Bitget Launches ZkSync ZK Token Staking, Price Recovery Ahead?
Release: 2024/06/19 05:54 Reading: 258
- Original author：Coingape News Media
- Original source：https://coingape.com/?p=203036
Bitget Launches ZK Token Staking with Rewarding Incentives
Introduction
Amidst the ongoing market volatility, Bitget has introduced a novel staking option for ZK tokens on its PoolX platform, offering users the opportunity to earn additional ZK tokens as rewards.
ZK Token Staking
Bitget's new feature enables users to stake their ZK tokens, issued on the ZkSync network, and receive rewards proportional to their staked amount. The staking period will run from June 18th to June 28th, with a pool of 413,700 ZK tokens available for staking. The maximum staking limit is 4,137,000 ZK.
Reward Distribution
Rewards will be distributed hourly based on each user's staking volume. The distribution method ensures fairness by calculating each participant's share as a proportion of the total staked ZK and multiplying it by the prize pool.
Incentivizing zkSync Participation
The ZK token staking rewards aim to encourage user participation in the zkSync network, where the tokens serve as a utility and voting mechanism.
Token Airdrop and Subsequent Sell-Off
Following the recent airdrop of ZK tokens by zkSync, a significant portion of recipients sold their tokens, resulting in a market influx of $500 million worth of ZK tokens and a subsequent price drop to around $0.020.
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