You are at: Home » ZKSync Price Analysis: ZKSync Airdrop Comes Under Heavy Fire As Binance Steal Spotlight With Rival ZK Launch – Here’s Every You need to Know

ZKSync Price Analysis: ZKSync Airdrop Comes Under Heavy Fire As Binance Steal Spotlight With Rival ZK Launch – Here’s Every You need to Know

Author
Last updated on:
Fact Checker

ZKSync airdrop is facing criticism, blamed for not implementing anti-Sybil program in their ZK airdrop. Binance will reward its users.

ZKSync airdrop is criticized for not implementing the anti-Sybil program in their ZK airdrop. Now, in a hit-back move, Binance will reward its users.

Airdrops are meant to incentivize participation. Thanks to smart contracts, there have been thousands, if not tens of thousands, of airdrops since the beginning of crypto, which was popularized on Ethereum.

All you have to do is engage.

For example, if you actively traded on Uniswap before they launched their governance token, you were eligible for 1,500 UNI.

The problem with airdrops is the proliferation of bots and the risk of “dust” attacks through Sybil on the issuing platform.

The ZKSync Airdrop Trouble: Here’s What Happened

This is what ZkSync token issuers are facing and getting heat from.

The airdrop was highly anticipated; however, questions of fairness and distribution arose when the selection criteria were raised.

Currently, ZK is available for trading.

But looking at ZKSync price, market reaction has been muted to disappointment, with the highly anticipated open falling down -25% from all-time highs amid wholesale community moaning.

(ZKUSDT)

At the heart of the controversy is the issue of bots.

Critics now claim ZKSync knew that bots existed but didn’t implement adequate measures to prevent Sybil attacks.

In a Sybil attack, a single user can initiate multiple “dust” transactions from many wallets to intentionally manipulate airdrop distribution.

The more they attack, the more they could “farm” ZK tokens, cutting out real users who actively and genuinely transact on the layer-2 platform.

Meanwhile, zkSync employs a “unique airdrop design” combined with “explicit” Sybil detection to reward genuine users.

Even so, they acknowledge that some Sybil wallets slipped through the cracks. These wallets, they explained, increasingly used sophisticated methods that mimic real user behavior.

In its defense, the platform added that if it had used overly aggressive Sybil filtering techniques, more legitimate users would have been excluded.

They continued by saying that their approach focused more on rewarding addresses with a “high likelihood” of being genuine.

Of note, their system assigned fewer points to underfunded wallets—used to filter out Sybil wallets—but concurrently increased points for on-chain activity indicative of “human behavior.”

Biggest CEX Steps Into Fray: Binance To The Rescue

To reward ZK Sync users and Binance clients, the exchange is airdropping its share of 10.5 million ZK to over 52,000 eligible users who missed the official one.

To qualify, addresses must have initiated at least 50 transactions on zkSync Era between February 2023 and March 2024.

At the same time, they should have conducted transactions within at least seven months and not belong to any centralized exchange, bridge, or contract address.

At the same time, they should not have been eligible for the official airdrop.

Binance listed ZK on June 17.

EXPLORE: RPL Price Adds +50% In 4 Days – Here’s Why Rocket Pool Is Pumping After Houston Upgrade

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital. 99Bitcoins may receive advertising commissions for visits to a suggested operator through our affiliate links, at no added cost to you. All our recommendations follow a thorough review process.

Dalmas is an experienced journalist with over a decade in crypto, technology, and blockchain. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, and Entrepreneur, among others. He is passionate about crypto and is always on the lookout for the latest trends in these fields. Connect with Dalmas on X @Dalmas_Ngetich

View all Posts by Dalmas Ngetich

Free Bitcoin Crash Course

Learn everything you need to know about Bitcoin in just 7 days. Daily videos sent straight to your inbox.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
We hate spam as much as you do. You can unsubscribe with one click.
We hate spam as much as you do. You can unsubscribe with one click.

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top