ZKBase (formerly ZKSpace), a Layer2 full-featured protocol based on ZK-Rollups, has completed the destruction of 400 million tokens (40% of the total ZKS), reducing the total supply of ZKS from 440 million to 40 million, with a deflation rate of over 90%. In addition to the ongoing platform fee buyback and destruction, the total amount of ZKS has decreased from 1 billion to less than 600 million, and the remaining tokens will be used for future operational activities and community incentives.
The team plans to launch ZKSwap (Bitcoin) for BRC20 and Bitcoin tokens in 2024, and upgrade ZKS to a dual-chain Layer2 governance token for ETH and BTC. Previously, the ZKBase team announced a brand upgrade, including a 1:1 exchange of ZKS for ZKB, which will become the new governance token for the ZKBase team. Holders of ZKB can enjoy various benefits such as ERC20-BRC20 cross-chain advantages and 100% transaction fee rights. In the future, the team plans to migrate some ZKS tokens to the BTC network. The profits obtained from the migration will also be used for continuous buyback and destruction of tokens, and to accelerate the token deflation plan.