ZKBase has completed the destruction of 400 million tokens and is about to launch a 1:1 token exchange program

ChainCatcher news, ZKBase (formerly ZKSpace) has completed the destruction of 400 million tokens on December 30, 2023, accounting for 40% of the total ZKS supply.

As a result, the undisbursed amount of ZKS has decreased from 440 million to 40 million, with a deflation rate of over 90% in the undispersed portion. The total supply of ZKS has dropped from 1 billion to less than 600 million. The remaining tokens will be used entirely for future operational activities and community incentives.

ChainCatcher previously reported that the ZKSpace team announced a brand upgrade to ZKBase and revealed new use cases for 2024. Among them, ZKBase launched ZKSwap (Bitcoin) for BRC20 and Bitcoin tokens, a 1:1 exchange of ZKS for ZKB, with ZKB becoming the new governance token for the ZKBase team.

In the future, the ZKBase team will further develop the Layer2 ecosystem for ETH and BTC, and will migrate a portion of ZKS tokens to the BTC network. The profits obtained from the migration will also be used entirely for ongoing buybacks and token destruction, accelerating the token deflation plan.