Klaytn Burned 52.96 KLAY About 50% Of Total Supply To Raise Token Value

Key Points:

• Klaytn announced that the fund cancellation and rebalancing process has been completed and 5,296,324,269 KLAY has been canceled, representing a total of 50% of the supply.
• This is one of the efforts to raise the value of its KLAY token in 2023.
• The burned tokens came from Klaytn’s coffers (totaling 7,281 billion) and were minted during the mainnet launch in 2019.

South Korean public chain project Klaytn is said to have burned 52.96 KLAY, which is 50% of the total supply, as planned earlier to raise the value of its token.

Klaytn, a public blockchain platform developed by South Korean internet giant Kakao Corp tweeted today that the Cypress KIP-103 hard fork has been implemented at block 119750400, and the cancellation and rebalancing of funds are complete, and 5,296,324,269 KLAY were canceled, representing a total of 50% of the supply. Previously, the project community adopted a proposal to raise the token’s value.

Accordingly, the burned tokens came from Klaytn’s treasury (total of 7,281 billion) and were minted during the mainnet launch in 2019. These tokens correspond to about 50% of the total supply of KLAY. However, Klaytn will keep 2 billion KLAY and turn it into a “Value Creation for KLAY” fund for KLAY’s uses and deflationary pressure plans. But if usage is not guaranteed, these tokens will be burned within three years.

Before that, the Fund announced that it would actively build the necessary infrastructure for the ecosystem, such as Oracle, as well as invest in projects with development potential, thereby increasing the return value for customers’ whole network.

In the roadmap, Klaytn will identify key crypto infrastructure services, such as decentralized oracles, which add transaction utility and lead to more gas burning. The project will launch a permissionless network test in the second half of 2023 on its Cypress mainnet.

On the governance front, some new initiatives include establishing community board selection and dismissal processes. It will gradually transfer its decision-making power to the community, allowing token holders to have a say in who will sit on Klaytn’s Board of Directors (GC).

After the plan went through, the token recorded a temporary 4% drop and is currently trading at $0.254.

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