Farcaster

** The Illusion of Stability

The Polyhedera network’s $ZKJ token collapsed by 83% in under an hour, plunging from $2 to around $0.30 — but the warning signs were there.

1/. Why $ZKJ Seemed “Stable”:

- Over $20 million in liquidity
- Extremely low slippage, allowing near-instant trades
- Massively promoted by influencers and traders
- Labeled the “perfect stablecoin” for farming Binance Alpha points
- Reached a market cap 3x larger than zkSync

2/. The Red Flags Everyone Ignored:

- No real business model or revenue streams
- Little genuine community activity or transparency
- Growth driven mostly by artificial incentives rather than utility

Behind the scenes, $ZKJ was a speculative bubble disguised as stability.