Bybit, a leading cryptocurrency exchange, has announced the launch of a new token initiative centered around ZKsync (ZK) on its ByStarter platform. The event, which commenced on June 17, 2024, offers participants the opportunity to earn rewards from a massive prize pool of 14.7 million ZK tokens.
This initiative is designed to increase community engagement and educate users about layer-2 scaling solutions while providing tangible incentives for participation.
Event Timeline and Participation Details
The ZKsync token distribution event is structured into three key phases:
- Participation Period: From June 17, 2024, at 7 AM UTC to July 18, 2024, at 10 AM UTC. During this window, users must complete all required tasks.
- Distribution Period: Scheduled between July 18, 2024, at 10 AM UTC and July 25, 2024, at 10 AM UTC.
- Results Announcement: The final list of winners will be published on July 25, 2024, at 10 AM UTC.
All rewards will be distributed directly to participants' Bybit Funding Accounts by the end of the distribution period.
How to Participate in the ZKsync Initiative
To take part in this event, users need to complete a few straightforward steps:
- Create a verified Bybit account.
- Connect a Web3 wallet on the ByStarter platform.
- Lock 100 USDT from the Bybit Funding Account during the participation period.
- Complete all assigned on-chain tasks within the given timeframe.
These steps are designed to be user-friendly and accessible even for those new to blockchain-based campaigns.
Reward Structure and Allocation
The reward pool is divided into multiple segments to encourage wide participation and fair distribution:
- Participation Prize: The first 400,000 users who lock 100 USDT will receive 5 ZK tokens each.
- Sunshine Prize: Users who complete the required tasks but do not win in the lottery will share a pool of 4.6 million ZK tokens.
- Grand Prize: A total of 27,000 winners will be selected to share 8.1 million ZK tokens, with each receiving 300 ZK.
This multi-tier system ensures that both early participants and dedicated users have opportunities to earn rewards.
Understanding ZKsync and Its Technology
ZKsync is a layer-2 scaling solution for Ethereum that uses zero-knowledge rollup (ZK Rollup) technology. It aims to enhance transaction throughput, reduce fees, and maintain high security for ETH and ERC20 token transfers.
By leveraging advanced cryptographic proofs, ZKsync allows users to experience faster and cheaper transactions without compromising on decentralization or safety. Its growing adoption highlights the increasing demand for scalable blockchain networks.
This initiative not only rewards participants but also raises awareness and understanding of innovative scaling technologies in the cryptocurrency ecosystem.
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Frequently Asked Questions
What is the total prize pool for the ZKsync event?
The total reward pool is 14.7 million ZK tokens, distributed among participants through various reward categories including participation, sunshine, and grand prizes.
How can I qualify for the ZK token rewards?
You need to create a Bybit account, complete verification, connect a Web3 wallet, lock 100 USDT, and finish all on-chain tasks within the participation period.
When will the tokens be distributed?
Tokens will be credited to winners’ Bybit Funding Accounts by July 25, 2024, at 10 AM UTC.
What is ZKsync?
ZKsync is a layer-2 scaling solution that uses ZK-Rollup technology to improve the speed and affordability of Ethereum transactions while ensuring strong security.
Can I participate if I am new to cryptocurrency?
Yes, the event is designed to be accessible. However, users should have a basic understanding of using crypto wallets and exchanging digital assets.
Is there a limit to how many users can participate?
While there is no strict limit on participation, some rewards are limited—for example, only the first 400,000 users locking USDT will receive the participation prize.
Conclusion
Bybit’s ZKsync token initiative represents a significant effort to blend community engagement with education on emerging blockchain solutions. With a well-structured reward pool and clear participation guidelines, the campaign is set to attract a wide range of cryptocurrency enthusiasts.
Whether you are new to the space or an experienced user, this event offers a practical way to learn about and benefit from layer-2 innovations while earning valuable tokens.