Polyhedra Network, the developer behind zkBridge, has recently launched a temporary staking program that offers participants tokens worth a total of $1.13 million in USDT value. The program, which runs until Jul. 11, allows token holders to stake their ZKJ tokens in exchange for rewards in ETHFI, ID, and CYBER tokens. Participants must stake their tokens for a minimum of one week, with those staking 1,000 ZKJ tokens having the potential to earn at least a $100 reward.
This announcement comes on the heels of Matter Labs, the company behind the zkSync layer-2 solution, facing backlash from the crypto community for attempting to trademark the “ZK” term. Following criticism from senior ZK researchers, Matter Labs decided to abandon its trademark efforts, stating that ZK innovations should be considered a public good. The controversy arose when Matter Labs filed for trademarks on “ZK,” despite the ticker already being used by Polyhedra Network for its token. Polyhedra Network responded by changing its ticker to “ZKJ” and condemning Matter Labs’ actions as those of a “robber and a thief.”
Matter Labs defended its trademark application by stating that it was meant to ensure that ZK could be freely used with names like “ZK Sync” and “ZK Stack,” which are associated with the company. Despite this, the decision to trademark the “ZK” term was met with strong opposition, prompting Matter Labs to reverse its actions. The move highlights the importance of open innovation in the blockchain space, with both companies at odds over the ownership of a key industry term.
In light of these developments, Polyhedra Network’s temporary staking program offers ZKJ token holders an opportunity to earn rewards in ETHFI, ID, and CYBER tokens. With $1.13 million worth of tokens up for grabs, participants can stake their ZKJ tokens for a minimum of one week to potentially earn rewards valued at $100 or more. The staking program is set to run for four weeks, giving token holders ample time to participate and reap the benefits of staking their tokens.
As the crypto community continues to grow and evolve, the issue of trademarking key industry terms remains a contentious topic. While companies may seek to protect their intellectual property, the decentralized nature of blockchain technology calls for a more collaborative approach to innovation. By offering a temporary staking program, Polyhedra Network aims to incentivize participation among its community members while promoting open access to ZK-related innovations. As the program unfolds, participants will have the opportunity to engage with the network and potentially earn rewards for their contributions.
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