{"id":125073,"date":"2025-03-14T12:16:52","date_gmt":"2025-03-14T12:16:52","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=125073"},"modified":"2025-03-14T12:16:52","modified_gmt":"2025-03-14T12:16:52","slug":"zksync-sunsets-liquidity-program-amid-bearish-market","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=125073","title":{"rendered":"ZKsync sunsets liquidity program amid bearish market"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsZKsync&#8217;s DeFi Steering Committee (DSC) said it will not renew ZKsync Ignite, its liquidity reward program, as the project shifts its focus to broader network expansion.<br \/>\nThe DSC confirmed that Ignite\u2019s second season will not proceed and that the program will be discontinued on March 17. This also cancels the reward allocation for period 6, the final phase of the program\u2019s first season.<br \/>\nZKsync said it would focus its resources on its Elastic Network, an architecture that aims to transform the platform into an ecosystem of interconnected zero-knowledge (ZK) chains. \u201cOur long-term vision for ZKsync is increasingly centered on the Elastic Network, and we want to focus our resources to accelerate this becoming a reality,\u201d the project stated.\u00a0<br \/>\nIt said that pouring its resources into a single-chain program does not align with this interoperability goal.\u00a0<br \/>\nCointelegraph reached out to Matter Labs, the company behind ZKsync, for comment, but had received no response at the time of writing.<br \/>\nSource: ZKsync IgniteNavigating a bearish crypto market<br \/>\nThe team acknowledged that current market conditions influenced the decision to end Ignite.<br \/>\n \u201cTo stay sustainable, we\u2019re tightening our focus and spending smarter rather than fighting headwinds,\u201d the team said.\u00a0<br \/>\nZK tokens performed well in 2024, reaching a high of $0.26 on Dec. 8. However, ZK prices failed to maintain their highs, experiencing continued sell pressure as market conditions worsened. The token currently trades at $0.06, a 76% drop from its price in December.\u00a0<br \/>\nZKsync token\u2019s 1-year price chart. Source: CoinGeckoRelated: ZKsync targets 10K TPS and sub-zero fees by 2025 roadmap goals<br \/>\nZKsync Ignite boosted the project\u2019s TVL to $270 million<br \/>\nAccording to ZKsync, the program surpassed its goal of driving DeFi total value locked (TVL) to $100 million. The program helped drive TVL to over $270 million, making trading on the chain more seamless. However, DefiLlama data shows that ZKsync\u2019s TVL is currently down to $139 million.\u00a0<br \/>\nZKsync&#8217;s total value locked. Source: DefiLlamaThe Ignite program originally planned to allocate 300 million ZK tokens in a span of nine months to DeFi users who would provide liquidity to key token pairs. The first season was scheduled from Jan. 6 to March 31, allocating 100 million tokens worth about $21 million during launch. At current ZK prices, 100 million tokens are only worth $6.8 million.\u00a0<br \/>\nApart from ZKsync, the broader crypto market is also experiencing an industry-wide downturn, with top crypto assets like Bitcoin (BTC) and Ether (ETH) struggling to maintain prices.\u00a0<br \/>\nMagazine: Vitalik on AI apocalypse, LA Times both-sides KKK, LLM grooming: AI Eye<a href=\"https:\/\/cointelegraph.com\/news\/zksync-liquidity-program-ignite-sunset-march-17?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsZKsync&#8217;s DeFi Steering Committee (DSC) said it will not renew ZKsync Ignite, its liquidity reward program, as the project shifts its focus to broader network expansion. The DSC&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125073"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=125073"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125073\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=125073"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=125073"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=125073"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}