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.
I love the zkSync guys but damn that was not a well planned airdrop from a sybil perspective.
Those criteria are easy to not hit as a real user, and easy to hit as a farmer, and had no anti-sybil program.
Real users could easily use 1-2 dapps or only a handful of tokens on your… pic.twitter.com/PiqprIbKJ3
— Adam Cochran (adamscochran.eth) (@adamscochran) June 11, 2024
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.
zkSync airdrop is out.
Most farmable and farmed airdrop ever probably.
Almost no sybil filtering as far as I can see.
Anyone who knew the criteria could've easily farmed the shit out of it.
Makes you appreciate what LayerZero is trying to do with sybil filtering.
— Mudit Gupta (@Mudit__Gupta) June 11, 2024
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.
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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.
