rendered":"https:\/\/www.wncen.com\/?p=625074"},"modified":"2024-06-17T15:54:06","modified_gmt":"2024-06-17T15:54:06","slug":"zksync-zk-drops-20-amid-binance-listing-and-new-token-distribution-program","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/zksync-zk-drops-20-amid-binance-listing-and-new-token-distribution-program\/","title":{"rendered":"ZkSync (ZK) Drops 20% Amid Binance Listing And New Token Distribution Program"},"content":{"rendered":"

ZkSync, the Ethereum Zero-Knowledge Layer-2 scaling solution, has been in the spotlight for its new token. Last week, the project\u2019s announcement of its ZK token airdrop was met with backlash from investors and the crypto community.<\/p>\n

Related Reading: Polkadot (DOT) Struggles Near $6.30 \u2013 Is Now The Time To Accumulate?<\/a><\/div>\n

Following the backlash, crypto exchange Binance announced it would list ZK and offered a new distribution program to address users\u2019 concerns. Since its launch, ZK has dropped over 20%.<\/p>\n

ZkSync\u2019s Airdrop Drama<\/h2>\n

On June 11, ZK Nation announced<\/a> the upcoming launch and airdrop of zkSync\u2019s token. Over 3.6 billion ZK tokens could be claimed by 695,000 eligible addresses on Monday.<\/p>\n

However, the distribution left many long-term users discontent with the token allocation they received. Several investors expressed disappointment after receiving a lower allocation than users with less volume or transactions. Other customers shared that they were not eligible for the airdrop despite meeting the criteria.<\/p>\n

Similarly, various top-ranking projects built<\/a> on zkSync announced they were forming a coalition after not being included in the airdrop. Element and zkApes revealed that they are not getting any tokens despite generating up to $20 million in gas fees for the network.<\/p>\n

The backlash intensified when users expressed concerns about the lack of anti-Synil filtering. The project stated in the airdrop announcement their decision not to use anti-Sybil criteria. ZkSync\u2019s team explained it was considered an \u201cincomplete approach.\u201d<\/p>\n

Online reports claim<\/a> that 80 million ZK tokens are going into the hands of 47,000 Sybil addresses.<\/p>\n

Over the weekend, ZK Nation addressed the criticism and users\u2019 concerns. The team answered<\/a> some of the most frequently asked questions, including the zkSync-built projects exclusion, user eligibility, and Sybil detection.<\/p>\n

Per the post, the team chose an \u201calternative path\u201d to benefit organic users. As explained, an aggressive Sybil filtering would eliminate \u201cnaive Sybils\u201d while mistakenly flagging real users<\/a>. Additionally, the filtering would miss most bots and professional Sybil accounts.<\/p>\n

As a result, the airdrop\u2019s Sybil detection was configured \u201cto lower the rate of false positives.\u201d The team explained that a \u201clarger number of Sybil accounts passing through the filter\u201d was \u201ca conscious trade-off.\u201d<\/p>\n

Binance Offers New Token Distribution<\/h2>\n

On Sunday, Binance announced it would list ZK on June 17. The exchange also revealed it would offer a ZK token distribution program \u201cin light of the ongoing concerns.\u201d<\/p>\n

According to the post<\/a>, Binance will distribute 10.5 million ZK tokens to up to 52,000 users who meet the criteria. The requirements include users who initiated at least 50 transactions on ZkSync Era between February 2023 and March 2024 and conducted transactions in seven distinctive months. Additionally, the claim address must not been eligible for the ZK Nation airdrop.<\/p>\n

The ZK token started trading for $0.3 and reached the $0.32 mark, according to CoinGecko data. In the following hours, the price has retraced to the $0.24 price range, a 21% drop<\/a> from its launch price. However, the token\u2019s market capitalization sits at $900 billion and its fully diluted value (FDV) is at $5.1 billion.\u00a0<\/span><\/p>\n

The initial performance has received mixed reactions from the community. Some users highlighted how customer dissatisfaction could be partially responsible for the price drop. \u201cProjects often forget that customer satisfaction is crucial for their product or innovation to succeed,\u201d said<\/a> one X user.<\/p>\n

Related Reading: This Altcoin Gem Will Overtake Solana, Predicts Arthur Hayes<\/a><\/div>\n

Ultimately, many users remain unfazed by the price drop due to the general market performance and the airdrop receivers selling their tokens. Customers seemingly consider<\/a> ZK to be undervalued and an \u201cexcellent opportunity in the long term.\u201d\u00a0<\/span><\/p>\n

\"zksync,
Ethereum is trading at $3,524 in the five-day chart. Source: ETHUSDT on TradingView<\/a><\/figcaption><\/figure>\n
Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

ZkSync, the Ethereum Zero-Knowledge Layer-2 scaling solution, has been in the spotlight for its new token. Last week, the project\u2019s announcement of its ZK token airdrop was met with backlash from investors and the crypto community. Related Reading: Polkadot (DOT) Struggles Near $6.30 \u2013 Is Now The Time To Accumulate? Following the backlash, crypto exchange Binance announced it would list ZK and offered a new distribution program to address users\u2019 concerns. Since its launch, ZK has dropped over 20%. ZkSync\u2019s Airdrop Drama On June 11, ZK Nation announced the upcoming launch and airdrop of zkSync\u2019s token. Over 3.6 billion ZK tokens could be claimed by 695,000 eligible addresses on Monday. However, the distribution left many long-term users discontent with the token allocation they received. Several investors expressed disappointment after receiving a lower allocation than users with less volume or transactions. Other customers shared that they were not eligible for the airdrop despite meeting the criteria. Similarly, various top-ranking projects built on zkSync announced they were forming a coalition after not being included in the airdrop. Element and zkApes revealed that they are not getting any tokens despite generating up to $20 million in gas fees for the network. The backlash intensified when users expressed concerns about the lack of anti-Synil filtering. The project stated in the airdrop announcement their decision not to use anti-Sybil criteria. ZkSync\u2019s team explained it was considered an \u201cincomplete approach.\u201d Online reports claim that 80 million ZK tokens are going into the hands of 47,000 Sybil addresses. Over the weekend, ZK Nation addressed the criticism and users\u2019 concerns. The team answered some of the most frequently asked questions, including the zkSync-built projects exclusion, user eligibility, and Sybil detection. Per the post, the team chose an \u201calternative path\u201d to benefit organic users. As explained, an aggressive Sybil filtering would eliminate \u201cnaive Sybils\u201d while mistakenly flagging real users. Additionally, the filtering would miss most bots and professional Sybil accounts. As a result, the airdrop\u2019s Sybil detection was configured \u201cto lower the rate of false positives.\u201d The team explained that a \u201clarger number of Sybil accounts passing through the filter\u201d was \u201ca conscious trade-off.\u201d Binance Offers New Token Distribution On Sunday, Binance announced it would list ZK on June 17. The exchange also revealed it would offer a ZK token distribution program \u201cin light of the ongoing concerns.\u201d According to the post, Binance will distribute 10.5 million ZK tokens to up to 52,000 users who meet the criteria. The requirements include users who initiated at least 50 transactions on ZkSync Era between February 2023 and March 2024 and conducted transactions in seven distinctive months. Additionally, the claim address must not been eligible for the ZK Nation airdrop. The ZK token started trading for $0.3 and reached the $0.32 mark, according to CoinGecko data. In the following hours, the price has retraced to the $0.24 price range, a 21% drop from its launch price. However, the token\u2019s market capitalization sits at $900 billion and its fully diluted value (FDV) is at $5.1 billion.\u00a0 The initial performance has received mixed reactions from the community. Some users highlighted how customer dissatisfaction could be partially responsible for the price drop. \u201cProjects often forget that customer satisfaction is crucial for their product or innovation to succeed,\u201d said one X user. Related Reading: This Altcoin Gem Will Overtake Solana, Predicts Arthur Hayes Ultimately, many users remain unfazed by the price drop due to the general market performance and the airdrop receivers selling their tokens. Customers seemingly consider ZK to be undervalued and an \u201cexcellent opportunity in the long term.\u201d\u00a0 Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":625076,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[10768,91790,8323,1946,90325,91068,78803,63545,92600,92599,87263],"class_list":["post-625074","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-binance-listing","tag-eth","tag-ethereum","tag-ethereum-l2","tag-ethereum-layer-2-networks","tag-ethusdt","tag-zk","tag-zk-price","tag-zk-token","tag-zksync"],"acf":[],"yoast_head":"\nZkSync (ZK) Drops 20% Amid Binance Listing<\/title>\n<meta name=\"description\" content=\"ZkSync launched its token amid last week\u2019s airdrop 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. 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