ZK (ZKsync) rose 19.61% in 24 hours

Gate News Bot news, November 6, according to CoinMarketCap data, as of the time of writing, ZK (ZKsync) is currently priced at 0.07 USD, with a pump of 19.61% in the last 24 hours, peaking at 0.08 USD and falling to a low of 0.03 USD. The current market capitalization is approximately 59.7 million USD, an increase of nearly 979,000 USD compared to yesterday.

ZKsync is a blockchain network protected by cryptographic technology rather than validators. Its cutting-edge ZK innovations provide the privacy, performance, and connectivity required for enterprises to thrive in the digital asset economy. ZKsync connects public and private chains into a single network secured by cryptographic technology, allowing users to launch, control, and monetize their own chains. It supports real-time asset settlement, offering approximately 1-second network hops and minutes to Ethereum finality, all secured by ZK technology.

Important news about ZK recently:

1️⃣ Major Update to the ZK Token Economic Model ZKsync founder Alex proposed a significant update to the ZK token economic model. The core mechanism is to use all the revenue generated by the network for the buyback and destruction of ZK tokens. This move means that in the future, ZK tokens will not only be limited to governance purposes, but will also have actual value capture functionality, which may significantly enhance the value proposition of ZK tokens.

2️⃣ The community through the ZK staking reward program The ZKsync community has approved a 6-month ZK token staking reward program. The total reward cap for the program is 37.5 million ZK (approximately 1.9 million USD), with participants able to earn an annualized return rate of up to 10%. The program is set to launch in December 2025 and will be conducted in two seasons, with 10 million ZK and 25 million ZK allocated as rewards for each season, respectively. This program is expected to enhance the participation of token holders and increase the liquidity of ZK tokens.

3️⃣ ZK contract open interest hits an all-time high The total open interest of ZK contracts across the network has surpassed 2 billion units, with a market capitalization exceeding 100 million USD, setting a historical high. In the past 24 hours, the open interest has increased by 453.92%, indicating that market interest and demand for ZK are rising rapidly. This significant growth reflects enhanced investor confidence in ZK technology and is one of the key factors driving the rise in ZK prices.

From a technical perspective, the price of ZK continues to maintain an upward trend after experiencing a strong rise in the previous period. Considering the significant expansion of the contract market and the proposal of new token economic models, the market remains optimistic about the long-term development prospects of ZK. However, investors should remain cautious of potential price fluctuations that may occur in the short term.

This message does not constitute investment advice; investors should be aware of market volatility risks.