ZK ticker causes clash between Polyhedra and zkSync

Source Fxstreet
May 24, 2024 19:57
  • zkSync announced on Friday that its token would be ZK, the official token symbol for Polyhedra Network.
  • zkSync formerly hinted at an airdrop launch sometime in June and considerations for using the symbol.
  • Polyhedra responded to the recent announcement, calling zkSync a robber and a thief.

Polyhedra Network accused zkSync of “bullying” on Friday after the latter announced it would proceed to make use of ZK for its ticker symbol.

Also read: zkSync is allegedly planning token generation event and airdrop

Polyhedra launches attack at zkSync

ZkSync officially confirmed using ZK as its ticker symbol on Friday, ignoring the fact that Polyhedra had used it earlier. This came after crypto exchange Bybit announced that zkSync's ZK token would be part of its upcoming listing. The exchange also mentioned that it would adjust the Polyhedra token ticker on its platform.

"Bybit is committed to providing a clear and user-friendly trading experience. As part of our ongoing efforts, we will be making adjustments to the ticker symbol for the Polyhedra Network token listed on our platform," they announced.

The ticker symbol was initially chosen by Polyhedra earlier in the year after a rebrand that changed its name from ZKbridge (ZKB) , giving it a new ZK ticker after its token was listed on OKX.

Read more: Ethereum price lags after ETF approval, experts share reason for SEC's change of mind

Tension initially arose after zkSync hinted last week about an airdrop launch sometime in June and considerations for using the symbol.

Polyhedra heavily criticized this new move by zkSync, calling it an act of robbery.

"It's unbelievable that, here in 2024, even with the approval of the ETH ETF, there are still projects that offer benefits to various parties and rob others of their rightful ticker name," Polyhedra said in an X post.

Polyhedra further urged the crypto community to maintain fairness and justice against this action by zkSync.

Although there has been no official response from zkSync, some crypto community members seem to support the protocol's ticker choice, claiming that the symbol was never for Polyhedra to use in the first place.

Also read: XRP climbs past $0.53, SEC Chair Gensler says the agency has done very well in court cases

One X user posted

"You talk about fairness and justice but you are the real criminal," said another X user.

Another posted:"POLYHEDRA is your brand name and you can just derive a ticker from it [—] instead you went to use ZK and dropped peanuts to few."

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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