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Polyhedra network is offering $1.13 million worth of ETHFI, ID, and CYBER tokens as part of its temporary staking program. Set to start on June 10, the event will last four weeks.

To be eligible for the rewards, the participants must stake their ZKJ tokens, formerly ZK tokens, in exchange.

Staking involves locking assets in a proof-of-stake network for a certain period to support various network operations. In return, the participants earn rewards in the network’s native cryptocurrency.

According to the official announcement, participants would be required to stake a minimum of 1000 ZKJ tokens no later than June 12, 23:59:59 UTC. The tokens must be staked for at least one week to be eligible for a $100 reward.

Staking ZKJ tokens will provide the users with Staking Power. This is calculated using a formula that takes into account the number of tokens staked and their staking duration.

This ratio will directly influence the rewards each participant receives.

Users can increase their rewards by either extending the duration of lock-in or increasing the number of tokens staked. The funds can be staked for a maximum of five weeks.

The rewards would also be calculated on specific dates only, with the last date being July 4. After this, no rewards would be calculated.

The specific dates for reward calculations are June 13, June 20, June 27, and July 4. 

Rewards from the event will be distributed every week on Thursday. Users would have to manually redeem the rewards via smart contract interactions.

If a user earns rewards on multiple dates, these rewards will be carried over and added up with rewards from subsequent periods if not manually claimed.

While redeeming the staking rewards, users would have to pay a staking fee of  0.0009 ETH every time. Further, a reward-claiming fee of 0.0007 ETH would also be added to this.

At the time of publication, the price of ZKJ is trading at $1.12.

The staking event follows Polyhedra’s recent partnership with crypto exchange HashKey Global. The collaboration introduced the first HashKey Global Launchpool.

Interestingly, prior to listing on HashKey Global, Polyhedra renamed the ticker of its native token to ‘ZKJ’ from ZK. 

The move came in response to Matter Labs, the firm behind layer-2 solution zkSync, applying for a trademark for the term “ZK.” At the time, Polyhedra was already using the ticker for its token.

Matter Labs later withdrew its filing after facing backlash from the community, claiming that ZK innovations should be considered a public good accessible to all.

The post Polyhedra network introduces temporary staking program with $1.13 million in rewards appeared first on Invezz

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