ZKsync to End its Liquidity Rewards Program Amidst Market Challenges
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ZKsync to End its Liquidity Rewards Program Amidst Market Challenges

ZKsync halts its Ignite Program due to a significant drop in market value and aims to focus on the Elastic Network moving forward.

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Key Points:

  • ZKsync is phasing out its Ignite Program, which provided liquidity rewards, due to unfavorable market trends.
  • The total value locked (TVL) on ZKsync has seen a 50% decline since January 30, while the ZK token’s value has dropped by 35% over the last month.
  • The platform plans to pivot towards the Elastic Network comprising various chains in the ZKsync ecosystem.

Layer-2 network ZKsync has announced the conclusion of the Ignite Program aimed at incentivizing liquidity providers due to adverse market conditions.

“After careful consideration, the DeFi Steering Committee (DSC) has decided to not renew Ignite for Season 2 and will be sunsetting the program starting March 17th, 2025 by turning off rewards for period 6,” ZKsync stated on X.

ZKsync’s announcement reflects a broader trend in the cryptocurrency market, characterized by significant corrections.

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