Polyhedra hits 6.9m staked ZKJ in V2 staking program

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As a seasoned analyst with over two decades of experience in the cryptocurrency market, I find the rapid growth of Polyhedra Network’s staking program quite intriguing. In less than a month, over 6.9 million ZKJ tokens have been staked, surpassing the $9 million mark and attracting a significant number of unique stakers.

In just under a month, over 6.9 million units of Polyhedra Network’s native tokens were locked into their staking platform.

On August 2nd, the team behind The Polyhedra Network (ZKJ) unveiled updates about a significant achievement – the launch of their open beta for the protocol’s proof cloud. This information was made public.

Participating in the ZKJ staking initiative enables its holders to receive rewards and take part in decision-making within the Polyhedra Network. In less than a month’s time, this program has amassed over $9 million. The total number of tokens locked-in reached approximately 6.9 million, while the count of unique contributors increased to 1,688.

As of August 2, 2024, it was found that approximately 0.08% of the total 1 billion ZKJ tokens in circulation within Polyhedra had been staked.

Polyhedra Network staking V2

After the initial offering, which debuted in June, the V2 staking program developed by zkBridge followed suit. This temporary program ran for only four weeks as an introductory event. During this time, participants had the opportunity to deposit ZKJ in order to potentially receive a portion of the $1.13 million prize pool.

As crypto.news highlighted at the time, that first Polyhedra staking program ran until July 11.

Beginning July 15, the protocol introduced an updated version of its staking program, set to run for a maximum duration of one year (52 weeks). During this phase, members within the network can deposit their ZKJ tokens to amass Staking Power. This empowerment grants token owners the opportunity to collect rewards.

Staking rewards

The process of determining and distributing rewards takes place each Thursday at midnight (UTC) by comparing an individual’s Staking Power with the combined Staking Power of all participants.

In simple terms, the next distribution is scheduled for August 8th, offering 25,000 units of CYBER and 38,000 units of ZKJ. On August 1st, Polyhedra had previously distributed 30,000 ZRO and 20,000 ZKJ.

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2024-08-03 01:19