In a recent turn of events, PolyhedraZK, a blockchain project leveraging Zero-knowledge proof (ZKP) technology, has taken to social media to express its discontent with zkSync. The bone of contention? The alleged attempt by zkSync to adopt the same token ticker, $ZK, which PolyhedraZK claims it already established.
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The zkSync Token Generation Event (TGE) and Airdrop
First, let’s recap the situation. zkSync, an Ethereum Layer 2 protocol known for its popular zk technology, is reportedly planning a token generation event (TGE) this week. The TGE will be followed by an airdrop launch around mid-June with a total token supply of 21 billion, according to FXstreet.
The Symbol Clash: $ZK
Here’s where the controversy arises. zkSync is exploring the use of “ZK” as its token’s ticker symbol. However, this choice has raised eyebrows due to potential conflicts with Polyhedra Network. Polyhedra Network, which also uses the same symbol, has already gained traction in the crypto space. Its native token, Polyhedra Network (ZK), has seen recent price increases.
PolyhedraZK’s Response
PolyhedraZK wasted no time in voicing its concerns. In a strongly worded tweet, the project accused zkSync of attempting to steal its established token ticker. The tweet read:
The crypto community quickly picked up on the clash, and discussions ensued across various platforms. Some users supported PolyhedraZK’s stance, emphasizing the importance of respecting existing symbols and avoiding confusion.
zkSync’s Dilemma
For zkSync, the situation is delicate. While they may have legitimate reasons for choosing “ZK” as their ticker, the overlap with Polyhedra Network complicates matters. The fact that Polyhedra Network’s token has yet to be listed on Binance adds another layer of complexity.
As the crypto landscape evolves, clashes over token symbols are likely to become more common. Both projects now face a decision: zkSync must weigh the benefits of adopting “ZK” against the potential backlash, while PolyhedraZK aims to protect its established brand.