3 hours ago
Layer-2 web ZKsync has announced that it volition beryllium sunsetting the Ignite Program, which rewarded users for providing liquidity, owed to bearish marketplace conditions.
"After cautious consideration, the DeFi Steering Committee (DSC) has decided to not renew Ignite for Season 2 and volition beryllium sunsetting the programme starting March 17th, 2025 by turning disconnected rewards for play 6," ZKsync posted connected X.
It added that the semipermanent imaginativeness is centered astir the Elastic Network, which is composed of aggregate chains wrong the ZKsync ecosystem.
"Unfortunately we’re navigating a bearish marketplace close now. In enactment with galore different ecosystems, ZKsync has decided to beryllium much blimpish with walk successful the abbreviated to mean word successful effect to these evolving conditions," it added. "To enactment sustainable, we’re tightening our absorption and spending smarter, alternatively than warring headwinds."
Total worth locked (TVL) connected ZKsync is down by astir 50% since Jan. 30 arsenic the wider crypto marketplace is grappling with a correction that has seen bitcoin and ether suffer 13% and 27% of their respective marketplace caps successful the past month.
ZKsync's autochthonal token (ZK) has plunged by 35% successful the aforesaid period.
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