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Cryptocurrency exchange Upbit announced that it will list the ZK token of the popular Layer-2 solution ZKSync on its platform. This move makes the ZK token more accessible in the Korean market and offers new trading opportunities for investors. As a result, users will be able to easily buy and sell ZK in KRW, BTC, and USDT pairs, increasing the token’s liquidity and market volume. Upbit’s listing is expected to strengthen the visibility of the ZKSync ecosystem and boost investor interest in the token.
Which Markets Will the ZKSync Token Trade On?
According to Upbit’s announcement, the ZK token will be traded in KRW, BTC, and USDT markets. Spot trading in the KRW market will begin on January 6, allowing Korean investors to gain direct access to the ZK token. This step is expected to increase liquidity and create a more active trading environment. While investors gain the flexibility to trade across different pairs, the visibility and adoption of the ZK token in the Korean market are also set to grow.
Price Reaction After the Listing
Following Upbit’s listing announcement, the price of the ZK token rose sharply within a short period. With the launch of spot trading in the KRW market, the ZK token gained approximately 12%, attracting significant investor attention. Similar increases were observed in the BTC and USDT pairs, indicating strong demand for the token in the Korean market. The listing is seen as an important catalyst that not only boosts liquidity but also supports investor confidence.
Upbit’s announcement included the following statement:
“As Upbit, we are listing the ZKSync (ZK) token in KRW, BTC, and USDT markets, enabling our users to trade it easily on our platform. Spot trading will begin in the KRW market on January 6.”
What Is ZkSync?
ZkSync is a scaling protocol developed on Ethereum Layer 2 that uses ZK-Rollup technology. ZK-Rollups rely on a validity proof mechanism, where each transaction is encrypted and verified using a cryptographic proof known as ZK-SNARK (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge). With ZK-SNARK technology, users can conduct transactions on a blockchain in a fully encrypted manner. ZkSync is built on ZK-Rollup technology developed by Matter Labs to address Ethereum’s scalability issues, such as low transaction throughput.
Evaluation
Upbit’s listing of the ZK token and the subsequent price surge increase ZKSync’s visibility in the Korean market and present new opportunities for investors. The availability of KRW, BTC, and USDT trading pairs allows investors to apply different trading strategies. This development stands out as a significant milestone that could support both short-term price movements and the long-term market value of the ZK token.
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