Polyhedra Network’s staking program has seen a significant milestone with over 6.9 million of its native token, ZKJ, being staked in less than a month. The team behind Polyhedra Network recently launched the open beta of the protocol’s proof cloud and shared details of this achievement on August 2, 2024.
Staking in the Polyhedra Network allows ZKJ holders to earn rewards and participate in the network’s governance. The data shows that the ZKJ staking program has surpassed the $9 million mark in under a month, with a total of 6.9 million tokens staked and 1,688 unique stakers participating. However, this amount only represents about 0.08% of Polyhedra’s total supply of 1 billion tokens as of the announcement date.
The V2 staking program, known as zkBridge developer’s V2 staking program, followed the conclusion of the first offer that launched in June. The first staking program lasted for four weeks and allowed participants to stake ZKJ for a chance to earn a share of the $1.13 million reward pool. The V2 staking program was launched on July 15 and is set to run for a maximum of 52 weeks, allowing network participants to stake their ZKJ tokens to accumulate Staking Power and earn rewards.
Rewards calculation and distribution occur every Thursday at 00:00 UTC based on individual user’s Staking Power versus the total Staking Power for all users. The next distribution is expected on August 8, with 25,000 CYBER and 38,000 ZKJ tokens available. In a previous distribution on August 1, Polyhedra distributed 30,000 ZRO and 20,000 ZKJ tokens.
Overall, Polyhedra Network’s staking program V2 has seen significant participation and interest from the community, with millions of ZKJ tokens being staked in a short period. This milestone highlights the growing popularity and success of the Polyhedra Network in the cryptocurrency and staking space.