Greg Miller
--
Polyhedra Launches Phoenix Revival Program After ZKJ Token Crash: Community Still Angry
What Happened to ZKJ Token?
On June 15, Polyhedra’s token, ZKJ, crashed over 90% in just two hours, dropping from $2 to under $0.35. This happened because a wallet removed over $4.3 million in liquidity from PancakeSwap and started selling a huge amount of tokens. Soon after, another wallet linked to Wintermute also sent ZKJ tokens to exchanges, adding to the panic.
As a result, ZKJ holders lost more than $500 million in value. Bybit recorded over $97 million in liquidations from long positions. People were shocked. Some even suspected that wallets linked to the Polyhedra team may have been involved in selling large amounts of tokens, but the team denied it.
What Is the Phoenix Revival Program?
After this huge crash, Polyhedra launched a new program called the Phoenix Revival Program. It’s meant to reward users who stayed loyal and didn’t sell during the crash.
Here’s what it offers:
Early access to future airdropsIncentives for stakingWhitelist spots for new products
Rewards are only for those who had ZKJ staked on Ethereum or Binance Smart Chain at 13:00 UTC on June 15, just before the crash. The more you had staked at that moment, the more rewards you’ll get.
What’s the Problem Then?
Many in the community are not happy.
Why? Because Polyhedra earlier promised a buyback to help people recover losses, but that’s not happening now. Instead, they are offering future access and perks, which don’t help investors who already lost their money.
Also, the new rewards only matter if ZKJ’s value goes back up, and many investors no longer believe that will happen. As of now, ZKJ is trading at just $0.19, down over 94% from its all-time high of $4.01 in March 2024.
What’s Next for Polyhedra?
The team says they’re still building and plan to launch new products like:
ZKML – a tool combining AI and zero-knowledge proofsA privacy focused stablecoinA decentralized exchange called Dark PoolEXPchain, a zk based Layer 1 blockchain
These sound exciting but for now, the community is more focused on their losses than future promises.
Final Thoughts
Polyhedra is trying to move forward after a massive crash. Their Phoenix Revival Program is meant to reward loyal users, but many investors feel let down and betrayed. Until the team addresses the missing buyback and restores trust, it will be hard to recover both the token price and the community’s support.
Trust is everything in crypto, and once it’s broken, it’s hard to win back.
#Polyhedra #ZKJ #article #GregLens
On June 15, Polyhedra’s token, ZKJ, crashed over 90% in just two hours, dropping from $2 to under $0.35. This happened because a wallet removed over $4.3 million in liquidity from PancakeSwap and started selling a huge amount of tokens. Soon after, another wallet linked to Wintermute also sent ZKJ tokens to exchanges, adding to the panic.
As a result, ZKJ holders lost more than $500 million in value. Bybit recorded over $97 million in liquidations from long positions. People were shocked. Some even suspected that wallets linked to the Polyhedra team may have been involved in selling large amounts of tokens, but the team denied it.
What Is the Phoenix Revival Program?
After this huge crash, Polyhedra launched a new program called the Phoenix Revival Program. It’s meant to reward users who stayed loyal and didn’t sell during the crash.
Here’s what it offers:
Early access to future airdropsIncentives for stakingWhitelist spots for new products
Rewards are only for those who had ZKJ staked on Ethereum or Binance Smart Chain at 13:00 UTC on June 15, just before the crash. The more you had staked at that moment, the more rewards you’ll get.
What’s the Problem Then?
Many in the community are not happy.
Why? Because Polyhedra earlier promised a buyback to help people recover losses, but that’s not happening now. Instead, they are offering future access and perks, which don’t help investors who already lost their money.
Also, the new rewards only matter if ZKJ’s value goes back up, and many investors no longer believe that will happen. As of now, ZKJ is trading at just $0.19, down over 94% from its all-time high of $4.01 in March 2024.
What’s Next for Polyhedra?
The team says they’re still building and plan to launch new products like:
ZKML – a tool combining AI and zero-knowledge proofsA privacy focused stablecoinA decentralized exchange called Dark PoolEXPchain, a zk based Layer 1 blockchain
These sound exciting but for now, the community is more focused on their losses than future promises.
Final Thoughts
Polyhedra is trying to move forward after a massive crash. Their Phoenix Revival Program is meant to reward loyal users, but many investors feel let down and betrayed. Until the team addresses the missing buyback and restores trust, it will be hard to recover both the token price and the community’s support.
Trust is everything in crypto, and once it’s broken, it’s hard to win back.
#Polyhedra #ZKJ #article #GregLens
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
0
0