๐ฃ๐ข๐๐ฌ๐๐๐๐ฅ๐ ๐ฃ๐๐จ๐ก๐๐๐ด๐ฑ% :๐๐ข-๐๐ข๐จ๐ก๐๐๐ฅ ๐ฃ๐ฅ๐ข๐ ๐๐ฆ๐๐ฆ ๐ง๐ข๐๐๐ก ๐๐จ๐ฌ๐๐๐๐
The price of ZKJ, the native token of Polyhedra Network, collapsed by nearly 85% in a few hours, falling from around $2 to just $0.30 โ and now the team is fighting back.
๐ป What Happened?
Polyhedra said the crash was caused by a โcoordinated onchain liquidity attack.โ Here's what contributed to the sudden drop:
Massive token dumps on PancakeSwap
Large deposits to exchanges by market maker Wintermute
A wave of liquidations as prices fell rapidly
๐ ๏ธ Teamโs Response
๐ข Co-founder Tiancheng Xie admitted the token took a serious hit, but insisted the technology behind Polyhedra remains strong.
โOur tech is rock solid. We wonโt back down from shady financial attacks,โ he posted on X.
โ He also confirmed more ZKJ token buybacks are coming soon.
๐ ZKJ Price History
๐ All-time high: $3.40
๐ง Pre-crash stability: around $1.10
๐ป Current level: $0.30
ZKJ was launched in March 2025, and the crash came just a year after Polyhedra was valued at $1 billion, backed by big names like Polychain Capital, Animoca Brands, and HashKey Capital.
๐ง Why It Matters
Polyhedra is known for zkBridge, a zero-knowledge protocol designed to improve cross-chain transactions.
Despite the crash, the team says the core product remains untouched, and the buyback could help rebuild market trust.
๐ Details of the buyback plan โ including how much ZKJ will be bought and when โ havenโt been revealed yet.
๐ Bottom Line:
Polyhedra's ZKJ token just had one of its worst days โ but the team says they're not done yet. With buybacks on the table and tech still intact, all eyes are on what happens next.