ByBit, a prominent cryptocurrency exchange, has announced the launch of the ZKsync (ZK) project, which aims to engage the crypto community, on its ByStarter platform, starting June 17, 2024
As disclosed by the company, participants are motivated to register for the ZK ByStarter and fulfill assigned tasks to earn substantial rewards from a prize pool of 14,700,000 ZK.
The ZK ByStarter initiative is divided into three time frames. The Participation Period runs from June 17, 2024, 7AM UTC to July 18, 2024, 10AM UTC, where participants must complete all required tasks. The Distribution Period for ZK token rewards is scheduled from July 18, 2024, 10AM UTC to July 25, 2024, 10AM UTC, with results announced on July 25, 2024, 10AM UTC.
To participate, the user has to create a Bybit account and complete the verification. Next, the user must connect a Web3 wallet on ByStater, lock 100 USDT from their Bybit Funding Account during the Participation Period, and finish all on-chain quests within the stipulated timeframe.
To incentivize broad participation and engagement within the Bybit ecosystem, the company came up with Multiple reward structures.
- The Participation Prize is the first offering, wherein the first 400,000 participants to lock in $100 USDT each will get five ZK tokens.
- The Sunshine Prize, where users who fulfill the necessary tasks but are unsuccessful in winning the lottery will receive 4,600,000 ZK tokens.
- The Grand Prize selected 27,000 winners will share 8,100,000 ZK tokens, giving each of them 300.
By July 25, 2024, 10 AM UTC, ZK tokens acquired through the program will be sent straight to participants’ Bybit Funding Accounts.
ZKsync, the focal point of this initiative, operates as an Ethereum scaling and privacy engine utilizing ZK Rollup technology. This architecture enhances the efficiency and security of transactions involving ETH and ERC20 tokens on the Ethereum network, addressing key scalability challenges prevalent in blockchain ecosystems.
Overall, Bybit’s introduction of the ZKsync project on its ByStarter platform represents a strategic move to foster community engagement and awareness about advanced blockchain scaling solutions.
Also Read: Binance Welcome ZKsync (ZK) with Token Distribution Program
