Polyhedra Network has announced a temporary staking program offering participants $1.13 million worth of ETHFI, ID, and CYBER tokens. This program provides an attractive opportunity for holders of the network’s ZKJ tokens to stake and earns substantial rewards.
The staking program runs from June 10 to July 11, 2024. Participants must stake their ZKJ tokens for one week to be eligible for rewards. A minimum stake of 1,000 ZKJ tokens, valued at approximately $1,110, is required to earn at least $100 in rewards.
Every Thursday at 00:00:00 UTC, rewards will be calculated based on the ratio of each participant’s Staking Power to the total Staking Power. The distribution dates are June 13, June 20, June 27, and July 4.
The rewards will be distributed in three different types of tokens throughout the program. The total rewards include 50,000 ETHFI tokens for weeks one and two, 400,000 ID tokens for week three, and 50,000 CYBER tokens for week four.
Staking Power is directly proportional to the amount of ZKJ tokens staked and the duration of the staking period. The maximum lock time is five weeks (3,024,000 seconds). Staking Power cannot be traded or transferred and will decrease over time until the tokens are unlocked.
Rewards are calculated weekly based on the proportion of Staking Power held by each participant. the maximum lock time for tokens is five weeks, this power decreases over time until the tokens are unlocked and cannot be traded or transferred
Users must claim rewards manually through smart contract interactions. Unclaimed rewards accumulate and remain available until claimed. Gas fees apply for staking and claiming rewards, estimated to total around based on current Ethereum network prices.
Participants should stake on June 12 at 23:59:59 UTC to maximize rewards. The staking duration before each reward distribution date can also increase potential earnings. Polyhedra Network staking event rewards participants and responses from the crypto community regarding the trademark dispute with Matter Labs and the ZK term.
Polyhedra Network’s $1.13 million temporary staking program offers an excellent opportunity for holders of ZKJ tokens to make some money while supporting the network. With a structured reward distribution schedule and strategic staking advice, participants can maximize their returns.
As the program progresses, it is expected to draw even more attention and participation, reinforcing Polyhedra Network’s position in the decentralized finance landscape.
Also Read: zkSync’s ZK Token Ticker Sparks Controversy with Polyhedra
