|

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

  • Binance addresses user concerns and offers a giveaway of 10.5 million ZK tokens. 
  • ZK token wiped out nearly 18% of its value in the past 24 hours, per CoinGecko. 
  • ZK is trading at $0.244 on Monday after being listed in Binance. 

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. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Editor's Picks

XRP extends recovery as on-chain activity grows
Ripple (XRP) ticks up and trades around $1.13 at the time of writing on Tuesday. This rebound aligns with a broader recovery in the cryptocurrency market, attributed to reports that mediators between the United States (US) and Iran are seeking a 10-day cessation of strikes to find a way back to the signed Memorandum of Understanding (MoU).
Ethereum Price Forecast: ETH continues July uptrend with 20% rise after triggering buy signal
Ethereum (ETH) has gained 3% on Tuesday, extending its July gains above 20% after key on-chain indicators highlighted a resumption of buying activity. The strong performance so far in July comes a few days after ETH triggered the Market Value to Realized Value (MVRV) Buy signal. ETH has been up by roughly 22% since the signal.
Chainlink becomes top 20 best performer, 3 reasons behind the move
Chainlink (LINK) has become the best-performing asset in the top 20 this week, leading every other major cryptocurrency. The cryptocurrency jumped 10.18% to $8.71, its highest level since early June. Three major factors explain the double-digit rise over the past week.
Crypto Today: Bitcoin, Ethereum, XRP extend rebound amid returning institutional capital inflows
Cryptocurrency prices extend a broad recovery, led by Bitcoin (BTC), trading above $66,000 at the time of writing on Tuesday. Ethereum (ETH) remains bullish above $1,940, after logging four straight days of gains. Meanwhile, Ripple (XRP) hovers around $1.13, building on the reclaimed $1.10 critical level.
Bitcoin’s potential recovery in the second half hinges on these 4 catalysts
Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.