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LayerZero Labs Burns Remaining DAO-Held STG Tokens and Rebrands to ZRO

According to LayerZero co-founder Bryan Pellegrino, approximately 303 million STG tokens were permanently removed from circulation, with the redemption contract continuing to facilitate swaps to ZRO.

Summary

LayerZero Labs co-founder Bryan Pellegrino announced the burn of around 303 million STG tokens previously held by the DAO, sending them to a black hole address to permanently remove them from circulation. The STG-to-ZRO swap contract remains active, allowing all users to complete token exchanges as the project transitions to ZRO.

Terms & Concepts
  • DAO (Decentralized Autonomous Organization): A blockchain-based entity governed by smart contracts and community voting rather than centralized leadership.
  • Token Burn: A process of permanently removing cryptocurrency tokens from circulation, reducing total supply.
  • Redemption Contract: A smart contract (self-executing blockchain code) that enables users to exchange or redeem tokens according to defined rules.