Dear ZKSpace Community,
ZKS Token (Contract Address: link) total supply stands at 1 billion ZKS.
Following the guidelines outlined in the “ZKSwap Tokenomics Whitepaper,” a comprehensive token issuance plan spanning nearly three years has been successfully executed. During this period, various mining activities were conducted, encompassing Proof of Liquidity, Proof of Gas, Proof of Transaction, Proof of Staking, NFT Proof of Liquidity , and NFT Proof of Transaction, among others. Additionally, operational expenses were allocated to support diverse activities, including the World Cup football metaverse event, Halloween, Christmas events, and the unlocking of investor tokens.
Presently, approximately 440 million ZKS tokens are held out of circulation. After incorporating community suggestions, a pivotal decision has been reached — an impactful move to burn 40% of the total ZKS token supply, equivalent to 400 million tokens. This strategic move will result in reducing the unreleased ZKS token supply from 440 million to 40 million, marking a deflationary measure for non-circulated portion exceeding 90%. The token burn is scheduled for completion by December 31, 2023, with the remaining tokens allocated exclusively to future operational activities and community incentives.
In 2024, ZKS tokens will be introduced with entirely new use cases, further upgrading them into dual-chain Layer2 governance tokens, operable on both ETH and BTC networks. The team will continue to develop Layer2 ecosystems for both ETH and BTC, with a portion of ZKS tokens set for migration to the BTC network. Profits generated from this migration will be entirely dedicated to accelerating the ZKS token’s deflationary plan through ongoing buybacks and burns.
This token burn represents the initial phase of ZKS’s innovative tokenomics 2.0 model trilogy. Looking ahead, we’re excited to roll out a series of groundbreaking products tailored for the BTC ecosystem. Additionally, ZKSpace is set for an extensive brand evolution. More significant developments are on the horizon — stay tuned!