Dubai, UAE, May 6th, 2024, Chainwire
- Second Token Burn Following Successful Initiatives Bolsters Zeebu's Position in the Web3 Payments Ecosystem
Zeebu, a leader in decentralized Web3 payment solutions, proudly announced the successful completion of its second substantial token burn on May 3, 2023.
The Auto-burn mechanism strategically initiated in 2024 under the Phoenix Protocol aims to systematically decrease the total supply of ZBU tokens, thereby enhancing the utility of ZBU tokens within the Zeebu ecosystem.
The latest token burn removed approximately 239 million ZBU tokens from circulation, which represents approximately 4.79% of the initial total supply. This significant reduction reduces the current total supply to about 4.52 billion ZBU tokens, from the initial max total supply of 5 billion ZBU Tokens.
This event underpins Zeebu’s efforts to maintain a balanced and healthy ecosystem. The details of the transaction have been made transparent and are available on Blockchain Explorer. The details of the latest token burn can be found here: https://bscscan.com/tx/0x1a7b14bd025c0fcaa02de7926f66d12f4336be2c035bc6c05b930f8c04eb1711
Zeebu and Its Enhanced Token Economics
The ZBU token, integral to Zeebu’s platform, is designed to facilitate seamless global transactions and to incentivize participants upon successful settlements. The Phoenix Protocol is at the heart of Zeebu’s enhanced token economics, an auto-burn mechanism symbolizing Phoenix’s rebirth and continual renewal.
Through a consumption-based mechanism that dynamically adjusts the volume of tokens burned each quarter, the carefully engineered protocol ensures robust tokenomics and promotes the sustainable growth of the platform, aligning with Zeebu’s long-term vision for its payment ecosystem.
The breakdown from the recent burn includes:
- ZBU tokens burned this quarter: 239,735,444.616003
- Adjusted total supply post-burn: 4,522,138,567 ZBU
- Cumulative percentage of total supply burned to date: 4.79%
Raj Brahmbhatt, founder and CEO of Zeebu, elaborated on the strategic importance of the burns, “This latest token burn marks a significant milestone in our journey as it represents our commitment to the Zeebu ecosystem's health and the long-term utility of ZBU tokens. Each token burn reaffirms our pledge to our community for a robust and dynamic payment platform.”
Zeebu also recently announced surpassing a significant milestone – processing over $1.8 billion in transactions. This achievement underscores the growing adoption of Zeebu's payment solutions. Additionally, Zeebu has announced its next step towards a decentralized future: on-chain governance. This initiative empowers the Zeebu community, ecosystem partners, and users to actively participate in shaping the future of the Zeebu ecosystem.
Zeebu was launched with a vision to provide a robust alternative to traditional financial systems within the telecom industry. By implementing a transparent burn mechanism, fostering technological innovation, and transitioning towards on-chain governance, Zeebu is actively building a future-proof financial ecosystem for the digital age.
The continued token burns are a testament to Zeebu's proactive approach to managing its tokenomics effectively.
About Zeebu:
Zeebu is pioneering the transformation of the payments industry through its blockchain-based platform, which offers a more efficient, scalable, and user-centric payment solution than traditional financial systems. Zeebu's technology facilitates instant payments, decentralized governance, and an expansive rewards program. It is designed to accommodate the growing needs of over 100 telecom carriers globally, managing over $1.8 billion in transaction volumes. Zeebu continues to drive innovation and community involvement, aiming to cement its leadership in the Web3 payment solutions sector.
Contact
Pranav Goyal
info@zeebu.com
Disclaimer: Press release sponsored by our commercial partners.