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.

ChainCatcher news, to further empower the BTC, ETH, and Layer2 ecosystems, the ZKSpace team announces a comprehensive brand upgrade to ZKBase.As an infrastructure protocol based on ZK (Zero Knowledge) proof technology, ZKBase is committed to providing more efficient scaling solutions for mainstream blockchains such as Ethereum and Bitcoin, while building a fully decentralized cross-chain and Layer2 ecosystem. Its new official website zkbase.org has officially launched.Next, the team will launch ZKSwap (Bitcoin), a platform for trading BRC20 and other Bitcoin ecosystem tokens, which is also the team's first product exploring BTC Layer2 solutions. To further strengthen the ecosystem, the ZKS token will be exchanged for ZKB Token at a 1:1 ratio. At the same time, ZKB will also be upgraded to the core equity token of the ZKBase protocol. The team will introduce an ERC20-BRC20 cross-chain solution, allowing ZKB holders to benefit from both the ETH and BTC dual-chain ecosystems. In addition, while maintaining existing rights, 100% of the transaction fees generated by ZKSwap (Bitcoin) will continue to be used for the repurchase and destruction of ZKB, to continuously empower ZKB holders.It is reported that on December 30, the team will execute the final ZKS token burn, while issuing a total of 600 million ZKB tokens; on January 2, the team will open the exchange channel from ZKS to ZKB, allowing users to exchange any amount of ZKS for ZKB through smart contracts.In the future, the ZKBase team will continue to explore the programmability of the Bitcoin network and the potential of the ZK cross-chain bridge, enabling users' BRC20 and other Bitcoin network assets to be securely and conveniently transferred across chains to other public chains. The ZKBase team will also work tirelessly to promote the construction of a complete Layer2 ecosystem on the Bitcoin network, creating more use cases and composability options for users' assets.