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Current bearish market conditions were cited as one of the reasons for the move, as noted in a governance post on ZKSync's DAO forum ZK Nation. Karthik Senthil, a member of the Ignite DeFi Steering Committee, said that the decision resulted from being 'more conservative with spending in the short to medium term in response to these evolving conditions.'

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

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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.

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