Klaytn Foundation Unveils Key Changes to Governance and Tokenomics

  • The changes are aimed at increasing the sustainability and decentralization of the blockchain.
  • Native token KLAY soared more than 9% following the foundation’s announcement.

The foundation behind the Klaytn blockchain has unveiled a series of changes that are aimed at increasing the transparency and sustainability of the network. The leading South Korean layer 1 blockchain announced a new governance system and a revamped tokenomics proposal to enhance the Klaytn ecosystem’s technical capabilities.

The Klaytn Foundation is set to propose a comprehensive agenda to the governance council, outlining the blockchain’s roadmap for 2023 and beyond. The agenda will be proposed ahead of the council’s voting to be held between February 22 and February 28. This will include details of the new governance system and the revamped tokenomics proposal.

In the interest of transparency, the Foundation will disclose the governance council’s on-chain voting agendas and establish communication channels for the Klaytn community to participate in governance and decision-making. Starting March 1, 2023, the Klaytn Foundation will assume full operational power from the network’s original developer, Krust Universe.

“With our new initiatives, the Klaytn blockchain has an opportunity to take yet another step towards decentralization. The Foundation remains steadfast in its commitment to advancing blockchain technology, fostering community trust, and relentlessly working toward decentralization,” said Sangmin Seo, Representative Director of the Klaytn Foundation.

According to Klaytn’s official website, the foundation will continue working alongside the Klaytn Governance Council on its transition to a wholly permissionless validator structure. The transition was announced in December last year.

Data from CoinMarketCap shows that the blockchain’s native token KLAY skyrocketed more than 9% following the foundation’s announcement. KLAY is currently trading at $0.30, with a daily trading volume of $235 million, marking an increase of 33% over the past 24 hours.

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