Who Should Claim ZK? Polyhedra and zkSync Clash Over Token Ticker

Polyhedra and zkSync are at odds, with the community largely supporting zkSync. Will this dispute impact future token ticker practices?

A heated dispute has erupted between Polyhedra and zkSync over the ticker symbol “ZK.” The controversy centers around zkSync’s imminent token generation event (TGE) and subsequent airdrop, and its wish to name its token ZK, which had already been taken by Polyhedra. 

On Tuesday, the Polyhedra team publicly contested zkSync’s attempt to claim the ticker, which Polyhedra asserts it has already secured. In a post on X, Polyhedra accused zkSync of spreading misinformation and failing to engage in direct communication to resolve the matter. “If every project that has issued tokens faces the threat of having its ticker taken by a heavily invested project, the industry will become chaotic, placing significant regulatory issues,” the Polyhedra X account wrote.

“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 posted. They further decried the situation as an act of “bullying,” suggesting that they are being attacked by a much bigger company in terms of funding, backers and token expectations. 

However, Polyhedra didn’t always plan to use the ZK ticker. Initially, they announced in November last year that their ticker would be $ZKB, after their flagship product zkBridge. However, when they finally did the airdrop in March, they chose $ZK. It is worth noting that the zkSync team never publicly stated their intention to use the ZK ticker; this expectation primarily came from the zkSync community. It was only last week that a report by The Block revealed that the zkSync team wanted the ZK ticker for their token.

The conflict took another turn when Bybit announced last Friday that it would change the ticker symbol, which is currently ZK, for Polyhedra’s token on its platform, though it did not specify what its new ticker would be. “Bybit is committed to providing a clear and user-friendly trading experience.” the announcement read.

Community’s Reaction

By analyzing comments on social media, it’s clear that the community is siding with zkSync, with many people accusing Polyhedra of “crying” and urging them to grow up.

“The attempt to frontrun a ticker that most of the crypto-natives and the casual crypto population cannot reconcile with Polyhedra is laughable,” wrote one user on X. “It’s very obvious that Polyhedra frontran Zksync for the purpose of this clown,” added another pseudonymous user. 

The resolution of this dispute will be closely watched by the crypto community, as it may impact future practices around ticker symbol allocations. Both parties and observers alike are eager to see how the situation unfolds and what it will mean for the broader industry.