Polyhedra hits 6.9m staked ZKJ in V2 staking program

More than 6.9 million native tokens have been staked under Polyhedra Network’s staking program in less than a month.

The Polyhedra Network (ZKJ) team, which recently launched the open beta version of the protocol’s proof cloud, shared details of the new milestone on August 2.

Staking allows ZKJ holders to earn rewards and participate in the governance of the Polyhedra Network. According to the data, the ZKJ staking program has surpassed the $9 million mark in “less than a month.” The total number of staked tokens reached 6.9 million, while the number of unique stakers increased to 1,688.

However, as of the announcement on August 2, 2024, total staked ZKJ only accounted for approximately 0.08% of Polyhedra’s total supply of 1 billion tokens.

Polyhedra Network staking V2

The ZkBridge developer’s V2 staking program follows the conclusion of the initial offering launched in June. As a temporary program, the initial event lasted only four weeks. However, it allowed participants to stake ZKJ for a chance to win a share of the $1.13 million prize pool.

As crypto.news highlighted at the time, the first Polyhedra staking program ran until July 11.

The protocol launched its V2 staking program on July 15, which it said will last for a maximum of 52 weeks. During this period, network participants will be able to stake their ZKJ tokens to accumulate Staking Power. This will allow token holders to earn rewards.

Staking rewards

The calculation and distribution of rewards occur every Thursday at 00:00 UTC, based on the difference between the individual user’s Staking Power and the total Staking Power of all users.

For example, the next distribution is expected to occur on August 8 with 25,000 CYBER and 38,000 ZKJ. Polyhedra distributed 30,000 ZRO and 20,000 ZKJ on August 1.