ZKSpace Unveils Major Development: Expansion into BRC20 and Initial Plan for 2.0 Tokenomics Trilogy
News provided by PRCrypto
ZKSpace has recently announced two significant developments: its expansion into the BRC20 ecosystem and the unveiling of its Tokenomics 2.0 Trilogy.
Expansion into the BRC20 Ecosystem:
- Background: Following the BTC network’s Taproot upgrade, the BRC20 ecosystem has gained traction in the cryptocurrency domain. ZKSpace is now pivoting towards this ecosystem to meet growing user demand and diversify its product offerings.
- Strategic Focus: The move aims to align with user preferences, leverage the ZKSpace team’s expertise in Zero-Knowledge Proof, and enhance the value of ZKS token holders.
- Initiatives: ZKSpace plans to introduce a suite of products and services tailored to the BRC20 ecosystem, including a BRC20 Exchange, BRC20 Info, and a BTC Layer2 wallet.
- Roadmap: Key milestones include the introduction of ZKSwap (zkSync version), cross-chain functionality with BZKSwap, and the launch of a comprehensive BTC ZKVM solution for a decentralized BTC Layer2 DEX.
Tokenomics 2.0 Trilogy:
- Token Supply Adjustment: ZKSpace has decided to burn 40% of the total ZKS token supply, reducing the uncirculated supply from 440 million to 40 million tokens. This move aims to create a deflationary effect on the non-circulated portion of the tokens by over 90%. The token burn is commenced for completion by December 31, 2023.
- New Use Cases: In 2024, ZKS tokens will be upgraded to dual-chain Layer2 governance tokens, operable on both ETH and BTC networks. This includes the migration of a portion of ZKS tokens to the BTC network, with profits dedicated to accelerating the token’s deflationary plan.
- Future Developments: This token burn is the first phase of the innovative Tokenomics 2.0 model trilogy. ZKSpace is also planning a series of products for the BTC ecosystem and a significant brand evolution.