Bitget Launches ZK Token Staking to Reward Users, Aims to Boost ZKsync Network Usage

Bitget has launched a new way for its users to get more ZKsync (ZK) tokens by adding ZK token staking to its PoolX platform

Crypto exchange Bitget has unveiled a new staking initiative, adding ZK token staking to its PoolX platform. This move will enable users to bolster their ZK token holdings by earning additional tokens as a reward for maintaining their tokens on the platform.

The new staking pool boasts 413,700 ZK tokens up for grabs, with a maximum stake limit of 4,137,000 ZK per user.

As per the launch announcement, the staking period spans from June 18th to June 28th, with rewards being disbursed every hour on the basis of each user's staked tokens in relation to the total amount staked.

This launch is well-timed as the crypto market steadies following recent price fluctuations. The ZK token itself has experienced significant ups and downs since debuting on major exchanges like Binance, Gate.io, Bybit, and KuCoin on June 17th. It initially surged to $0.30 before dropping to around $0.22, currently boasting a market cap of roughly $802 million.

The staking rewards are intended to drive greater utilization of the ZKsync network, where ZK is used to pay for fees and vote on proposals. However, the launch has not been without its hiccups, with ZKsync reporting network slowdowns and RPC (remote procedure call) issues due to the high demand.

There have also been concerns regarding how ZKsync verified the 695,000+ wallets eligible for the ZK airdrop to prevent cheating. The team has stated that they will address these concerns to ensure a fair distribution.

The airdrop has also attracted a wave of scammers, with a fivefold increase in fake apps impersonating ZKsync's official channels being detected in an attempt to scam users.