A Major Update and New Token Burn Mechanism Are Expected for This Altcoin
ZK Nation has initiated a voting process for a new proposal aimed at upgrading the ZK token contract to ZKTokenV3 and expanding the token burn mechanism. The proposal introduces three key innovations: a public burn function allowing token holders to burn ZK tokens, a role-gated burnFrom function enabling specific addresses to burn tokens through the BURNER_ROLE, and an explicit enforcement of the 21 billion ZK token supply limit in the smart contract. These features are designed to enhance transparency and programmability in managing the ZK token supply.
Layer-2
Ethereum Layer-2
Introduction to Proposal
ZK Nation has taken a step towards the future of the ZKsync (ZK) ecosystem, launching the voting process for a new proposal that includes upgrading the ZK token contract and expanding the token burn mechanism. The proposal aims to enhance efficiency and transparency within the ZK ecosystem.
ZKTokenV3: Key Upgrade Details
The proposal focuses on upgrading the ZK token contract from the current ZKTokenV2 version to ZKTokenV3, introducing the “permissionless burn” feature in the process. ZKTokenV3 is presented as a minimal expansion of ZKTokenV2, with a focus on providing more programmable and transparent handling of the token supply.
Public Burn Function
ZKTokenV3 introduces a major innovation: the public burn function, which allows any token holder to permanently burn any amount of ZK tokens. This feature empowers users to voluntarily participate in the ecosystem's supply reduction, emphasizing community-driven token management.
Role-Gated BurnFrom Function
The second major innovation is the role-gated burnFrom function, which enables specific addresses to burn tokens from designated accounts. This mechanism works through a special role, BURNER_ROLE, enabling controlled token burning for specific protocols or system components.
Maximum Supply Enforcement
ZKTokenV3 will explicitly define the maximum supply limit of 21 billion ZK tokens in the smart contract, making it publicly readable and transparently enforced. In the new version, the maximum supply will not only be visible but also automatically enforced during the minting of new tokens.
Disclaimer
This is not investment advice.