• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Ignite Ends Liquidity Incentives Program: Details

user avatar

by Giorgi Kostiuk

5 hours ago


The DeFi project Ignite announced the premature end of its liquidity incentive program, citing changes in strategic priorities and current market conditions.

Reasons for Program Termination

The steering committee of the DeFi project outlined three main reasons for the initiative's end:

1. Focus on Elastic Chain. The team intends to concentrate resources on implementing the Elastic Chain protocol. Ignite has provided Era with liquidity to operate as a DeFi hub following the launch of its interoperability mechanism. Additional investment in a program focused on a single network is no longer aligned with this broad objective.

2. Interoperability Timing. Seamless internal interoperability in Elastic Chain is a priority, but the technology needed for this is taking longer to implement. Adding more TVL now will result in a lower return on cost.

3. Market Realities. The team recognized the onset of a bear market and decided to adopt a more conservative approach to costs in the short and medium term.

History and Achievements

Under the Ignite program, the distribution of 300 million ZK to stimulate liquidity was planned. The program began in January and successfully continued for two months. In 2021 and 2022, the ZKsync project raised 450 million dollars in investment.

Impact and Future Plans

In September 2024, the CEO of Matter Labs, the company behind the protocol, Alex Gluchowski announced a 16% staff reduction. In June, the project conducted an airdrop of 3.6 million ZK tokens. After the large-scale distribution, the key indicators significantly decreased.

The termination of the Ignite program is linked to strategic priority shifts and changing market conditions, underscoring the need to revisit project development approaches.

0

Share

Other news

Bitcoin Whales Increasing Holdings, Short-Term Holders Selling at a Loss

Bitcoin whales are buying more BTC while short-term holders sell at a loss due to market uncertainty.

user avatarGiorgi Kostiuk

2 minutes ago

Allegations Against Unciphered Co-Founder: New Turmoil for the Company

Unciphered is embroiled in scandal over sexual assault allegations against co-founder Morgan Marquis-Boire.

user avatarGiorgi Kostiuk

3 minutes ago

Thomas John Sfraga Sentenced for Cryptocurrency Fraud

Thomas John Sfraga convicted of scamming over $1.3 million from crypto investors.

user avatarGiorgi Kostiuk

4 minutes ago

Solayer: A New Player in the Crypto Market with Noteworthy Gains

Solayer, part of the Solana ecosystem, aims to enhance transaction speed and reliability.

user avatarGiorgi Kostiuk

4 minutes ago

Crypto Market 2025: What's Ahead for Cardano and Qubetics?

Crypto market insights for 2025: an analysis of Cardano and the emergence of Qubetics.

user avatarGiorgi Kostiuk

9 minutes ago

Crypto Project with Cross-Border Solutions: Qubetics in the Spotlight

Qubetics gains attention as a leading crypto project, offering innovative solutions for cross-border transactions.

user avatarGiorgi Kostiuk

15 minutes ago

dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.