ZKsync has initiated a governance vote to determine whether its native token will migrate to a new contract, ZKTokenV3. This proposed upgrade is designed to incorporate programmable supply-management features and enforce the existing 21 billion hard cap as a technically binding limit. The migration would substitute the current contract with one that establishes automatic rules for issuing and removing ZK from circulation, without altering the token’s current utility and use cases.
New Contract Features and Benefits
The ZKTokenV3 design incorporates a public burn function, which empowers any user to voluntarily destroy ZK tokens. Additionally, it includes a burnFrom mechanism, granting designated roles the authority to execute programmatic burns. These programmatic burns can be linked to specific ecosystem processes, such as treasury operations or fee-burn models. The ZKsync team asserts that these new tools are intended to enhance the transparency of supply adjustments and decrease the dependence on manual interventions.
Governance Decision and Next Steps
The ZKsync governance community is now tasked with deciding whether to deploy ZKTokenV3 and commence the migration process across all network components. Should the vote not achieve the necessary support to pass, the existing contract will remain active, necessitating the drafting of a new proposal for future consideration.
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