In an exciting development, the KGP-25 merger proposal has been approved by the community, clearing the path for the mainnet launch between Klaytn and Finschia.

Open source public blockchain Klaytn Foundation (KLAY) and Finschia Foundation (FNSA), the organization behind the open blockchain and Web3 services developed by Line Tech Plus, announced that the Klaytn and Finschia Mainnet Merge Proposal (KGP-25) received unanimous approval from both governance communities, allowing for a collaborative effort that aims to create the largest Web3 ecosystem in Asia with a synchronized mainnet launch.

An incredible majority voted in favor of the merger proposal, achieving around 95% support from Finschia and 90% from Klaytn, thus facilitating the joining of their networks into a single platform featuring approximately 420 dApp services and more than 45 governance members. decentralized application The KGP-25 merger has achieved remarkable support from the community.

As outlined in the announcement, the new blockchain will introduce a fresh approach to tokenomics by merging KLAY and FNSA into a single new token. One of the objectives is to eliminate any uncirculated virtual assets, aiming for a more streamlined operational method. Moreover, community involvement and governance delegation will expand, contributing to improved transparency within the ecosystem. Ethereum Virtual Machine (EVM) and CosmWasm.

Furthermore, the projects are set to promote innovation in the Asian market.

by building the necessary infrastructure to cater to institutional needs, rolling out native stablecoins, supporting startup ventures, and engaging in partnerships. blockchain industry Klaytn and Finschia have introduced 'Project Dragon', signaling their intent to harmonize their chains.

Last month, the organizations revealed their merger plan, aiming to unify under the “Project Dragon” integrated chain along with its token PDT. This effort seeks to connect Web3 assets from diverse sources, including Line Messenger, which could potentially reach over 250 million users across Asia.

The new token PDT will usher in a novel tokenomics model that involves a 24% reduction in the currently circulating volume and the permanent removal of any unissued tokens. This strategy is aimed at curbing inflation through a three-tiered burn process. KLAY holders will be able to exchange 1 KLAY for 1 PDT, while FNSA holders can convert 1 FNSA to claim 148 PDT. Kakao The collaboration between the Klaytn and Finschia Foundations, as demonstrated by the ratified merger proposal and the launch of “Project Dragon,” represents a major milestone in the pursuit of a strong and innovative Web3 ecosystem in Asia.

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Alisa, a passionate journalist at Cryptocurrencylistings, specializes in the encompassing worlds of cryptocurrency, zero-knowledge proofs, investments, and Web3 developments. With a sharp eye for emerging trends and advancements, she provides extensive coverage aimed at educating and engaging readers in the constantly changing landscape of digital finance.