Binance Exchange Lists zkSync (ZK), Plans Promotion ProgramÂ
Binance has announced the listing of zkSync (ZK) on its platform, a move considered a huge step for the community. A ZK token distribution program is being launched with the listing to encourage broader acceptance and participation in the decentralized finance (DeFi) ecosystem. zkSync, a Layer 2 scaling solution, was created to improve the Ethereum blockchain’s scalability and efficiency.
By leveraging zero-knowledge rollups or zk-rollups, zkSync preserves the security and decentralization of the Ethereum mainnet while dramatically lowering transaction costs and boosting output. The token’s technology is a viable remedy for Ethereum’s congestion problems because of its ability to process thousands of transactions per second.
Listing zkSync (ZK) on Binance is a calculated decision that fits the exchange’s continuous efforts to promote cutting-edge blockchain technology. By listing ZK, Binance supports zkSync’s capacity to completely transform the DeFi ecosystem while giving its extensive user base access to a state-of-the-art scaling solution.
Binance Users To Get ZK According to Activities On the Platform
Binance is initiating a ZK token distribution program in conjunction with the listing. This aims to incentivize involvement and liquidity provision in the zkSync network. Users of Binance will receive ZK tokens from the program through their trading, staking, and involvement in zkSync-related initiatives, among other activities.
ZK tokens will be awarded to participants based on their degree of participation, with larger awards going to those who make more substantial contributions to the expansion of the network. Speaking on the trend, Collins Okoth wrote on the CryptoPolitan platform that Binance can help zkSync get a lot of users and liquidity.
This could hasten the incorporation of zk-rollups into different DeFi applications, encouraging increased effectiveness and scalability. When fully launched, the ZK symbol will be represented by zkSync.
zkSync airdrop officially started June 17, the same date it was listed on Binance. Registered ZK communities are expected to get the token’s airdrop today, and the official listing will be done hours after the commencement of the airdrop.
Binance To Give Out 10,500,000 Tokens Plans More Incentives
Industry participants and the cryptocurrency community have received positive responses to the announcement. Many regard Binance’s support as a major step toward the wider adoption of Layer 2 scaling solutions and as confirmation of zkSync’s potential.
Analysts and investors are similarly upbeat about the ZK token distribution program’s effects. According to a freelance cryptocurrency expert James Wang, “The distribution program is a smart move to drive user engagement and liquidity.” Binance and zkSync benefit from it since it expands the ecosystem and gives users tangible incentives.
Besides listing the ZK token, Binance gives out 10,500,000 units of ZK tokens during its distribution program. The company plans to release the ZK token to 52,500 potential users and has started compiling information for interested parties prior to the entire distribution program. To qualify for this distribution program, prospective users must initiate at least 50 transactions on zkSyc Era.
Binance Gives Condition For Its Promotional Program, Assures Users
All transactions must start with the prospective user’s wallet address. Those 50 transactions are expected to be performed from February 2023 to March 2024, approximately 14 months. Participating parties must have conducted transactions in seven concurrent months during this time.
The transaction must not be between the same wallet owned by the same user. Also, the participant’s addresses must not be part of ZK Nation’s official airdrop. Binance, in its announcement, said qualified recipient wallet addresses should not be on a contract status, bridge, or with any Cryptocurrency Exchange (CEX).
However, qualified users are expected to make at least a 0.02 ETH deposit to the Binance.com platform. Binance has also announced that the number of Ethereum deposited in the user’s account on Binance won’t affect the number of ZK tokens it expects to receive.
The exchange said that ZK tokens would be shared according to each participant’s arrival time, which would be tracked using their wallet addresses. Qualified users will be getting 200 units of ZK tokens, and the first phase of the airdrop is expected to start on June 25, 2024.
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