Polyhedra launches Phoenix Revival Program to reward loyal stakers during ZKJ token crash

Key Points

1. The Phoenix Revival Program targets Polyhedra Network stakers who held tokens on Ethereum or BNB Chain at 13:00 UTC on June 15.

2. Eligible users will receive early access to future ecosystem airdrops and incentives from upcoming products like ZKML platform, privacy-preserving stablecoin, and dark pool trading protocol.

3. Rewards will be based on users' staking power at the time of the snapshot.

4. The program is part of Polyhedra’s wider strategy shift, which includes launching a Dark Pool DEX, a compliance-ready privacy stablecoin, and a ZKML inference engine.

5. On June 15, Polyhedra’s ZKJ token plummeted from around $2 to under $0.35 due to a coordinated liquidity withdrawal on PancakeSwap.

6. A wallet removed $4.3 million in LP tokens and sold additional ZKJ deposits, contributing to the crash.

7. Polyhedra injected $30 million in stablecoins into DEX liquidity pools and launched a token buyback plan, but ZKJ has not fully recovered, trading at $0.205 at press time, down 89% on the month and 94% from its all-time high of $4.01 in March 2024.