Polyhedra has introduced the Phoenix Revival Program, a brand new initiative aimed toward rewarding customers who supported the venture throughout the June fifteenth liquidity disaster.
This system, printed on July 1 by way of an article on X, targets in-chain polyhedra community (ZKJ) stakers that held tokens on Ethereum (ETH) or BNB chain (BNB) at 13:00 UTC on the day of the crash. Eligible customers will obtain early entry to future ecosystem airdrops and incentives from future Polyhedra merchandise, together with the ZKML platform, privacy-providing Stablecoin, and darkish pool buying and selling protocols.
The scale of every person's reward relies on the staking energy on the time of snapshot. The Phoenix Revival Program is a part of a broader strategic shift in protocols and has been introduced together with the initiative.
Polyhedra's roadmap shifts focus to zero-knowledge infrastructure. This consists of future darkish pool distributed exchanges, compliant privateness stability, and its ZKML inference engine. Moreover, we plan to deploy Expanchain, a layer 1 blockchain tailor-made to ZK purposes.
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The transfer follows probably the most critical occasions within the venture's historical past. On June fifteenth, Polyhedra's ZKJ token plummeted from round $2 to underneath $0.35, triggered by a adjusted liquidity withdrawal at Pancakeswap (Cake). One pockets eliminated $4.3 million with LP tokens and bought over 1.5 million ZKJs shortly.
No direct hyperlinks to the assault have been confirmed, however further ZKJ deposits to exchanges by winter mute-linked wallets between the identical home windows raised market suspicions. This example was exacerbated by cascaded bibit liquidation. There, lengthy positions that have been exploited as much as $97 million have been worn out inside two hours.
Polyhedra has since injected $30 million in Stablecoins into the Dex liquidity pool and launched a token buyback plan, however ZKJ has not but recovered. Tokens have been $0.205 at press time, down 89% per thirty days. At the moment, it's 94% from the all-time excessive of $4.01, set in March 2024.
Regardless of latest volatility, Polyhedra's workforce says they’re dedicated to long-term product supply and rewarding customers who’ve maintained their inventory by way of disruption.
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