Bitget, a prominent cryptocurrency exchange and Web3 company, recently unveiled the integration of ZkSync-based ZK tokens on their PoolX platform. This new feature allows users to stake their existing ZK tokens and potentially earn additional rewards. The staking process entails distributing a total of 413,700 ZK tokens, with a maximum staking limit set at 4,137,000 ZK. Users' token allocation is determined by their staked ZK amount relative to the total staked ZK of all eligible participants, multiplied by the corresponding prize pool. The mining period for this initiative runs from June 18 to June 28, as per coordinated universal time (UTC).
The staking mechanism follows specific rules where participants receive token rewards from PoolX mining pools based on their staking volume. Bitget conducts an hourly snapshot of each participant's stake to calculate their share and subsequently distribute rewards.
ZKsync Era represents a Layer 2 ZK rollup protocol that ensures scalable and cost-effective transactions on the Ethereum network. In this era, computations occur off-chain, and most data is stored off-chain as well. Before generating a validity proof, transactions are grouped into batches. Since all validity proofs are verified on Ethereum, users benefit from robust security guarantees akin to Layer 1.
The ZK token serves as the primary utility and governance token within the zkSync ecosystem, playing a crucial role in protocol operations. It is primarily used to cover transaction fees on the zkSync network, offering users reduced costs compared to the Ethereum mainnet due to zkSync's efficient Layer-2 scaling solutions. This cost-effectiveness can incentivize users to prefer zkSync for transactions, thereby enhancing network activity and liquidity.
Apart from transaction fees, the ZK token plays a pivotal role in zkSync's governance framework. Token holders possess the authority to influence the protocol's roadmap by voting on crucial proposals. This decentralized governance structure ensures that the zkSync ecosystem evolves in alignment with the collective interests of its community. Decisions related to protocol upgrades, parameter adjustments, and new features are democratically made with active participation from ZK token holders.
Bitget's listing of ZK tokens allows users to engage in the broader ZkSync ecosystem using their ZK tokens. Participants can redeem their staked tokens anytime on PoolX, with assets automatically reverting to their spot accounts once the mining period concludes.
Bitget's recent listings of promising low-cap high potential projects like Ulti Protocol (ULTI), Taiko (TAIKO), JungleDoge (JUNGLE), Ethermail (ENT), and ArtFi (ARTFI), alongside the latest addition of ZkSync (ZK) on PoolX, offer users an opportunity to benefit from stake-to-mine rewards.
Being a frontrunner in providing users access to promising projects, Bitget has emerged as one of the top 10 crypto spot trading platforms, boasting a vast selection of over 900 coins and 1000+ trading pairs. Bitget's dominance extends to the crypto derivatives market, evidenced by its Open Interest (OI) indicator surpassing $6 billion on May 4, securing a significant 25% market share. The launch of the PoolX platform for stake-to-mine service has garnered substantial interest with attractive APR rates.
For individuals seeking more information on ZK tokens on PoolX, they can refer to Bitget's official website.
About Bitget Established in 2018, Bitget stands as a prominent global cryptocurrency exchange and Web3 company, catering to a user base exceeding 25 million across 100+ countries and regions. The Bitget exchange is dedicated to empowering users with intelligent trading solutions such as copy trading and various other features. Formerly known as BitKeep, Bitget Wallet represents a versatile multi-chain crypto wallet offering a comprehensive array of Web3 solutions, including wallet functionalities, NFT Marketplace, DApp browser, and more. Through strategic collaborations with renowned personalities like Lionel Messi, Bitget promotes crypto adoption and innovation.
For more insights, users can explore Bitget's official website and social media channels for additional information.
