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SirWin
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Polyhedra Network launches staking following ZK trademark drama resolution

polyhedra-network-launches-staking-following-zk-trademark-drama-resolution
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Polyhedra Network launches staking following ZK trademark drama resolution

Polyhedra has announced the launch of a temporary staking program, offering participants a total of $1.13 million worth of ETHFI, ID, and CYBER tokens in USDT value.

Polyhedra Network, the developer behind zkBridge, has announced the launch of a temporary staking program offering participants tokens worth a total of $1.13 million in USDT value.

The four-week-long staking event allows the network’s token holders to stake their ZKJ tokens in exchange for rewards in ETHFI, ID, and CYBER tokens, Polyhedra said in a Notion announcement. The program, running until Jul. 11, requires participants to stake their tokens for a minimum of one week, with those wanting to earn at least a $100 reward must stake 1,000 ZKJ tokens, worth approximately $1,110 at current market prices.

The latest development comes shortly after Matter Labs, the company behind the zkSync layer-2 solution, abandoned its attempts to trademark the “ZK” term following backlash from the crypto community. The decision came three days after senior ZK researchers criticized the move, arguing that ZK innovations should be considered a public good accessible to all.

The controversy began when Matter Labs filed for trademarks on “ZK,” aiming to establish exclusive intellectual property rights, despite the ticker already being used by Polyhedra Network for its token. In response, Polyhedra Network changed its ticker to “ZKJ” and condemned Matter Labs’ actions as those of “a robber and a thief, not a blockchain builder.”

Matter Labs explained that it had applied for ZK-related trademarks to ensure that ZK could be freely used with names like “ZK Sync” and “ZK Stack,” which are associated with the company.