Technology

Bitget Launches ZkSync ZK Token Staking, Price Recovery Ahead? – Crypto News

Published

2 years ago

June 19, 2024

Dripp

Bitget has introduced a new staking option on the PoolX platform, through which users can earn more ZK tokens.

This development comes as the market looks for signs of recovery following recent price turbulence.

Bitget Introduces ZK Token Staking

Bitget has revealed that ZK tokens, issued on the ZkSync network, will be available on the PoolX platform where users can stake their tokens and get more rewards. This staking feature that is now enabled has a pool of 413,700 ZK tokens up for staking and the maximum staking allowed is 4,137,000 ZK. The mining duration is set from the 18th of June to the 28th of June and the rewards are given hourly depending on the staking volume of the user.

All the participants in the staking on PoolX will have their tokens staked at hourly intervals to calculate the share of the rewards they are to receive. The distribution is determined by taking the user’s staked ZK, dividing it by the total staked ZK of all participants, and then multiplying the result by the prize pool.

This method is quite equitable for the distribution of the rewards since the distribution is proportional to the stake placed by the users. The staking rewards are designed to incentivize the participation of users in the zkSync network, where ZK tokens are used for utility and voting purposes.

Token Airdrop Sell-Off

According to a Coingape report, after the recent airdrop of ZK tokens by zkSync, 41% of the recipients sold off their entire tokens on the first day. This led to $500 million worth of ZK tokens being added to the market which led to the price of the token dropping to around $0. 020.

The sell-off included more than 4,160 wallet addresses, with 30% of top recipients selling parts of their tokens, and nearly 29% of them keeping their tokens.

Nevertheless, zkSync intends to distribute 3. 67 billion tokens to over 695,232 addresses with the first 10,000 wallets holding only a small percentage of the tokens. Concurrently, this token distribution was preceded by the Binance listing on Monday of the ZKsync (ZK) token with the trading pairs ZK/BTC, ZK/USDT, ZK/FDUSD, and ZK/TRY.

ZkSync (ZK) Price Trend

In the last 24 hours, bears have had the upper hand, with bullish attempts to recover nullified after resistance at $0.2311 proved too stiff to breach. However, as of press time, the bulls had seized market control with ZK token price trading at $0.2146, a 0.50% surge.

Despite this bullish reversal, the token is still 30% down from its all-time high of $0.3098, recorded two days ago.

During this recovery, ZK’s market capitalization surged by 1.14% to $793,600,019, while the 24-hour trading volume declined by 12% to $798,789,848.