Giant Coin Burn Proposal Announced Accepted in Altcoin: Developers Announce What’s Next!

Klayn (KLAY) The altcoin team has announced that the highly anticipated token burning proposal has passed the vote.

On February 22, the Klaytn team submitted KGP-6 to the Klaytn Governing Council (GC), which proposes the optimization of KLAY tokenomics to enable a more sustainable and verifiable token economy.

Altcoin Burning Proposal Accepted by Klaytn Council with One Hundred Percent Positive Vote

Of the 31 councilors, 26 voted for the proposal and 100% voted to accept the proposal.

The Klaytn Foundation aims to incinerate and remove 5.28 billion KLAYs, initially unused in the last 3 years and 8 months. In cooperation with Klaytn’s Governing Council (GC) and community, another 2 billion KLAYs will be burned and removed from supply within 3 years if no use is found.

Klaytn Growth Fund (KGF) and Klaytn Improvement Reserve (KIR) will be merged and re-established as Klaytn Community Fund (KCF) and a new operational fund, Klaytn Trust Fund (KFF), will be created.

The rebalancing of the 5.28 billion KLAY initial fuel and ecosystem funds will coincide with the Korean hardfork currently scheduled for early Q2.

Released during the Token Generating Event (TGE) at the launch of the Klaytn mainnet cryptocurrency The total supply of KLAYs, including the amount and the amount obtained from the block rewards, is approximately 11 billion KLAYs, of which approximately 3.073 billion KLAYs are currently in circulation.

More than 75 million KLAYs have been burned to date through strategic buybacks and the burning of gas fees.

*Not investment advice.