Binance, the leading cryptocurrency exchange globally, made an announcement on June 17 regarding the addition of ZKsync (ZK) to its trading pairs platform. Along with this update, the exchange also introduced a token distribution program aimed at addressing community concerns.
“Binance will officially list ZKsync (ZK) and enable trading for the following spot trading pairs on 17/06/2024 at 08:00 (UTC),” the announcement stated.
ZKSync serves as an Ethereum Layer 2 scaling solution that utilizes EVM-compatible ZK-SNARK roll-up technology. The platform emphasized that starting from 8 am today, ZK would be accessible for spot trading, paired with BTC, USDT, FDUSD, and the Turkish lira. The new spot trading pairs include ZK/BTC, ZK/USDT, ZK/FDUSD, and ZK/TRY.
However, a previous statement from Binance mentioned that deposits of ZK tokens on the platform could face delays due to node issues. “Our technical team is working urgently to resolve this and it will be rectified before trading commences. Deposits will be credited once the block height catches up. Successful deposits are secure. Please stay vigilant,” a warning was issued.
Binance ZK token distribution program: According to the company’s announcement, the program will run from 17/06/2024 02:00 (UTC) to 16/07/2024 23:59 (UTC). “In response to ongoing community concerns regarding ZK token distribution, Binance is offering 10,500,000 ZK tokens to a maximum of 52,500 Binance users,” it was highlighted.
What Is and How Does the zkSync Ecosystem Work?
ZkSync presents a conventional approach to scaling, introducing innovative solutions to expand the Ethereum network. “Zk” stands for zero-knowledge, while “rollups” are smart contracts that consolidate multiple core-layer transactions into a single one.
Zero-knowledge proofs, or zk-Proofs, provide robust cryptographic security. For instance, zk-Rollup solutions ensure transaction validity without disclosing confidential information.
Disclaimer:
The perspectives and opinions expressed by the author or individuals mentioned in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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