Improving $BYN

When it comes to cryptocurrency projects, the supply of tokens plays a vital role in determining their value and success. A high supply of tokens can often lead to the devaluation of the token, posing a significant risk for investors. This is where the practice of Buy Back and Burn comes in.

Many cryptocurrency projects have adopted the Buy Back and Burn mechanism as a reliable way to boost investor confidence and promote token stability. A limited token supply ensures scarcity and increases the value of the tokens in circulation. This, in turn, provides long-term profits to the investors, leading to the growth of the project.

A perfect example of this is Binance Coin (BNB), which uses the Buy Back and Burn practice and has lately gained immense popularity amongst investors.

As we know the importance of this, we are excited to announce our 5% Burn Program.

The Total Supply Burning mechanism

First of all, we are targeting to burn 5% of the total supply of $BYN.

This will be 5,000,000 $BYN in total and will be done periodically in the form of Buy Back and Token Burning. The total size of supply burning could be increased depending on the situation of the overall market.

Details are the following:

How are we going to do it?

There will be mainly 2 ways to do this

• Buy back tokens in the market mainly from CEX and send them to a burner address
• Send team and foundation tokens to a burner address

What tokens are you going to burn?

• The tokens will be team tokens and foundation tokens
• Tokens bought from the market

What’s the current status?

• As an initial start, we have already bought 1,000,000 $BYN from CEX and burnt these tokens already as proved by the below TXID
• We sent the tokens to the burner contract: 0x0000000000000000000000000000000000000000
• TXID: https://etherscan.io/tx/0xcdd2e7088eeb552a998a7d322ece5dc18e439ef69041e4b9e3d313dbbba02d42

What’s the next step?

In the following weeks, we are going to release the following:

1/ Gitbook

• This will include utility for BYN, USDb and also what are platform will look for innovating the DeFi ecosystem in ZKSync.

2/ ZKSync Token Minting for the token migration

3/ Beta tester Reward Program Announcement

In conclusion, BYN is starting a new chapter with ZKP (Zero-Knowledge Proof) technology. From increased liquidity management and better DeFi features to improve capital efficiency, $BYN will push boundaries in 2023 and beyond.

If you’d like a first-hand account of this innovative service, why not make sure your place is in line with its Beta? Get signed up now and join us at the forefront of ZKSync DeFi.

About NBX

Previously Beyondfi, NBX is a DeFi platform that allows users to unlock the full potential of decentralized finance without limits. With prominent key partners including Huobi Ventures, Spark Digital Capital, and OKex Block Dream Fund, NBX values the decentralization and ethos of open finance.

Official Website: https://nbx.exchange/

Official Twitter: https://twitter.com/NBX_official

Official Discord: https://discord.gg/Wne3ANfDdh