Layer-1 Blockchains Klaytn and Finschia to Merge
Klaytn and Finschia, two prominent layer-1 blockchains, have received approval from their governance members to merge. The goal of this merger is to establish a web3 ecosystem in Asia, involving numerous companies, decentralized applications (dApps), and wallet users.
The strategic expansion plan includes Singapore, Vietnam, Taiwan, Thailand, and Abu Dhabi. To oversee the integration, a new foundation will be established in Abu Dhabi with equal representation from Klaytn and Finschia.
The merged blockchain mainnet will support Ethereum Virtual Machine and CosmWasm. The integration process will involve merging tokens and governance by the second quarter of this year, along with the introduction of a new native token.
As part of the merger, approximately 22.9% of the existing token issuance will be burned, amounting to $384 million. Additionally, all non-circulating tokens will be eliminated.
The partnership also aims to launch a stablecoin, develop decentralized finance solutions, and create a blockchain adoption infrastructure for web2 companies.
Conclusion
Klaytn and Finschia have received approval from their governance members to merge and create a web3 ecosystem in Asia. This merger involves strategic expansion in several countries and aims to establish a strong presence in the region.
The integration process will include merging tokens and governance, introducing a new native token, burning a significant portion of existing token issuance, and eliminating non-circulating tokens.
Furthermore, the partnership plans to launch a stablecoin, develop decentralized finance solutions, and create a blockchain adoption infrastructure for web2 companies.
This merger sets the stage for increased collaboration and innovation in the blockchain industry in Asia.
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