Bitget has launched ZK Token Staking on its PoolX platform, for its users to earn more ZKsync (ZK) tokens as rewards. The new exciting feature by Bitget allows users to earn extra ZK tokens by just holding their tokens on the platform.
The new staking pool has 413,700 ZK tokens available to stake, with a maximum stake limit of 4,137,000 ZK per user.
According to the launch, the staking period runs from June 18th to June 28th, and rewards are paid out hourly based on how many tokens each user has staked compared to the total amount staked.
Moreover, Bitget’s staking launch comes at an opportune time as the crypto market stabilizes after recent price swings. The ZK token itself has seen big ups and downs since its June 17th debut on major exchanges like Binance, Gate.io, Bybit, and KuCoin. It initially spiked to $0.30 before dropping down to around $0.22, currently with a market cap near $802 million.
Furthermore, the staking rewards aim to encourage more usage of the ZKsync network, where ZK is used for fees and voting on proposals. However, the launch has not been going smoothly, as ZKsync reported network slowdowns and remote procedure call (RPC) issues due to high demand.
There were also concerns about how ZKsync verified the 695,000+ wallets eligible for the ZK airdrop to prevent cheating. The team says they’ll address these concerns to ensure a fair distribution process.
Moreover, the airdrop seems to have attracted many scammers, with a fivefold spike in fake apps impersonating ZKsync’s official channels to try and trick users.
Also Read: Nansen Reports 41% of Top ZK Airdrop Receivers Sold Tokens
