OKEx, ZB Exchange Announced the Destruction of Their Platform Tokens on Same Day, Coins Rise over 23% on Average in 24 hours
Hong Kong-based ZB exchange announced this morning that it would permanently destroy 293 million ZBs held by the team, along with destroying 107 million ZBs of the user protection fund at the same time. The platform guarantees that there will never be any additional ZBs.
This announcement is shortly following OKEx, who also announced today that its platform currency will enter an “absolute deflation” stage.
The exchange stated: “Following the launch of the OKChain testnet, we will burn a total of 700 million unissued OKB. OKB will enter absolute deflation and become the world’s first fully circulated platform token. We will not retain any OKB, and the burn token comes entirely from the market via our buy-back and burn scheme. We have already burnt 13,978,364 OKB from the initial circulation of 300 million OKB. The current circulating amount is now 286,021,636 OKB (OKB blackhole address: 0xff1ee8604f9ec9c3bb292633bb939321ae861b30). “
For ZB, the announcement shows that following the destruction of 1 billion ZBs previously, the platform has now destroyed in aggregate of 1.4 billion ZBs.
All subsequent ZBs used for destruction are acquired by the platform from the secondary market and directly destroyed. ZB will also enter an deflationary stage, destroying the address: 0x8c572469f25336c7fb962b8f98c8232329343274.
Affected by the news, ZB coin’s price quickly rose, and the price broke through US $ 2.4 and US $ 2.5 in succession, up to above US $ 2.7, and rose nearly 20% in 24 hours.
The following is the original ZB announcement (google translated):
Dear Chinese Currency (ZB) users,
Following the destruction of 1 billion ZB coins, the Chinese currency team officially gave up all the 293 million ZB coins held by the team and permanently destroyed them, and destroyed 107 million ZB coins of the user protection fund. As of now, a total of 1.4 billion ZB coins have been destroyed All subsequent ZB coins used for destruction are acquired by the platform from the secondary market and directly destroyed, and are no longer invested in the user protection fund (the regulations may be revised and announced in advance when the total circulation is less than a certain amount). At this point, ZB will enter the absolute deflation stage, destroying the address: 0x8c572469f25336c7fb962b8f98c8232329343274
The status of ZB is as follows:
Circulation: less than 468 million (conventional repo destruction in this period will be announced on March 6, 2020)
User protection fund: about 231 million (currently 0 used, promised to be used only for user protection)
Team holds: 0
The platform guarantees that no additional ZB coins will be issued.
In addition, the Chinese currency APP has launched a ZAPP section, which is currently in the beta stage. It welcomes shopping, tools, mining, live streaming, games and other products to settle in ZAPP, focusing on supporting the ZAPP project around the ZB ecological coin.
The total number of previous periods and the number of ZB in circulation were as follows:
Thank you for your support and trust!
China Currency (ZB) Operation Team
February 10, 2020