Klaytn, Finschia propose merger to create join eco_

2024-01-16 01:40:23

Klaytn Foundation and Finschia Foundation propose a merger to create a joint eco, with a new mainnet and a token.

In a press release on Jan. 16, Klaytn Foundation and the Finschia Foundation announced their plans to create a joint eco with a user base exceeding 250 million wallets. Klaytn says the new mainnet will inherit Klaytn’s integration with Kakaotalk and Finschia’s integration with LINE.

After the merger, the combined foundation will continue to pursue eco expansion in real-world asset tokenization and decentralized finance through collaborations with Japanese, South Korean, and Southeast Asian partners.

Additionally, KLAY and FNSA, the native coins of the two blockchains, will be replaced by a new native coin which will be issued based on the combined total amount of KLAY and FNSA. Holders of KLAY and FNSA will be able to swap for the new native coin upon issuance. Moreover, 24% of the new coins issued — equivalent to the bulk of non-circulating KLAY — will be burned to implement Zero Reserve Tokenomics.

Beyond tokenomics, the combined platform will support both Ethereum Virtual Machine (EVM) and CosmWasm, a smart contract platform for the Cosmos eco.

However, the merger proposal still should pass both Klaytn and Finschia’s governance voting processes, which will take place from Jan. 26 to Feb. 2.

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