Binance and OKX to List ZKsync’s Native Token ZK for Trading
Binance and OKX have announced the listing of ZKsync’s native token, ZK. Binance will start spot trading of ZK tokens from June 17, 2024, offering trading pairs with BTC, USDT, FDUSD, and TRY. To mitigate community concerns about token distribution, Binance will conduct a token giveaway, distributing 10.5 million ZK tokens to 52,000 eligible users who meet specific transaction criteria. OKX has started accepting ZK deposits from today, with the ZK/USDT spot trading pair opening at 4 PM (Taipei time) on June 18, 2024, and withdrawals available from June 19, 2024. The listing comes amid criticism regarding the ZKsync airdrop, with allegations of inadequate defenses against Sybil attacks, sparking mixed reactions on social media. ZKsync leverages EVM-compatible ZK-SNARK rollup technology for Ethereum layer-2 scaling.
Neutral
The listing of ZKsync’s native token ZK on both Binance and OKX is a significant development, providing increased liquidity and accessibility for traders. However, the controversy surrounding the airdrop and concerns about distribution fairness could offset some of the positive impacts. Therefore, the market reaction is expected to be neutral as traders wait to see how these issues and trading volumes unfold.