A Suggestion That Can Affect The Price Has Come From This Altcoin Foundation! Let’s Burn 50 Percent!

South Korea’s leading technology company Cocoa developed by altcoin Klaytn (KLAY) Foundation submitted an optimization proposal to the Governing Council (GC) to help Klaytn evolve into a sustainable decentralized network.

Altcoin Klaytn Foundation Offers To Burn 5.28 Billion KLAY Tokens, Reducing Token Supply By Nearly 50%

Offer, 5.28 billion KLAY proposes that 73% of the reserve supply, which corresponds to approximately 48% of the token or total token supply, should be burned initially.

The proposal will be voted on from February 22 to February 28 by GC, a group of network participants that currently oversees the management of the Klaytn network.

More than 75 million KLAYs have been burned to date through strategic buybacks and incineration of gas fees. There are currently approximately 3.073 billion KLAYs in circulation.

Of the 7.48 billion KLAY first printing reserves, the Foundation plans to burn 5.28 billion KLAYs that have not been used in the last three years and eight months in the first place.

Nearly 200 million KLAYs already contracted to be paid for infrastructure development, network operation and management services to GroundX, the subsidiary that develops the Klaytn blockchain, will be transparently executed.

The remaining 2 billion KLAYs will be designated as the ‘KLAY Value Creation Reserve’, which will be channeled solely to use cases and scenarios that will help facilitate deflationary KLAY tokenomics.

The Foundation aims to extend KLAY’s benefit beyond transaction fees by securing essential infrastructure services for the ecosystem, such as oracles, and investing in high-growth projects essential to the Klaytn ecosystem, such investments will redirect returns back into the ecosystem and increase demand for KLAY. He added that he would benefit from these gains.

KLAY price at the time of this writing 0.3113 dollars traded at levels.

*Not investment advice.