Polyhedra Network’s staking program saw more than 6.9 million of its native token staked in less than a month.
The Polyhedra Network (ZKJ) team, which recently launched the open beta the protocol’s proof cloud, shared details of the new milestone on Aug. 2.
Staking allows ZKJ holders to earn rewards and participate in the Polyhedra Network’s governance. According to the data, the ZKJ staking program surpassed the $9 million mark in “under a month.” The total staked tokens hit 6.9 million, while the number of unique stakers rose to 1,688.
However, as of the announcement on Aug. 2, 2024, the total staked ZKJ only accounted for about 0.08% of Polyhedra’s total supply of 1 billion tokens.
Polyhedra Network staking V2
The zkBridge developer’s V2 staking program followed the conclusion of the first offer that launched in June. As a temporary program, the first event only lasted for four weeks. However, it allowed participants to stake ZKJ for a chance to earn a share of the $1.13 million reward pool.
As crypto.news highlighted at the time, that first Polyhedra staking program ran until July 11.
The protocol launched its staking program V2 on July 15, which it said would run for a maximum of 52 weeks. During this period, network participants will be able to stake their ZKJ tokens to accumulate Staking Power. This allows token holders to earn rewards.
Staking rewards
Rewards calculation and distribution occur every Thursday at 00:00 UTC, based on the individual user’s Staking Power versus the total Staking Power for all users.
The next distribution, for instance, is expected on Aug. 8, with 25,000 CYBER and 38,000 ZKJ available. On Aug. 1, Polyhedra distributed 30,000 ZRO and 20,000 ZKJ.
