Bitget Introduces ZK Token Staking Program on PoolX

Bitget Rolls Out ZK Token Staking Option on PoolX

Bitget has introduced a new staking opportunity for ZK tokens, leveraging the popularity of zkSync's network. Users can now stake their ZK tokens on the PoolX platform to earn rewards. The staking pool currently holds 413,700 ZK tokens, with a maximum staking limit of 4,137,000 ZK tokens. The staking period spans from June 18th to June 28th, offering hourly rewards based on the amount of tokens staked by each participant. This approach ensures fair distribution of rewards proportional to each user's stake, aiming to incentivize active participation within the zkSync ecosystem.

Impact of ZK Token Airdrop and Subsequent Sell-Off

Following a recent airdrop of ZK tokens by zkSync, there was notable market activity. Reports indicate that 41% of the recipients promptly sold off their tokens on the first day, injecting approximately $500 million worth of ZK tokens into circulation. This influx caused a temporary drop in the token's price to around $0.020. The sell-off involved more than 4,160 wallet addresses, with 30% of top recipients opting to sell portions of their tokens, while nearly 29% chose to hold onto their allocations.

zkSync's Ambitious Token Distribution Strategy

zkSync has outlined an ambitious token distribution plan, intending to allocate 3.67 billion tokens across 695,232 addresses. Interestingly, despite the large-scale distribution, the initial batch predominantly benefited a diverse range of recipients, with the top 10,000 wallets holding only a fraction of the total tokens. Notably, this distribution preceded the listing of the ZKsync (ZK) token on Binance, which commenced trading with pairs such as ZK/BTC, ZK/USDT, ZK/FDUSD, and ZK/TRY.

Conclusion

The introduction of ZK token staking on Bitget's PoolX platform and the subsequent market dynamics post-airdrop highlight significant developments within the zkSync ecosystem. As zkSync continues its token distribution and integration efforts, these initiatives are poised to shape the token's utility and market presence in the evolving landscape of decentralized finance (DeFi).

Also Read:- Top 5 Crypto Events That Can Redefine Blockchain Technology