KlaytnSurprised investors yesterday with a massive 100% increase in just a few hours yesterday. The continuation of the rally placed the cryptocurrency in the top spot on CoinMarketCap, making it the top-earning altcoin in the 24-hour timeframe.
Why is altcoin rising?
On October 23, KLAY rose 106% from $0.1387 to $0.2865 after a notable announcement. At the time of writing, the altcoin is trading at $0.1822, reflecting a 21% daily increase.
On October 23, the Klaytn team announced a proposal to reduce block rewards. The proposal aims to optimize the issuance level of KLAY tokens through a management proposal that reduces block rewards by a third. The results of the management vote will be announced on October 25.
The voting was initiated by the Klaytn team with the aim of reducing the volatility impact currently seen in the macro market. If the bid passes, the reward per block will be 6.4 KLAY instead of the current 9.6 KLAY. Most ecosystem participants believe that the rewards per block will decrease.
With this proposal, the team hopes to lower KLAY inflation, make it more attractive to new investors, and increase competitiveness while ensuring the sustainability of Klaytn’s tokenomics.
What is KLAYTN?
Klaytn is an entertainment-focused blockchain that is part of the metaverse, GameFi, and the creative industry. It was officially launched in June 2019 and focused on the South Korean market during its global business expansion.
KLAY acts as a native token of the Klaytn protocol. The total supply of the token is 10 billion initially issued, with 2.6 billion KLAYs in circulation.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.