Klayton Foundation’s Proposal for a Sustainable and Verifiable KLAY Token Economy
According to the report, according to the official news, the proposal of \”building a sustainable and verifiable KLAY token economy\” put forward by the Klayton …
According to the report, according to the official news, the proposal of “building a sustainable and verifiable KLAY token economy” put forward by the Klayton Foundation has been voted by the members of the Governance Committee (GC). 26 of the 31 GC members participated in the vote and all approved the proposal. According to the proposal: 1. First, destroy and remove 5.28 billion KLAYs that have not been used in the past 3 years and 8 months out of the initial issuance reserve of about 7.48 billion KLAYs. 2. If no use cases are found in cooperation with Klayton’s governance committee (GC) and the community, another 2 billion KLAYs will be burned and removed from the supply within 3 years. Klaytn Growth Fund (KGF) and Klaytn Improvement Reserve (KIR) will be merged and re-established as Klaytn Community Fund (KCF), and a new operating fund Klaytn Foundation Fund (KFF) will be established.
Klaytn will carry out Kore hard bifurcation in Q2 and destroy 5.28 billion KLAYs in the initial issuance reserve
Interpretation of the news:
The Klayton Foundation has proposed a plan to build a sustainable and verifiable KLAY token economy, which has been approved by all members of the Governance Committee (GC). The plan includes measures to reduce the supply of KLAY tokens and establish two new funds – Klaytn Community Fund (KCF) and Klaytn Foundation Fund (KFF).
The first proposal is to remove and destroy 5.28 billion KLAYs that have not been used in the past 3 years and 8 months out of the initial issuance reserve of about 7.48 billion KLAYs. This move aims to reduce the supply of tokens and increase their value. The second proposal seeks to remove another 2 billion KLAYs if no use cases are found in cooperation with the GC and the community within three years. This measure provides an incentive to explore new use cases for KLAY tokens and promotes innovation within the ecosystem.
The KGF and KIR, two funds that support the development of the Klaytn platform, will be merged and re-established as KCF. This means that the resources available for community projects and initiatives will be increased, further strengthening the ecosystem. Additionally, a new operating fund, KFF, will be established, which will provide additional support for the Klaytn Foundation’s operations.
The proposal is a significant step towards building a sustainable and verifiable KLAY token economy. By reducing the token supply and increasing its value, the proposal aims to improve the overall quality of the ecosystem. Moreover, the establishment of KCF and KFF indicates a commitment to support the growth and development of the Klaytn platform, while ensuring transparency and accountability.
In conclusion, the Klayton Foundation’s proposal for a sustainable and verifiable KLAY token economy is a significant move towards enhancing the overall value and quality of the Klaytn ecosystem. The implementation of the proposal will ensure a more transparent and accountable governance structure, while providing increased support for community-driven initiatives and innovation.
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