Binance announces 10.5 million ZK giveaway for eligible users, ZK wipes out 18% value overnight

On Monday, ZK Nation announced that over 45% of the airdropped ZK token supply has been claimed despite criticism and concerns raised by users. More than 225,000 addresses claimed airdropped ZK tokens in less than two hours and the network experienced degraded performance.

The crypto community of users have been critical of the ZK airdrop and Binance addressed the concerns by announcing a 10.5 million token giveaway for eligible users.

ZK price is down nearly 18% in the past 24 hours. 

Binance announces a giveaway to alleviate user concerns

Binance, one of the largest centralized exchanges, announced the ZK token distribution program to address ongoing concerns from the community. Binance plans to distribute 10.5 million ZK tokens to nearly 52,500 users. 

Binance’s criteria to calculate eligibility is that users must have initiated at least 50 ZKsync Era transactions between February 2023 and March 2024. The transactions must be spread across at least seven different months in this time frame and the users who claimed the official airdrop are not eligible. 

The exchange will distribute ZK tokens to users on a first-come, first-served basis on June 25. 

ZK token airdrop criticism

The community has criticized the project for a no filtering mechanism to weed out bots engaged in farming the airdrop. 

zkSync team, however, stuck to their decision and criteria for airdrop allocation and offered an FAQ document to users. 

The token wiped out nearly 18% of its value in the past 24 hours, per CoinGecko data. ZK is trading at $0.244 at the time of writing.