Coinspeaker Polyhedra Network Kicks Off Staking after Resolving ZK Trademark Issue
Polyhedra Network, a decentralized finance (DeFi) protocol leveraging zero-knowledge proofs for enhanced scalability and security, has officially launched its staking services following the resolution of a contentious trademark dispute over the term “ZK”.
This new development marks a significant milestone for the network and its community, offering users the opportunity to earn passive income from their token holdings.
Details of the Staking Service
With the launch of staking services, Polyhedra users can now lock up their ZKJ tokens (formerly known as ZK tokens) to support the network’s operation, such as validating transactions and securing the blockchain. In return, stakers will receive rewards in the form of additional tokens.
During the staking event, users will be rewarded with various cryptocurrencies, including ETHFI, ID, and CYBER. The platform has allocated up to $1.13 million worth of these digital assets for user rewards. According to the announcement, the newly launched staking service is temporary and will last for only four weeks, starting from Monday, June 10. Participants must stake a minimum of 1,000 ZKJ tokens by June 12 at 23:59:59 UTC. However, to qualify for a $100 reward, the tokens need to be staked for at least one week.
Additional Offerings
Less than 24 hours after the rollout of the staking services, Polyhedra has introduced another product.
The platform disclosed on X that it has launched an open-source repository featuring both advanced and basic knowledge about Zero-Knowledge Proofs (ZKP).
This new offering will cater to users’ needs with cutting-edge updates released on a weekly basis.
Background on the Trademark Dispute
The launch of the two products comes one week after the platform resolved its trademark disputes with Matter Labs, the developer behind the ZkSync Ethereum Layer 2 network.
The company wanted to claim exclusive rights to the term “ZK” in nine different countries from across the world, clashing with Polyhedra which uses ZK as its ticker.
The decision resulted in one one-week conflict between the duo with Polyhedra claiming to be bullied by Matter Labs as the move to patent the term goes against thr core principles of the Web3 economy.
The conflict generated significant industry backlash against Matter Labs’ behavior with some calling the firm “oppressor” while others opined that ZK is a general term used across the crypto industry and should not belong to any entity.
After days of deliberation and discussions, Matter Labs decided to withdraw its patent applications, allowing Polyhedra to continue being represented as ZK.
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Polyhedra Network Kicks Off Staking after Resolving ZK Trademark Issue
