[Asset Onboarding Application] - $ZBC -Zebec

Assets Onboarding
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[Asset Onboarding Application] - $ZBC -Zebec

Party submitting application: Zebec
Website: https://zebec.io
Contact: TG - @0xmachina / @jjortiz15
Submission Date: 2022-12-6
If endorsed by Jet Community Member, list here:

Application Profile

1. What is your motivation for submitting this application?

We want to be a part of Jet Protocol’s ecosystem. We are trying to get the $ZBC in more lending and borrowing protocols and feel like Jet is the best option out in the Solana ecosystem.

2. What is your association to the proposed asset?

3. What are the key benefits to the Jet Protocol for onboarding the asset?

We have a big community across all social media channels including Twitter, Discord, Telegram, etc. By listing $ZBC, it will increase traffic in Jet Protocol, and eventually trickle to our community investing in other assets on the platform as well.

4. What are the known limitations of the asset?

The only known limitation to date is the volatility of the assets.

Project Profile

1. Please provide a brief, high-level description of the asset’s native ecosystem (project), including protocol’s type (peer-to-peer/ peer-to-liquidity/ etc.).

Based on Solana, Zebec is a continuous settlement protocol. Zebec enables the composable transfer of value starting with Zebec Payroll and token vesting. Zebec Safe is a fully customizable multisig on Solana. The Zebec Protocol functions with on-chain and open-ended agreements which are a living part of the user’s balance, calculated every second. It has a modular money layer, upgradeable and extensible through governance.

2. Who are the founding members? What is their current involvement with the project?

Sam Thapaliya is the founder of the Zebec Protocol. He is found to be synonymous with the success of Zebec

3. Please indicate the ICO date, initial price and valuation of the token and total capital raised (in USD and crypto terms).

Zebec initially got $6M in the initial seed round to $15M to scale our projects. Zebec is currently backed by some of the biggest VCs in the industry including Coinbase Ventures, Circle, Gemini, Alameda, and Shima Capital raising over $40M. It has a TVL of $300 million with over 500,000 community members.

4. How much of the capital raised via the ICO was converted into FIAT (in terms of FIAT currency and amount of tokens)?

N/A

5. What was the way of issuing and distributing the tokens? Were there pre-ICO investors?

There were pre-ICO investors.

The tokens were distributed in the following ways:

  • Community & Rewards: 50%
  • Initial Subsidy: 20%
  • Promotional Reserve: 30%
    To encourage users to use Zebec product lines actively, inflationary rewards will be given at the beginning to subsidize and in future bull runs to encourage longer holding periods. Additionally, a staking option is used to incentivize to purchase and stake Zebec up to a certain price threshold and maximize years of service and % discount on monthly payments.
  • Team & Advisors: 20%
    ZBC spread out amongst team members and advisors for their hard work towards maintaining the network and upgrading as per the governance votes. ZBC tokens held by investors and teams will be vested on a per-second basis for the first six months. The allocations are distributed linearly and have the power to be prevented as per governance votes if the community feels the team is not performing well.
  • Private Investors: 20.25%
    20.25% have been separated from private investors as a reflection of our appreciation.
  • Public Sale: 5.74%
    ZBC is going up at less than $200M in fully diluted value with a public token sale in partnership with Republic. There will be at least 170 to 180 tokens. We’re bouncing up the sale to Raydium, Serum, etc as the quarter advances. ZBC tokens allocated for the public will be released instantly at the time of public sale which the public will be able to trade on various exchanges.
  • Market Making: 4%
    4% ZBC token has been allocated for market makers and liquidity providers. This will help facilitate the smooth flow of ZBC tokens by making it easier for investors and traders to buy and sell.

6. What is the current token distribution (project team vs. investors vs. public)?

  • Mentioned Above

7. Are there any fees generated by the protocol? If yes, please provide details and amounts.

We charge 0.25% everytime a person withdraws tokens from Zebec. Lets say you receive $100 through Zebec Pay (Streamed to your Zebec App) and you want to withdraw this $100 - you would receive $99.75 (0.25% of withdrawal fee). If someone uses our SDK, they can set their own fees.

8. Is the protocol audited? By what firms? Please provide link(s) to the audit documentation.

Yes, the protocol is audited.
V1: Certik, Brahma System. See Here
V2: Trail of bits. ( Developed on top of anchor framework ) See Here.

9. Is the protocol open source? If yes, please provide links to the repository.

Yes, the protocol is open source.
V1: See Here
V2: See Here

10. Other relevant project data or comments:

N/A

Asset Profile

1. Asset name:

  • $ZBC

2. Asset type (native/ wrapped):

  • Native

3. One-sentence description of the asset:

  • ZBC token is the governing SPL token for Zebec protocol with a fixed supply of 10 billion and a burn and vesting feature.

4. What’s the purpose of the asset within its native ecosystem?

  • ZBC token has several key governance and utility functions for its holders and users of Zebec Protocol. It provides governance influence, staking options, and incentives for developers and protocol Revenue, Treasury, and Token Burn.

5. Does the asset have any use outside of its native ecosystem (integrated protocols)?

  • ZBC has been integrated into BSC as well outside the Solana ecosystem.

6. Please provide all Smart Contract address. If the project is open source, detail how the Smart Contracts are implemented.

V1: AknC341xog56SrnoK6j3mUvaD1Y7tYayx1sxUGpeYWdX

Asset Liquidity

1. What exchange(s) support the asset?

2. Does the asset have liquidity on Serum? What is the liquidity depth (resting orders)?

Yes

3. Please provide 7-day asset trading history (daily aggregated trading volumes for trading pair of asset with USDC).

4. Which oracles monitor the asset? How many feeds are available?

Pyth Oracle. See feeds here.

5. How often does the asset drop significantly in price? Please provide a link to the price history.

See chart here. Source: CoinGecko

6. For stablecoins only : Has the asset ever lost the peg? If yes, for what reason?

N/A

7. For algorithmic stablecoins only : Please provide details on the risks associated with the design.

N/A

8. For wrapped assets only : Which bridges are used? Are they custodial or non-custodial? Are they audited?

N/A

9. What amount of asset’s liquidity exists in the integrated protocols (if applicable)?

Around 4M USD. Source: SolScan

10. List any parties interested in taking part in liquidations for the proposed asset type.

N/A

Key Mechanics

1. How many active addresses/ users currently hold the asset?

6,516 Addresses holding the asset. Source: Solscan

2. Please provide a brief overview of the tokenomics.

Tokenomics can be seen here.

3. Is the asset supply expected to increase or decrease over time? Is there a token burn mechanism? Is the project able to mint more tokens in the future?

Token asset is currently increasing but it will start its burning mechanism in the future. Please refer to the Medium regarding tokenomics. The project will not be able to mint more tokens in the future, the max supply is 10B.

4. Please explain the staking mechanism (if any).

N/A

5. Please explain the slashing mechanism (if any).

N/A

6. Are there tokens on vesting schedule? If yes, what is that schedule and related vesture limitations?

  • Seed Round - 928,333,333 (9.28%)
    1 Year Lockup
    3 years linear vesting
  • Private Round -1,097,309,523.81 (10.97%)
    1 year lockup
    3 years linear vesting
  • Public Sale - 574,357,143.19 (5.74%)
    165m fully unlocked; other are locked for next 6 and 12 months
  • Market Making - 400,000,000 (4%)
    3 years vesting
  • Team and Advisors - 2,000,000,000 (20%)
    1 year lockup
    3 years of linear vesting
  • Community and Rewards - 5,000,000,000 (50%)
    3 years of linear vesting

7. Are any tokens allocated for specific purposes or issuance schedules (e.g. liquidity mining)?

  • There are 10M ZBC left for the issuance schedules.

Legal Profile

1. Is the project or the asset owned by any incorporated organization?

  • The Tokens were issued by Zebec Labs Limited, a British Virgin Islands Business Company.

2. In which jurisdictions was the token issued?

  • British Virgin Islands

3. Was the token issued as part of regulatory process (e.g. securities offering)?

  • The Tokens were issued in a private sale from Zebec Labs to certain non-”U.S. Persons” pursuant to Regulation S of the U.S. Securities Act.

4. Was the token issued as part of fundraising process?

  • Yes

5. Has the project or the asset obtained any legal opinions on the regulatory standing of the token? If yes, please provide links to the relevant documentation.

6. Has the project or the asset had any legal interactions? If so, describe and provide documentation.

  • No

Links

Link to project’s white paper:

  • ZBC Whitepaper. See Here

Link(s) to active communities related to the project:

Link(s) to project’s documentation portal/ source code for the system(s) that interact with the proposed asset:

Link(s) to audits - both procedural and Smart Contracts:

Link(s) to legal opinions:

  • N/A

Link(s) to other legal material:

  • N/A

Other relevant links:

List all relevant Solana addresses here:

  • 8DdHuuZ3kqdEakSpHwQvbX2PjuNRD2kjZewRz1j3G5oD - 49.75%

  • 9PY3c9t4VjrvryqWEckH39MXscoaA1f2ij75YVpAn1BB - 20%

  • E3YDJVo7cFNJk6CT8LeTsaaNPWGKcSYFqhnpyfZs93gW - 10.97%

  • 4RkK8QDHNKjQneZy3BNjfkTQ9eMAUCXmHx1crZfHe1FR - 9.18%

  • 9un5wqE3q4oCjyrDkwsdD48KteCJitQX5978Vh7KKxHo - 1.58%

  • 5Q544fKrFoe6tsEbD7S8EmxGTJYAKtTVhAW5Q5pge4j1 - 0.91%

  • u6PJ8DtQuPFnfmwHbGFULQ4u4EgjDiyYKjVEsynXq2w - 0.90%

  • CSRzECBAcZVNu95aPXwEfibSgfRWDHRr6sir1nyfGgXe - 0.61%

  • CSRzECBAcZVNu95aPXwEfibSgfRWDHRr6sir1nyfGgXe - 0.54%

  • AC5RDfQFmDS1deWZos921JfqscXdByf8BKHs5ACWjtW2 - 0.46%

Marketing / Campaign Material

If you have additional marketing material, recorded discussions, or collateral onboarding campaign material, link here:

The poll below has been added by the JetDAO Governance Committee and is solely for signaling purposes to showcase the sentiment of the community.

Should $ZBC be included as an asset type on Jet Protocol?
  • Yes
  • No

0 voters

3 Likes
2

The JetDAO Governance Committee has completed a high-level review of this Asset Application and determined the asset as acceptable to continue with the Onboarding Application. This is not an endorsement of the asset from the Governance Committee.

To continue the onboarding process, we have launched a 7-day off-chain community sentiment poll (see original application post) to gauge the interest of onboarding this asset, as well as help facilitate the community discussion.

Following the conclusion of the Poll, the Governance Committee will publish a summary of the CODEC assessment with a formal decision of allowing the Asset to move forward with the On-chain governance vote and potentially onboarding.

This Poll will run 7 days, and is used to gauge the interest of the Jet Protocol Community on Onboarding this asset as a collateral to Jet Protocol

2 Likes
3

We are happy to support the onboarding of $ZBC.

3 Likes
4

Dear Community:

Below we will detail the results of the Off-Chain, community sentiment vote for the $ZBC proposal. Along with this, we attach a summary of the CODEC evaluation that the $ZBC asset has received from the Governance Committee.

We invite those users who have staked JET tokens to cast their vote in this On-Chain vote. Remember that in order to execute your vote you must have at least 1 (One) JET token deposited.

The $ZBC On-Chain voting will be executed via the governance platform starting on 12/13/22 and will be live for the following 7 (Seven) days.

We appreciate your collaboration and invite you to participate in the upcoming proposals! For the latest information, visit our sites:

[Summary of CODEC Assessment ] - $ZBC

The following summary exposes the key points from the $ZBC Asset Onboarding Domain Evaluation Criteria.

Overall, the Jet Governance Committee endorses $ZBC to move forward with an On-Chain vote.

The full CODEC Evaluation Summary can be found here.

Click this link for the full version of the asset’s application.

Community Discussion Summary:

Community members have shown enthusiasm and motivation in bringing $ZBC to On-Chain voting.

Community Vote Summary:

The $ZBC sentiment off-chain community poll has concluded with a 100% favorable vote.

1 Like
5

$ZBC On-Chain Results

Dear Community members:

The $ZBC On-Chain governance vote for onboarding the asset on Jet Protocol has concluded. We appreciate all those who have cast their vote; you are helping build the future of Jet Protocol.

The poll to onboard $ZBC on Jet concluded with 91% of the vote, and approximately 731.6K tokens, voting IN FAVOR of the asset.

In case you want to review the $ZBC application, community discussion, and CODEC Summary, please go to this link.

We look forward to your participation in the next governance vote !

3 Likes