Polyhedra Network has introduced the Phoenix Revival Program, a new initiative designed to reward users who maintained their stake during the recent ZKJ token downturn. Announced on July 1, this program aims to acknowledge and compensate the loyalty of on-chain stakers affected by the June 15 liquidity crisis.
Understanding the Phoenix Revival Program
The Phoenix Revival Program is tailored for users who had staked ZKJ tokens on-chain as of 13:00 UTC on June 15. Eligible participants will receive future incentives, rewards linked to upcoming Polyhedra products, and whitelist access to ecosystem airdrops. The size of each user’s rewards will be based on their staking power at the time of the snapshot. (coinness.com)
The June 15 Liquidity Crisis: A Recap
On June 15, the ZKJ token experienced a significant drop, falling from approximately $2 to under $0.35. This sharp decline was triggered by a coordinated liquidity withdrawal on PancakeSwap, where one wallet removed $4.3 million in liquidity provider tokens and swiftly sold over 1.5 million ZKJ tokens. Additional ZKJ deposits to exchanges by a wallet linked to Wintermute during the same period raised market suspicions, though no direct connection to the attack has been confirmed. The situation was further exacerbated by cascading liquidations on Bybit, resulting in up to $97 million in leveraged long positions being wiped out within two hours.
Polyhedra’s Response and Recovery Efforts
In response to the crisis, Polyhedra injected $30 million in stablecoins into decentralized exchange liquidity pools and initiated a token buyback plan. Despite these efforts, the ZKJ token has not yet fully recovered, trading at $0.205 as of press time, down 89% for the month and 94% from its all-time high of $4.01 set in March 2024.
Stock market information for Polyhedra Network (ZKJ)
- Polyhedra Network is a crypto in the CRYPTO market.
- The price is 0.196663 USD currently with a change of -0.01 USD (-0.06%) from the previous close.
- The intraday high is 0.208976 USD and the intraday low is 0.195618 USD.
Strategic Shift Towards Zero-Knowledge Infrastructure
Alongside the Phoenix Revival Program, Polyhedra has announced a strategic shift focusing on zero-knowledge (ZK) infrastructure. This includes the development of the Dark Pool decentralized exchange, a compliance-ready privacy stablecoin, and a ZK machine learning (ZKML) inference engine. Additionally, the company plans to roll out EXPchain, a Layer 1 blockchain tailored for ZK applications. (messari.io)
Looking Ahead
Despite recent volatility, Polyhedra’s team remains committed to long-term product delivery and rewarding users who maintained their stake through the turmoil. The Phoenix Revival Program and the strategic focus on zero-knowledge infrastructure signal a proactive approach to recovery and future growth.
As the cryptocurrency landscape continues to evolve, initiatives like the Phoenix Revival Program highlight the importance of community engagement and strategic innovation in navigating market challenges.