Polyhedra Network Adopts New Token Ticker ZKJ Following Accusations Against zkSync

Polyhedra Network Adopts New Token Ticker ZKJ Following Accusations Against zkSync
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Polyhedra Network, a prominent Web3 infrastructure provider, has announced a change in its token ticker to ZKJ from the previously used ZK. This decision comes amidst a contentious dispute with zkSync over the use of the ZK ticker. The change was reported by The Block, which cited an official statement from the Polyhedra team.

According to developers at Polyhedra, the new ticker, ZKJ, stands for "ZK Join," symbolizing a unified and open ZK community. This new designation will take effect starting this Friday, May 31, 2024, with the token being listed under ZKJ on the HashKey Global exchange and subsequently on other trading platforms where the asset is traded.

The rebranding to ZKJ is part of a broader initiative by Polyhedra Network to emphasize community and collaboration within the ZK ecosystem. This comes in the wake of a public dispute wherein Polyhedra accused zkSync of "ticker theft," claiming that zkSync had appropriated the ZK ticker for its own use.

On May 30, a day before the announcement of the new ticker, Polyhedra Network joined forces with Polygon Labs and StarkWare to issue a joint statement declaring the original ZK ticker a "public good." The statement highlighted the community’s stance that the ticker should not be monopolized as a trademark by any single company or corporation. It also called on the community to demand that Matter Labs withdraw all trademark applications and uses of the ZK ticker.

Previously, the crypto exchange Bybit had announced plans to list zkSync's token under the ZK ticker. This led to further complications as Polyhedra Network had already launched its token with the ZK ticker in March 2024 and had conducted a token distribution, with the asset actively trading in the market as Polyhedra Network (ZK).

The ensuing conflict led Polyhedra developers to publicly accuse zkSync of stealing the ticker. zkSync is expected to conduct an airdrop of its ZK tokens in the first half of June 2024, further intensifying the dispute.

Sandeep Nailwal, co-founder of Polygon Labs, expressed his concerns about the ongoing issues, stating, "zkSync has repeatedly acted against the principles of Web3, despite consistently signaling these same values. We believe that if such behavior is not publicly addressed, it will persist and potentially deteriorate."

In March 2024, Polyhedra Network successfully raised $20 million in investments, bringing the valuation of the project to $1 billion. This financial milestone underscores the significant stakes involved in the ticker controversy and the broader implications for branding and identity within the cryptocurrency and blockchain sectors.