ZKsync sunsets ‘Ignite’ token rewards for DeFi ecosystem, cites market conditions and focus on Elastic Network

Article

Name

ZKsync sunsets ‘Ignite’ token rewards for DeFi ecosystem, cites market conditions and focus on Elastic Network

Description

ZKsync DAO’s DeFi Steering Committee said it has decided not to renew the token reward program for a second season and will sunset it early.

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Publish date

12:00am, Friday, March 14, 2025

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https://www.theblock.co/post/346312/zksync-sunsets-ignite-token-rewards-for-defi-ecosystem-cites-market-conditions-and-focus-on-elastic-network?utm_source=rss&utm_medium=rss

Referenced by

ZKsync Ignite boosted the project’s TVL to $270 million. However, DeFiLlama data shows that ZKsync’s TVL is currently down to $139 million.

Crypto news

ZKsync is a Layer 2 scaling solution that scales Ethereum-based dapps by increasing transaction throughput and reducing associated costs. It utilizes ZK rollups, a technology that bundles multiple transactions and processes them off-chain.

Crypto news

Originally, Ignite planned to allocate 300 million ZK tokens over nine months for liquidity incentives. Season 1 was planned from Jan. 6 to Mar. 31 and set out to distribute up to 100 million ZK tokens ($20 million at the time), now worth $7 million due to the price drop in ZK tokens over the past few months.

Crypto news