Finance The blockchain has misplaced round 50% of complete worth locked since Jan. 30.
Layer-2 community ZKsync has introduced that it is going to be sunsetting the Ignite Program, which rewarded customers for offering liquidity, as a consequence of bearish market circumstances.
“After careful consideration, the DeFi Steering Committee (DSC) has decided to not renew Ignite for Season 2 and will be sunsetting the program starting March 17th, 2025 by turning off rewards for period 6,” ZKsync posted on X.
It added that the long-term imaginative and prescient is centered across the Elastic Network, which consists of a number of chains inside the ZKsync ecosystem.
“Unfortunately we’re navigating a bearish market right now. In line with many other ecosystems, ZKsync has decided to be more conservative with spend in the short to medium term in response to these evolving conditions,” it added. “To stay sustainable, we’re tightening our focus and spending smarter, rather than fighting headwinds.”
Total worth locked (TVL) on ZKsync is down by round 50% since Jan. 30 as the broader crypto market is grappling with a correction that has seen bitcoin and ether lose 13% and 27% of their respective market caps up to now month.
ZKsync’s native token (ZK) has plunged by 35% in the identical interval.
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