Team and Founders 

The IKA team is led by founders Omer Sadika, David Lachmish, Yehonatan Cohen Scaly, and Sheran Hussain. The project evolved from the DWLT token model previously developed by dWallet Labs. Strategic governance support is provided through a partnership with Odsy Foundation (now IKA Foundation). 

Project Concept and How It Works 

Ika’s primary goal is to resolve fragmentation in the blockchain ecosystem and enable secure, efficient asset transfers across chains. It achieves this through two main technologies: 

• 2PC-MPC Protocol: The backbone of Ika’s cryptographic framework, requiring participation from both the user and a decentralized network for each signature operation. This ensures that the private key is never reconstructed on a single side, and even network participants cannot independently control user assets. 
• dWallet Technology: Digital wallets that control accounts across chains like Bitcoin, Ethereum, and Solana. Unlike traditional wallets, dWallets can execute complex conditional spending or multi-party approvals via smart contracts, allowing programmable logic across different blockchains. 

Investors and Partners 

Ika has raised over $21 million from leading investors such as the Sui Foundation and DCG, securing strong support within the industry. 

Governance 

IKA token holders participate in decentralized governance, making decisions on protocol upgrades, economic parameters, and network changes. 

Roadmap 

• Q1 2024: Testnet launch 
• Q1 2025: Mainnet launch (including MEXC listing) 
• Q2 2025: 600 million IKA community airdrop 
• Next Phase: Additional chain support (beyond BTC, ETH, SOL), developer tools, API integration 

Token Use Cases 

IKA token serves three main functions as the network’s native utility token: 

• Staking for Network Security: Validators stake IKA tokens to participate in MPC operations. 
• Transaction Fee Payments: Used to pay for dWallet creation, signature operations, and other network activities. 
• Decentralized Governance: Token holders vote on decisions affecting the protocol’s future. 

Token Information and Distribution 

• Total Supply: 10 billion (10,000,000,000) IKA 
• Circulating Supply: 3B IKA 
• Distribution: Over 60% allocated to ecosystem participants, emphasizing community ownership. 

Token Distribution Breakdown: 

• Community Reserve (46%): Future distributions, sales, R&D, events, treasury 
• Early Supporters (16.75%): Private sale, vesting schedule 
• Core Contributors (23%): Team, engineering, infrastructure, operations 
• Ecosystem Incentives (8.25%): Grants, liquidity, incentives, hackathons, foundation initiatives 
• Airdrop (6%): Community distribution at launch 

Ecosystem and Use Cases

Ika’s technology has potential applications across multiple sectors: 

• DeFi: Liquidity management and automated trading strategies 
• Enterprise Custody Solutions: Programmable custody for companies 
• Gaming & NFT Ecosystems: Cross-platform asset management and programmable ownership 
• DAO Treasury Management: Transparent, programmable governance over multi-chain treasuries 
• dWallets: Multi-chain digital wallet infrastructure 

Features 

• Zero Trust Architecture: Eliminates the need to trust network participants for asset control 
• High Performance: DAG-based Mystique consensus handles over 10,000 signature operations per second 
• Native Cross-Chain Interoperability: Direct control of assets across chains without bridges or wrapped tokens 
• Programmability: dWallets allow complex logic across multiple blockchain networks while preserving cryptographic security 

Official Links 

• Website
• Twitter
• Telegram
• Discord

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The post What is Ika (IKA)? Sui-Based Cross-Chain Solution appeared first on Coin Engineer.

The second season of ZKsync Ignite will not proceed as planned, and the program will be completely discontinued on March 17, 2025. As a result, the reward distributions expected in the sixth and final phase of the program’s first season have also been canceled.

Focus Shifts to Elastic Network Vision

The team highlighted that their long-term goal is now centered around the Elastic Network. This new architecture aims to build an ecosystem of interconnected chains based on Zero Knowledge (ZK) technology. In the statement, they noted, “Focusing our resources on Elastic Network development better aligns with our interoperability vision.”

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ZK Token Faces Major Price Drop

The ZK token had surged to $0.26 in December 2024. However, following the market downturn, the token’s value has decreased by 76%, currently trading at $0.06.

TVL Falls from $270 Million to $139 Million

The Ignite program had initially boosted DeFi Total Value Locked (TVL) to $270 million. However, according to the latest data from DefiLlama, ZKsync’s TVL has dropped to $139 million.

Ignite originally aimed to distribute 300 million ZK tokens over nine months. In its first season, 100 million ZK tokens were allocated to liquidity providers. At launch, these tokens were valued at $21 million, but at current prices, they are worth just $6.8 million.

Beyond ZKsync, the broader crypto market continues to experience a downturn. Bitcoin (BTC) is trading at $83,230, and Ethereum (ETH) at $1,900.

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The post ZKsync Ends Liquidity Program! appeared first on Coin Engineer.