🚀Buckle up, BTC enthusiasts! Matter Labs, the brains behind ZkSync Ethereum Layer 2 network, has dropped its bid to trademark the term "ZK"! 🎉

In a twist of events on June 3rd, Matter Labs revealed that it's dropping the trademark attempt due to the impossibility of finding a group of people perceived as "credibly neutral" by everyone.

Previously, Matter Labs had filed to trademark "ZK" (short for zero-knowledge) in nine countries, sparking a dispute with Polyhedra Network over the use of ZK as a ticker symbol. Polyhedra Network accused Matter Labs of bullying and undermining Web3 principles.

As the backlash grew, Matter Labs backed down, stating that what works within the Ethereum ecosystem might not work globally, given the diversity of perspectives and stakeholders.

"We're proud to be a part of a movement that cares so deeply about cypherpunk values," they said, expressing gratitude to the zksync community for their support.

However, key figures from ZK projects, including Shafi Goldwasser and Silvio Micali, co-inventors of ZK proofs, and Sandeep Nailwal and Brendan Farmer, co-founders of Polygon, strongly opposed the move. They argued that "ZK" should remain accessible to all parties and warned that pursuing the trademark could alienate Matter Labs from its community.

StarkWare, a ZK-proof technology developer, called the behavior "oppressive," and ConsenSys-backed Layer 2 scaling solution Linea also condemned Matter Labs.

So, it's a victory for the crypto community as Matter Labs abandons the 'ZK' trademark following community outcry! 🎉🎉🎉