Dear Zeebu Community,
In our continued effort to solidify ZBU’s position as the preferred settlement medium within the telecom carrier ecosystem and to foster a balanced and sustainable token economy, we are happy to announce that under Zeebu’s Phoenix Protocol, our third quarterly ZBU burn event has been executed, reducing the overall ZBU supply by 321 million tokens.
Zeebu's Phoenix Protocol ensures transparency and fairness. At every quarterly burn event, Phoenix Protocol calculates and triggers the burn, taking ZBU tokens permanently out of supply. We’re pleased to share the details of the burn with our community.
ZBU Tokens into the Flames
Per this quarter's settlement volume and token consumption, our algorithm has determined that 321 million ZBU will be permanently removed from circulation!
Details of the third token burn are as follows:
- ZBU burned: 321,297,983.6706
- Initial Total supply: 5,000,000,000
- Total supply after 1st burn: 4,761,874,012
- Total supply after 2nd burn: 4,522,138,567
- Total supply after 3rd burn: 4,200,840,584 ZBU
- Percentage of total supply burned: 6.4%
- Time of burn: Aug-02-2024 07:48:23 PM UTC
- Transaction ID: View on chain
The recent token burn marks a crucial step in maintaining the balance and health of the Zeebu ecosystem. The platform has solidified its position within the DeFi industry as a trusted settlement platform for the telecom industry. With an impressive user base of 504 active users from over 100 institutions, the platform has successfully processed to date over 66,754 invoices, exceeding $3.4 billion worth in volume.
In addition to this burn, the introduction of the ZBU Protocol will further enhance the ecosystem's decentralization and liquidity. This protocol will mark the era of a decentralized liquidity engine with DeFi products around - staking vaults and liquidity pools, offering users new opportunities to participate and earn a share in protocol rewards.
We appreciate your ongoing support and look forward to upcoming developments, including our next token burn scheduled for Saturday, November 2nd, 2024.
Stay tuned for more updates on the blog page and socials to see more from Zeebu.