Klaytn plans to hard fork Kore in the second quarter and destroy 5.28 billion KLAY

2023-03-01 12:19:30

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ChainCatcher news, the proposal "Establishing a Sustainable and Verifiable KLAY Token Economy" KGP-6 previously put forward by the Klaytn Foundation has been approved by the governance committee members, with 26 out of 31 members participating in the vote and all in favor of the proposal.

According to the proposal, 5.28 billion KLAY that have not been used in the initial issuance reserve for the past 3 years and 8 months will first be burned and removed. If no use cases are found in collaboration with the Klaytn Governance Committee and the community, an additional 2 billion KLAY will be burned and removed from supply within 3 years.

The Klaytn Growth Fund (KGF) and the Klaytn Improvement Reserve (KIR) will merge and be reestablished as the Klaytn Community Fund (KCF), while a new operational fund, the Klaytn Foundation Fund (KFF), will be established.

It is reported that the initial destruction of 5.28 billion KLAY and the rebalancing of the ecosystem fund will take place simultaneously with the upcoming Kore hard fork, which is currently planned for early in the second quarter. (Source link)

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Klaytn Kore KLAY hard fork

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