Oh, dearie me! The ZKsync’s DeFi Steering Committee (DSC) has decided to pull the plug on its beloved ZKsync Ignite, the liquidity reward program that was supposed to sprinkle a little magic on the crypto world. Instead, they’re off to chase bigger dreams of network expansion! Who needs liquidity when you can have… well, whatever it is they’re dreaming of? 🌈
Mark your calendars, folks! The grand finale of Ignite will be on March 17, and just like that, the reward allocation for period 6—yes, the very last hurrah of the first season—has been tossed into the abyss. Poof! Gone! 💨
Now, ZKsync has decided to focus on its Elastic Network, which sounds like a fancy trampoline for interconnected zero-knowledge (ZK) chains. “Our long-term vision is to bounce into the future!” they declared, as they waved goodbye to the single-chain program. Because who needs simplicity when you can have a circus? 🎪
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Riding the Bear Market Rollercoaster 🎢
The team, bless their hearts, admitted that the current market conditions were like a rain cloud over their parade. “To stay sustainable, we’re tightening our focus and spending smarter rather than fighting headwinds,” they said, probably while clutching their wallets tightly. 💸
Once upon a time, ZK tokens were the belle of the ball, reaching a dazzling high of $0.26 on December 8. But like a balloon losing air, they’ve plummeted to a mere $0.06—a staggering 76% drop! Talk about a dramatic fall from grace! 🎈
ZKsync Ignite: A Tale of Triumph and Tragedy 📉
According to ZKsync, the Ignite program was a roaring success, boosting the DeFi total value locked (TVL) to a whopping $270 million! But wait! DefiLlama data now shows that the TVL has shrunk faster than a wool sweater in hot water, down to $139 million. Oh, the irony! 🧶
The Ignite program had grand plans to distribute 300 million ZK tokens over nine months to DeFi users who would sprinkle liquidity like confetti. The first season was set to run from January 6 to March 31, with 100 million tokens worth about $21 million. But now, at current ZK prices, those tokens are worth a mere $6.8 million. What a twist! 🎭
And let’s not forget, the entire crypto market is in a bit of a pickle, with top assets like Bitcoin (BTC) and Ether (ETH) struggling to keep their heads above water. It’s a wild world out there, folks! 🌊
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2025-03-14 14:34