Project & Team
Description of Project
Provide a concise narrative that clearly states each of (a)–(e) below.
- (a) Problem the project solves — The problem the project is solving.
- (b) Operational priorities — Provide a high-level description of how the project expects to support ongoing development and operations over time.
- (c) High-level project overview — How the project works at a high level.
- (d) Primary token functions — The primary functions of the token (e.g. gov participation).
- (e) Control surface reliance — If any, briefly describe the anticipated or possible evolution of the protocol's governance/control model.
(a) Problem the project solves
Zebec addresses the inefficiency of batch-settlement payroll and payments — specifically, the lag between labor performed and compensation received, and the friction costs of cross-border value transfer. The project builds infrastructure for continuous, programmable money flows across payroll, card, and disbursement products for both traditional-finance and crypto-native enterprises.
(Source: Zebec Vision & Mission, MiCA White Paper)
(b) Operational priorities
Zebec's current development priorities center on crypto-native payments and card products, stablecoin payroll via USDC and real-world-asset integrations, programmable payment streaming for enterprise and developer clients, SuperApp rollout as a unified product layer, and continued ZBCN adoption through platform fees, governance-approved buybacks, staking mechanics, and DAO governance participation.
(Source: MiCA White Paper, Zebec Network (ZBCN) Tokenomics, How ZBCN Powers the Zebec SuperApp: The Ecosystem Flywheel, $ZBCN: Buyback Program 2024)
(c) High-level project overview
Zebec Holdings operates as a decentralized infrastructure network for crypto-native payments, card products, stablecoin payroll, and programmable payment streaming. The SuperApp functions as a unified product layer integrating payroll, payments, cards, staking, and multi-chain connectivity. The network is native to Solana and has expanded to Base, BNB Chain, NEAR, and Ethereum. Zebec also operates the Nautilus Chain, a purpose-built modular L3 EVM chain for streaming payments.
(Source: MiCA White Paper, Zebec Vision & Mission, How ZBCN Powers the Zebec SuperApp: The Ecosystem Flywheel)
(d) Primary token functions
ZBCN is the governance and utility token of Zebec Network. Its primary functions are: governance participation via Zebec DAO on Solana Realms, payroll and product-fee settlement (institutional clients pay service fees in ZBCN), staking for up to 15% APY, fee reductions, VIP-tier benefits including premium product access, governance-approved buybacks and burns funded by product revenues, and real-world card spending across 150+ supported tokens.
(Source: Zebec Network (ZBCN) Tokenomics, MiCA White Paper)
(e) Control surface reliance
Zebec operates a hybrid governance model combining off-chain community consultation with on-chain voting on Solana Realms. Proposal creation requires 0.5% of ZBCN. Voting requires a staked position described in Zebec's materials as "5% of ZBCN token held." Zebec Improvement Proposals (ZIPs) run for 24-hour to 7-day periods and pass by simple majority. Passed proposals with on-chain execution components are automatically triggered where applicable. The DAO approved the token buyback program by vote in late 2024.
(Source: Zebec DAO Governance Moves to Solana: A More Convenient and Logical Approach, Zebec Network (ZBCN) Tokenomics)
Known Project Team
For each existing entity: Labs/DevCo (e.g., Founder, CEO, CTO, COO), Foundation (e.g., President, Executive Director, CFO, COO), and DAO / onchain governance leadership (if applicable) list the: (a) full names, (b) official titles, (c) and prior experience of key team members. For any non-existent entity, explicitly mention it does not exist. External links may be included but they will not factor into the score.
Full Name | Entity | Official Title | Prior Experience |
|---|---|---|---|
Sam Thapaliya | Labs | Founder | Founded Zebec Protocol in 2021; co-founder of ASMI; B.A. Computer Science and Information Management from Menlo College; angel investor across DeFi and crypto protocols. |
Simon Babakhani | Labs | CEO (co-founder) | 10+ years of leadership in private equity and advisory at Breyer Capital, Parthenon, and Oliver Wyman. Previously held the COO title at Zebec; transitioned to CEO role per team page as of 2025. |
Elena Solovyov | Labs | CMO | Leadership roles across Fortune 100 companies, startups, and global policy groups. |
Neal Padhye | Labs | Head of M&A and Capital Markets | Investment banking experience at Apollo, BlackArch, and Northlane; Duke University graduate. |
Parth Shah | Labs | Director, Corporate Development | University of Central Florida graduate with experience in fintech, HCM, blockchain payments, and M&A. |
Blockworks note: No named Foundation management roster has been identified in the public source set. The MiCA White Paper identifies Zebec Foundation Company (Reg No: 385618, Grand Cayman) as the parent holding entity for Zebec Holdings and states that the Foundation does not conduct operational business activities. No officers, directors, or named supervisors of the Foundation entity are publicly disclosed. No named DAO or on-chain governance leadership roster has been identified in the public source set. Zebec DAO governance operates through Solana Realms without a disclosed formal leadership structure separate from the broader contributor community. |
DAO Structure
Provide a structured description of the DAO's governance, powers, and economic rights. If a DAO does not exist, state so. Address the lettered items below. Even if there is no DAO, there must be an answer to (d).
- (a) IP ownership & control — State what IP the DAO owns or controls (e.g., codebases/repos, trademarks/brands). Note any license if relevant.
- (b) Contract/admin powers — List onchain or administrative authorities and limits: pause/upgrade roles (e.g., multisig pause), governance-executor authorities, and the method of authority for each (e.g., veto, majority, super-majority).
- (c) Locked-token rights (conditional) — If locking/staking for additional rights exists, explain the additional rights and what tokenholders can and cannot decide. If no locking mechanism exists, leave absent.
- (d) Value accrual & holder rights — If any, describe the current rights of tokenholders over revenue distribution and the treasury.
- (e) Dissolution authority — State who can dissolve/wind up the DAO and by what mechanism (e.g., onchain vote threshold, board resolution of a legal wrapper).
(a) IP ownership & control
No public disclosure identifies what intellectual property (codebases, repositories, trademarks, or brands) the Zebec DAO owns or controls, or what license applies to the protocol's code.
(Source: MiCA White Paper)
(b) Contract/admin powers
Zebec DAO governance runs on Solana Governance Realms. ZBCN is the governance token. Proposal creation requires 0.5% of ZBCN supply. Voting requires a staked position described as "5% of ZBCN token held." ZIPs run for 24-hour to 7-day voting periods and pass by simple majority. Passed proposals with on-chain execution components are automatically triggered on-chain where applicable. The public record does not disclose specific pause, upgrade, treasury-multisig, or admin authorities held by the DAO separate from its general proposal-and-vote mechanism.
(Source: Zebec DAO Governance Moves to Solana: A More Convenient and Logical Approach, Zebec Network (ZBCN) Tokenomics)
(c) Locked-token rights (conditional)
ZBCN staking earns up to 15% APY. Staking is required for DAO governance participation and proposal submission. Stakers also receive fee reductions and VIP-tier benefits including airdrops, premium product access, and exclusive partner incentives. Staking transitioned to the Zebec SuperApp in January 2026.
(Source: MiCA White Paper, Zebec Network (ZBCN) Tokenomics)
(d) Value accrual & holder rights
The MiCA White Paper states that ZBCN holders are not entitled to dividends, ownership rights, or claims against any legal entity, and that no specific rights or obligations are attached to holding ZBCN beyond those in the protocol and applicable law. The governance-approved buyback program uses product revenues from payroll fees, card volume, and partner contracts to purchase ZBCN from the open market and burn it, reducing circulating supply. Governance participation is gated by staking. The DAO approved the buyback program by vote in late 2024.
(Source: MiCA White Paper, Zebec Network (ZBCN) Tokenomics, $ZBCN: Buyback Program 2024)
(e) Dissolution authority
No public disclosure identifies who can dissolve or wind up the Zebec DAO, or by what mechanism.
(Source: MiCA White Paper)
Blockworks note: Zebec operates a DAO with on-chain governance via Solana Realms. The governing token is ZBCN.
Primary Foundation
For the Primary Foundation do the following independently. If an entity does not exist, state that explicitly. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn't exist. Definitions: The primary Foundation and DevCo can be explained as those entities which are directly involved in the issuance of the native token at launch.
- (a) Entity — Type and jurisdiction.
- (b) IP ownership & control — What IP the entity owns/controls (repos/code, trademarks/brand; license optional) and an explanation of any subsidiary entities.
- (c) Powers over DAO, treasury, protocol-controlled resources, and token administration — If any, describe the current powers over DAO governance, treasury actions, protocol-controlled resources (e.g. revenue), token administration, or reward parameters, and the method/threshold for each.
- (d) Powers over DevCo — Explain whether the foundation can exert direct or indirect influence over decision-making of the DevCo.
- (e) Contract/admin powers — Pause/upgrade/governance-executor authorities and the method/threshold for each (e.g., veto/majority/super-majority; "3/5 multisig").
- (f) Current economic arrangements and distribution policies — Describe any current governance-approved, contractual, or programmatic mechanisms, if any, by which protocol-controlled resources, treasury assets, fees, revenue, rewards, or token distributions may be directed to this entity, its equityholders, contributors, or other participants. If no such mechanism currently exists, state that explicitly. Do not discuss hypothetical future dividends, repurchases, or distributions unless formally adopted.
(a) Entity
Zebec Foundation Company is a Cayman Islands foundation company (Reg No: 385618). Under the Cayman Islands Foundation Companies Act 2017, a foundation company is a body corporate with separate legal personality that may exist without members and cannot pay dividends to members.
(Source: MiCA White Paper)
(b) IP ownership & control
No public disclosure identifies what intellectual property, codebases, trademarks, or brands the Foundation owns or controls, or what subsidiary entities sit beneath it.
(Source: MiCA White Paper)
(c) Powers over DAO, treasury, protocol-controlled resources, and token administration
No public disclosure details what authority, if any, the Zebec Foundation Company holds over DAO governance, treasury actions, protocol-controlled resources, token administration, or reward parameters.
(Source: MiCA White Paper)
(d) Powers over DevCo
No public disclosure details whether or how the Foundation can exert direct or indirect influence over the decision-making of Zebec Holdings.
(Source: MiCA White Paper)
(e) Contract/admin powers
No public disclosure details pause, upgrade, governance-executor, or multisig authorities held by the Foundation.
(Source: MiCA White Paper)
(f) Current economic arrangements and distribution policies
No public disclosure identifies any governance-approved, contractual, or programmatic mechanism by which protocol-controlled resources, treasury assets, fees, revenue, rewards, or token distributions are directed to the Foundation, its equityholders, or contributors.
(Source: MiCA White Paper)
Blockworks note: The primary foundation entity is Zebec Foundation Company, a Cayman Islands foundation company, Registration No. 385618. The MiCA White Paper identifies it as the parent holding entity for Zebec Holdings and states it does not conduct operational business activities.
Primary Dev Co
For the Primary DevCo do the following independently. If an entity does not exist, state that explicitly. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn't exist. Definitions: The primary Foundation and DevCo can be explained as those entities which are directly involved in the issuance of the native token at launch.
- (a) Entity — Type and jurisdiction.
- (b) IP ownership & control — What IP the entity owns/controls (repos/code, trademarks/brand; license optional) and an explanation of any subsidiary entities.
- (c) Powers over DAO, treasury, protocol-controlled resources, and token administration — If any, describe the current powers over DAO governance, treasury actions, protocol-controlled resources (e.g. revenue), token administration, or reward parameters, and the method/threshold for each.
- (d) Powers over Foundation — Explain whether the DevCo can exert direct or indirect influence over decision-making of the Foundation.
- (e) Contract/admin powers — Pause/upgrade/governance-executor authorities and the method/threshold for each (e.g., veto/majority/super-majority; "3/5 multisig").
- (f) Current economic arrangements and distribution policies — Describe any current governance-approved, contractual, or programmatic mechanisms, if any, by which protocol-controlled resources, treasury assets, fees, revenue, rewards, or token distributions may be directed to this entity, its equityholders, contributors, or other participants. If no such mechanism currently exists, state that explicitly. Do not discuss hypothetical future dividends, repurchases, or distributions unless formally adopted.
(a) Entity
Zebec Holdings is a Cayman Islands company, Company No. 385619, registered at Grand Cayman. It is the entity seeking admission to trading under the MiCA White Paper.
(Source: MiCA White Paper)
(b) IP ownership & control
No public disclosure identifies what intellectual property, codebases, trademarks, or brands Zebec Holdings owns or controls, or what subsidiary entities sit beneath it.
(Source: MiCA White Paper)
(c) Powers over DAO, treasury, protocol-controlled resources, and token administration
No public disclosure details what authority, if any, Zebec Holdings holds over DAO governance, treasury actions, protocol-controlled resources, token administration, or reward parameters.
(Source: MiCA White Paper)
(d) Powers over Foundation
No public disclosure details whether or how Zebec Holdings can exert direct or indirect influence over the decision-making of Zebec Foundation Company.
(Source: MiCA White Paper)
(e) Contract/admin powers
No public disclosure details pause, upgrade, governance-executor, or multisig authorities held by Zebec Holdings.
(Source: MiCA White Paper)
(f) Current economic arrangements and distribution policies
No public disclosure identifies any governance-approved, contractual, or programmatic mechanism by which protocol-controlled resources, treasury assets, fees, revenue, rewards, or token distributions are directed to Zebec Holdings, its equityholders, contributors, or other participants.
(Source: MiCA White Paper)
Blockworks note: The primary DevCo is Zebec Holdings, Company No. 385619, registered in the Cayman Islands with a Grand Cayman address. The MiCA White Paper identifies Zebec Holdings as the entity seeking admission to trading and describes its business as crypto-native payments and cards, stablecoin payroll, and programmable payment streaming infrastructure.
Token Supply & Allocations
Initial Allocation
Disclose launch and initial supply details in a single initial allocation schedule covering the token's launch.
- (a) Launch supply totals — The total number of tokens issued at launch, the total number of tokens locked at launch or the total number of tokens unlocked at launch.
- (b) Recipient categories & use of funds — The recipient categories with brief explanations as to how the category will use the tokens so an auditor can distinguish each bucket.
- (c) Initial price per token (if applicable) — The initial price per token at TGE. If the token launched via a liquidity bootstrapping mechanism, auction, or other price-discovery process rather than a fixed offering price, describe that mechanism and the final market set price instead. If no fixed price was set, state so.
- (d) Ticker / market symbol — The ticker/market symbol.
- (e) Total supply & supply regime — The total supply and whether the supply is fixed (if not explain inflation rate or deflation rate).
- (f) Initial vesting / release schedules — The initial vesting/release schedules (identify which categories/recipients are subject to vesting and the high-level timing logic).
(a) Launch supply totals
The original ZBC token was minted on 2022-03-15 with a total supply of 10,000,000,000 ZBC. In April–May 2024, ZBC migrated to ZBCN on a 1:10 basis with no new supply introduced in the swap, establishing a fixed maximum supply of 100,000,000,000 ZBCN. As of March 2026, all scheduled vesting has completed and the full 100,000,000,000 ZBCN supply is in circulation. The final token unlock event occurred on March 16, 2026.
(Source: The Launch of ZBC, ZBC to ZBCN Migration Guide, MiCA White Paper, Tokenomist, Phemex — ZBCN Guide 2026)
(b) Recipient categories & use of funds
The allocation schedule is as follows:
- Category: Community & Rewards
- Allocation: 50.00%
- Use: Ecosystem incentives, governance participation rewards, ZePIN program, developer grants, and community-driven contributions
- Category: Contributors
- Allocation: 20.00%
- Use: Compensation for team members and advisors building and maintaining the protocol
- Category: Private Round
- Allocation: 11.00% (formerly disclosed as 10.97%)
- Use: Institutional and venture investor capital support
- Category: Seed Round
- Allocation: 9.00% (formerly disclosed as 9.28%)
- Use: Early-stage investor capital support
- Category: Public Sale
- Allocation: 6.00% (formerly disclosed as 5.74%)
- Use: Public token sale conducted via Republic
- Category: Market Making
- Allocation: 4.00%
- Use: Liquidity support through market makers and liquidity providers
(Source: MiCA White Paper, Tokenomist, The Launch of ZBC)
(c) Initial price per token (if applicable)
No fixed per-token price was set at launch. The public sale was conducted via Republic at a fully diluted valuation described as less than $200M at the time of the ZBC launch in March 2022. The token began trading on ZBCN markets on approximately April 14, 2024 at an initial market price of approximately $0.0025.
(Source: The Launch of ZBC, LetsExchange — ZBCN Price History)
(d) Ticker / market symbol
The current ticker is ZBCN. It replaced ZBC following the 1:10 migration completed between April 10 and May 10, 2024.
(Source: Zebec Network (ZBCN) Tokenomics, ZBC to ZBCN Migration Guide)
(e) Total supply & supply regime
ZBCN has a fixed maximum supply of 100,000,000,000 tokens. The mint authority was permanently revoked upon reaching the cap. All scheduled vesting completed in March 2026, at which point the full supply entered circulation. The supply regime is now deflationary: Zebec conducts ongoing buybacks and burns funded by product revenues including payroll fees, card volume, and partnership contracts. Monthly card-volume burns are capped at a ZBCN equivalent of $500,000 per month.
(Source: MiCA White Paper, Zebec Network (ZBCN) Tokenomics, $ZBCN: Buyback Program 2024, Phemex — ZBCN Guide 2026)
(f) Initial vesting / release schedules
The complete vesting schedule, as disclosed in the MiCA White Paper and confirmed by on-chain tracking data, is as follows:
- Category: Seed Round (9%)
- Cliff: 6 months from TGE (Sept 2022)
- Vesting Period: 3 years linear (completed March 2026)
- Category: Private Round (11%)
- Cliff: 6 months from TGE (Sept 2022)
- Vesting Period: 3 years linear (completed March 2026)
- Category: Public Sale (6%)
- Cliff: Variable: 165M tokens fully unlocked at TGE; remainder locked 6 months and 12 months
- Vesting Period: Concluded within 12 months of TGE
- Category: Market Making (4%)
- Cliff: None disclosed
- Vesting Period: 3 years linear
- Category: Contributors (20%)
- Cliff: 6 months from TGE (Sept 2022)
- Vesting Period: 3 years linear (completed March 2026)
- Category: Community & Rewards (50%)
- Cliff: None disclosed
- Vesting Period: 4 years linear (completed March 2026)
All scheduled unlock events completed on or before March 16, 2026.
(Source: MiCA White Paper, Zebec Network (ZBCN) Tokenomics, Tokenomist, DropsTab)
Airdrop Process
Address each of the following sub-items based on the project's airdrop status. If a sub-item does not apply to the project's situation, state that explicitly.
- (a) Planned but not yet executed airdrop — If the project has planned but not yet airdropped, commit to publishing a recipient wallet list in a public channel and provide it to Blockworks quarterly until the initial TGE airdrop is fully completed. Additionally, generally state the possible target user segments (e.g., "stakers of X," "Aave users") and the allocation method (e.g., proportional to ve-balance or net position).
- (b) Executed airdrop — If the project has already airdropped, point to a per-address source such as CSV/TSV/JSON files, a Dune table, a full Merkle dump, GitHub repo files embedding per-address allocations, or RPC endpoints that expose claim/amount data; explorer links alone do not count. Additionally, clearly state covered user segments (e.g., "stakers of X," "Aave users") and the allocation method (e.g., proportional to ve-balance or net position).
- (c) No airdrop planned or conducted — If the project does not plan to conduct an airdrop for TGE and has never conducted one, state so plainly (e.g., "We have never conducted an airdrop to date and do not plan to execute one").
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Planned but not yet executed airdrop: Not applicable. Zebec completed its TGE and executed its airdrop distributions in 2024. There is no pending or unexecuted initial TGE airdrop for which a forward-looking recipient wallet list commitment would apply.
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Executed airdrop: Zebec has conducted airdrops. In 2024, Zebec distributed over $2 million in airdrops and rewards as part of the ZBCN token launch and ecosystem activation, alongside concurrently launched buyback and staking programs.
Covered user segments: ZBCN holders and ecosystem participants.
Allocation method: Not disclosed. Zebec has not published the eligibility criteria, snapshot dates, or weighting formula used to size individual allocations.
Per-address source: None. Zebec has not published a CSV/TSV/JSON allocation file, a Dune table, a full Merkle dump, a GitHub repository embedding per-address allocations, or an RPC endpoint exposing claim/amount data for the 2024 distribution. The only public documentation of the distribution is an aggregate dollar figure disclosed in a company blog post.
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No airdrop planned or conducted: Not applicable. Zebec has conducted airdrop distributions, as described in (b).
Blockworks note: Sub-item (b) is disclosed but incomplete against the framework standard. The aggregate distribution value is public; the per-address allocation data is not. Explorer-level tracing of ZBCN distribution transactions is possible but does not satisfy the per-address source requirement as defined. Blockworks has requested that Zebec provide a per-address allocation file or an equivalent machine-readable source covering the 2024 distribution.
Transactions & Market Structures
Market Maker Agreements & Deals
Projects must disclose all material terms of market-making arrangements that affect token liquidity. If the project has no agreements or deals with market makers, state that explicitly; doing so earns full credit. For each market maker, include in a table:
- (a) Market maker's name — the market maker's name;
- (b) Token allocation or loaned amount — the token allocation or loaned amount as a percentage of total supply;
- (c) Duration/term of agreement — the duration/term of the agreement; and, where applicable,
- (d) Name of agreement structure — label the financial vehicle being used in the agreement (i.e. loan, option/call, retainer model) without describing trading strategy or expected outcomes.
If the project has no agreements or deals with market makers, state that explicitly; doing so earns full credit. If no native tokens were loaned or allocated to market makers, state that explicitly; cash/fiat retainers or fees are not required for this item.
Blockworks note: The public record confirms that 4% of total ZBCN supply (4,000,000,000 ZBCN) was allocated to market making and liquidity providers at launch. Named market maker counterparties, specific token-loan amounts by market maker, agreement durations, and agreement structures (loan, option, or retainer) are not publicly disclosed.
(Source: The Launch of ZBC, MiCA White Paper)
CEX / DEX Agreements & Deals
Projects must disclose all material terms of centralized or decentralized exchange listings that affect token liquidity. For each listing, include in a table:
- (a) Exchange name / DEX pool — the exchange name (and, for DEX, the specific pool/pair);
- (b) Token allocation for listing — the token allocation supplied or committed for listing as a percentage of total supply;
- (c) Term Duration — the duration/term of any listing lockups, liquidity, or incentive programs; and, where applicable,
- (d) Native-token listing fees — whether any listing fees were paid in native tokens, with amounts (tokens or % of supply), recipients, and any vesting or lock terms tied to the partnership.
If the project has no agreements or deals with CEX or DEX, state that explicitly; doing so earns full credit; cash/fiat fee amounts are not required for this item.
Blockworks note: ZBCN is currently listed on 20+ centralized and decentralized exchanges following the migration from ZBC, which commenced April 10, 2024. The token swap process coordinated automatic migration for holders on participating exchanges. Listing allocations, lock terms, and any native-token listing fees paid to exchange counterparties are not publicly disclosed.
(Source: ZBC to ZBCN Migration Guide, ZBCN Token & Zebec Governance, Zebec in 2024: A Breakthrough Year)
Financial Disclosures & Risks
Prior Token Sales & Fundraising
Disclose all prior token sales by the Project — including fundraising rounds, any material OTC sales to investors, and any discounted market-maker sales. For each sale, provide:
- (a) Series Name
- (b) Early-Stage Investment Instrument used (i.e. SAFT, STAMP, SAFE, SAFE+Token Warrant, etc.)
- (c) Date of sale (at least month & year)
- (d) Number of tokens sold (or % of total supply)
- (e) Vesting schedule
If no prior sales occurred, state that explicitly (e.g., "No prior fundraising, OTC, or discounted MM sales have occurred.").
- Series Name: Seed Round
- Date Of Sale: November 2021
- Number of tokens sold: 9% of total supply (9,000,000,000 ZBCN equivalent); no per-investor token count publicly disclosed
- Vesting Schedule: 6-month cliff from TGE (September 2022), 3-year linear vest; fully unlocked as of March 2026
- Series Name: Series A
- Date Of Sale: January–February 2022
- Number of tokens sold: Included in the 11% Private Round allocation (11,000,000,000 ZBCN equivalent); led by Solana Ventures and Distributed Global, with Alameda Research, Circle, Coinbase, GoldenTree Asset Management, and Lightspeed Venture Partners participating; no per-investor token count publicly disclosed
- Vesting Schedule: 6-month cliff from TGE (September 2022), 3-year linear vest; fully unlocked as of March 2026
- Series Name: Public Sale via Republic
- Date Of Sale: March 2022 (TGE)
- Number of tokens sold: 6% of total supply (6,000,000,000 ZBCN equivalent); 165 million ZBC (1,650,000,000 ZBCN equivalent) fully unlocked at TGE; remainder locked 6 and 12 months
- Vesting Schedule: Variable: TGE unlock plus 6-month and 12-month lockup tranches; fully unlocked
Blockworks note: Zebec has conducted the following fundraising rounds, totaling $35 million in disclosed investment:
Total disclosed investment: $35 million across seed, Series A, and public sale rounds. Named investors include Circle, Coinbase Ventures, Solana Ventures, Breyer Capital, Republic Capital, Lightspeed Venture Partners, Distributed Global, Alameda Research, and GoldenTree Asset Management.
(Source: Zebec Raises $6M in Seed Round Funding, MiCA White Paper, The Launch of ZBC, IQ.wiki — Zebec Network, CoinMarketCap — ZBCN, Crunchbase — Series A)
Previous Exploits Affecting The Native Token
If any, list prior exploits or incidents that directly affected the token, token supply, tokenholder balances, token contract, minting controls, burn mechanics, or custody of token supply. This question is not asking about general protocol, application, or smart contract exploits unless the incident directly affected the native token itself. If no prior incidents, state this explicitly (e.g., "No exploits affecting tokenholders or protocol funds as of YYYY-MM-DD").
- (a) Date & component affected — Date (YYYY-MM or YYYY-MM-DD), chain(s)/component affected.
- (b) Exploit vector summary — Plain-language summary of the exploit vector (what the hack was).
- (c) Quantified impact — Quantified impact (assets/tokens affected or a clear "no loss of funds" statement).
- (d) Remediation/response taken — Remediation/response taken (patches, upgrades, governance actions, compensation).
- (e) Current status — Current status (resolved, in litigation, under investigation, refunded, etc.).
- (f) References (optional) — References (optional): link(s) to post-mortem/advisory/PR.
(a) Date & component affected
2022-12-17; Raydium liquidity pool on Solana containing ZBC tokens.
(Source: Zebec Protocol is Unaffected by Raydium Hack)
(b) Exploit vector summary
Attackers exploited a vulnerability in Raydium's smart contracts, not in Zebec's own code or contracts. The attack drained liquidity from multiple Raydium pools. ZBC held in Zebec's Raydium liquidity pool was among the assets affected.
(Source: Zebec Protocol is Unaffected by Raydium Hack)
(c) Quantified impact
Over $2 million in ZBC was drained from Zebec's liquidity pool on Raydium. No Zebec community member lost tokens held outside that liquidity pool. Zebec Protocol's own contracts were not affected.
(Source: Zebec Protocol is Unaffected by Raydium Hack)
(d) Remediation/response taken
Zebec removed ZBC from Raydium following the exploit to prevent further token exposure to the compromised venue.
(Source: Zebec Protocol is Unaffected by Raydium Hack)
(e) Current status
Resolved. Zebec's public disclosure states the protocol was unaffected. No ongoing litigation, investigation, or compensation program has been identified in the public record related to this incident.
(Source: Zebec Protocol is Unaffected by Raydium Hack)
Blockworks note: One external incident affecting Zebec-related liquidity has been identified. No exploits affecting Zebec's own smart contracts, dApp, or user balances have been identified.
Material Risk Factors (Regulation, Technology, Token Economics)
Describe material risk factors across the three categories below. Each category includes prompts to address at a minimum.
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(a) Regulatory, Legal & Tax Risks — Describe how evolving laws and regulations could affect the project by answering, at a minimum, questions like:
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Impact of Regulatory Change on TGE and Listings: (If applicable) How could evolving or conflicting laws and regulations affect your ability to complete the TGE, deliver tokens to purchasers, and list or maintain the token on trading venues in key jurisdictions?
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Entity-Level Regulatory Impact: (If applicable) How could regulatory or legal changes impact your core entities (Foundation, DevCo, DAO, affiliated service providers), including enforcement actions, licensing requirements, or forced changes to structure or operations?
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Tokenholder Tax Treatment: (If applicable) What uncertainties exist around how tokenholders may be taxed, and make clear that tokenholders are responsible for understanding their own tax obligations?
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Jurisdictional & User Access Restrictions: (If applicable) If the project restricts access for certain jurisdictions or user types (e.g., U.S. persons, sanctioned countries, retail vs. professional), what are those restrictions and what risks do they create for users and for the project?
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(b) Protocol, Technology & Security Risks — Describe risks to network and contract reliability, correctness, and safety by answering, at a minimum, questions like:
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Bugs and Design Flaws: (If applicable) What bugs, design flaws, or implementation errors could exist in your core protocol code, smart contracts, and any bridges, rollups, or oracles that you depend on, and how could these lead to loss of funds or disruption of the protocol?
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Security Measures & Their Limitations: (If applicable) What security measures have you taken (audits, formal verification, bug bounties), and what types of failures might these measures still fail to detect or prevent?
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(c) Token Economics, Unlocks & Incentive Risks — Describe how the token's economic design and supply schedule could affect holders by answering, at a minimum, questions like:
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Critical Economic Assumptions: (If applicable) Which economic assumptions (e.g., staking yields, fee revenue, liquidity incentives, MEV capture, demand for blockspace) are critical for protocol security, utility, and governance, and what happens if those assumptions fail?
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Governance Control over Monetary Policy & Rewards: (If applicable) To what extent can governance change monetary policy, fee parameters, or reward allocations (e.g., inflation rate, treasury flows, incentive programs), and how could such changes adversely affect tokenholders?
(a) Regulatory, Legal & Tax Risks
ZBCN may lose value in part or in full, may not always be transferable, and may not be liquid at any given time. ZBCN is not covered by any investor-compensation or deposit-guarantee scheme. The Zebec SuperApp terms confirm that not all services are available in all jurisdictions and that availability depends on regulatory permissions, licensing status, third-party partner availability, and operational constraints.
The organizational structure — a Cayman Islands foundation company as parent holding entity, a Cayman Islands operating company seeking EU/EEA trading admission, and a Solana-native DAO — means that changes in listing requirements, licensing expectations, or enforcement activity in any relevant jurisdiction could require structural or operational adjustments. Tokenholders are responsible for determining their own tax treatment of ZBCN. Tax treatment varies by jurisdiction and circumstance, and no representations are made by Zebec as to the tax characterization of ZBCN in any jurisdiction.
(Source: MiCA White Paper, Superapp Terms & Conditions)
(b) Protocol, Technology & Security Risks
Zebec does not operate its own base blockchain and depends on Solana Layer 1 for the core of its network operations, which means network reliability, validator performance, and third-party infrastructure conditions are part of Zebec's operational risk surface. The SuperApp is delivered as a SaaS platform integrating wallets, card issuers, payment processors, custodians, blockchain networks, validators, and banking partners. Risks include market volatility, irreversible transactions, smart-contract vulnerabilities, network congestion, regulatory change, and broader technological failures. Zebec is generally non-custodial unless a module-specific term states otherwise, which means users bear wallet-control and integration-layer risks for their own holdings. The 2022 Raydium incident demonstrates that external liquidity venues can create loss or disruption risk for ZBCN holders even when Zebec's own protocol is unaffected.
(Source: MiCA White Paper, Superapp Terms & Conditions, Zebec Protocol is Unaffected by Raydium Hack)
(c) Token Economics, Unlocks & Incentive Risks
ZBCN has a fixed maximum supply of 100,000,000,000 tokens. All scheduled vesting completed in March 2026. The supply regime is now permanently deflationary, dependent on buyback-and-burn volumes tied to product revenues from payroll fees, card activity, and partnership contracts. Buyback volumes will decrease or cease if product adoption stagnates or revenues decline. The large Community and Rewards allocation (50% of supply) means that a substantial portion of the outstanding supply was directed toward incentive programs, and governance decisions can alter how those incentives are structured over time. Governance and proposal rights are gated by staking requirements, meaning governance outcomes are weighted toward larger ZBCN holders. Changes to staking requirements or governance thresholds require DAO approval.
(Source: MiCA White Paper, Zebec Network (ZBCN) Tokenomics, $ZBCN: Buyback Program 2024, How ZBCN Powers the Zebec SuperApp: The Ecosystem Flywheel, Zebec DAO Governance Moves to Solana: A More Convenient and Logical Approach)
This Token Transparency Filing is provided for general informational purposes only and does not verify or warrant the accuracy of individual answers.