According to Foresight News, ZKBase, a Layer2 full-function protocol based on ZK-Rollups, has completed the destruction of 400 million tokens, accounting for 40% of the total ZKS supply. The unissued ZKS supply has been reduced from 440 million to 40 million, with a deflation rate of over 90%. Combined with the ongoing platform fee repurchase and destruction, the total ZKS supply has decreased from 1 billion to less than 600 million ZKS. The remaining tokens will be used for future operational activities and community incentives.
By 2024, the team plans to launch ZKSwap for BRC20 and Bitcoin tokens and upgrade ZKS to a dual-chain Layer2 governance token for ETH and BTC. Previously, the ZKBase team announced a brand upgrade to ZKBase, including a 1:1 exchange of ZKS to ZKB. ZKB will become the new governance token for the ZKBase team, and token holders can enjoy cross-chain benefits between ERC20 and BRC20 as well as various rights to 100% transaction fees. In the future, the team plans to migrate a portion of ZKS tokens to the BTC network. The proceeds from the migration will be used entirely for continuous repurchase and destruction of tokens, accelerating the token deflation plan.