A good name is half the battle for a brand."

The same is true for good tickers in the crypto industry.

Recently, Ethereum's well-known zkRollup Layer2 project zkSync has aroused the anger of the crypto community due to the dispute over the ZK token name (Ticker) and trademark.

The reason for all this is that zkSync is finally going to issue coins.

Reason: zkSync chose ZK as the token name, causing conflict

May 21, 2024 According to sources, zkSync plans to hold a token generation event that week, and token issuance (including airdrops) will be carried out within 30 days after TGE, with a total supply of 21 billion tokens. The zkSync token airdrop is expected to take place around June 13.

zkSync wants its token to use ZK as its token name. But the problem is that another zk project Polyhedra has already used this name and is trading this token name on some mainstream exchanges.

Subsequently, Bybit announced on May 23 that it would adjust the name of the Polyhedra token and list zkSync on its spot trading platform with the code ZK.

On May 24, Polyhedra publicly condemned the zkSync token name choice, “It is incredible that in 2024, even if the ETH ETF has been approved, there are still some projects that benefit all parties and deprive others of the token name they deserve.”

On May 28, Polyhedra Network posted on the X platform that “zkSync has never contacted us and continues to spread rumors among different entities. If every project that invests a lot of money faces the threat of having its token Ticker seized after issuing tokens, the entire industry will become chaotic and bring major regulatory issues.”

In fact, this is not the first time that zkSync has encountered a token name problem. In the previous cycle in 2021, the L2 project ZKSwap used ZKS as the token name. At that time, zkSync had an unpleasant experience with ZKSwap due to the misunderstanding that the ZKS token name might cause.

Intensifying: zkSync developer files for ZK trademark, sparking outrage

On May 30, 2024, the conflict escalated further.

Market news has it that zkSync developer Matter Labs has gone a step further in choosing ZK as the name of its token and has filed trademark applications in nine countries, attempting to use "ZK" as Matter Labs' exclusive intellectual property.

This angered the crypto industry.

StarkWare, Algorand, Polygon, Polyhedra Network, Kakarot and other ZK projects jointly issued a statement condemning Matter Labs' actions.#Polygon #ZK $MATIC #MegadropLista #内容挖矿