Bitget has recently introduced a novel method for its users to acquire more ZKsync (ZK) tokens through the incorporation of ZK token staking on its PoolX platform. This new feature enables users to earn additional ZK tokens as rewards simply by retaining their tokens on the platform.
The staking pool now offers 413,700 ZK tokens available for staking, with a maximum limit of 4,137,000 ZK per user. The staking period, as announced in the launch details, spans from June 18th to June 28th. Rewards are distributed on an hourly basis depending on the amount of tokens each user has staked compared to the total staked amount.
Bitget's unveiling of the staking program coincides with a favorable moment in the cryptocurrency market following recent price fluctuations. The ZK token, which made its debut on major exchanges such as Binance, Gate.io, Bybit, and KuCoin on June 17th, experienced significant volatility. Initially soaring to $0.30 before settling around $0.22, the token currently commands a market cap close to $802 million.
Furthermore, the primary objective of the staking rewards is to promote increased utilization of the ZKsync network, where ZK tokens are utilized for transaction fees and voting on proposals. Nevertheless, the launch has encountered challenges, with reports from ZKsync indicating network slowdowns and remote procedure call (RPC) issues due to heightened demand.
There have been apprehensions regarding the verification process conducted by ZKsync for over 695,000 eligible wallets for the ZK airdrop in order to prevent fraudulent activities. The team has assured that these concerns will be addressed to ensure an equitable distribution process.
In addition, the airdrop initiative has attracted numerous scammers, leading to a significant surge in counterfeit applications mimicking ZKsync's official channels in an attempt to deceive users.
