ZBCN · nothing can be minted, so the whole story is one wallet paying out and one lock filling up.

The mint key is destroyed. The token account that controls issuance reads empty on-chain, and that cannot be reversed by an upgrade or a vote — so no ZBCN can ever be created again, by anyone. There is no block reward and no staking emission either; this is a payments token, not a gas token.

The release calendar is finished. The last scheduled unlock landed Mar 16 2026, before this window opened, and every allocation is now free. The arithmetic agrees from the other direction: the counted float and the on-chain supply are the same number, so there is no locked bucket left to release.

The project distribution wallet paid out 588.3M across eleven dated transfers between Jun 2 2026 and Aug 21 2026, and both routers it pays through end the window near empty, so the coins left project hands. It was refilled 500M on Aug 21 2026 out of the cold reserve, which still holds 5.5B; the wallet itself now holds 889.1M. A separate project wallet holding 7.32B has not moved since Sep 10 2025. Bought-back ZBCN is a further overhang of unknown size — the destination address has never been published and part of it sits with an outside custodian.

There is no estate, no trustee and no court-ordered distribution — Zebec Network is a going concern. Stakes that reach the end of their term and come back out are already netted inside the buy side, so counting them here would count them twice.

The buyback is live and funded by payroll, card and partner revenue, consolidated quarterly — but it publishes no address and no 2026 figure, and part of the position is held by an outside custodian rather than on-chain. Three candidate wallets were tested and all three turned out to be custodial accounts holding hundreds of unrelated tokens. Nothing measurable, so nothing booked.

Burning is switched off. A governance proposal paused the burn in early 2024 and kept the buyback running instead, so bought coins are held rather than destroyed. The measure agrees with the vote: about 1.23M ZBCN have ever been destroyed against a 100B cap, and none of it in this window.

There is no purchase programme separate from the revenue buyback above, and no treasury wallet was observed buying ZBCN on the open market this window. Booking one here would count the same undisclosed buyback twice.

Staking absorbed 847.1M on balance over the window. The pools hold 4.95B between them, up from 4.10B, and the growth is steady rather than one spike — 3.72B in late May, 3.97B in June, 4.44B in July. Four separate pools were read, not one: the largest took in 957.3M while a second handed back 129.5M, so reading only the headline pool would have overstated this row. Lock terms are a fixed one to four months with no early exit, so these coins cannot reach the market for the term.