ZKsync’s native ZK token crashed after the airdrop and continued the downward trend. ZK unraveled further as traders lost interest in altcoins and L2 tokens. The asset traded at $0.069, down from a December peak above $0.26.

ZKsync is discontinuing Ignite due to worsening market conditions, including a steep decline in the price of the ZK token, decreased liquidity, and an overall bearish sentiment in the crypto market. As a result, ZKsync is taking a more conservative approach and reassessing its spending to ensure long-term sustainability.