- The Klaytn Foundation is making changes to the governance and tokenomics model of the KLAY network.
- According to the Klaytn Foundation, the changes will increase the sustainability and decentralization of the blockchain.
- KLAY is now one of the biggest crypto gainers, rising by 49.3% last week.
The Klaytn Foundation, a major developer and code maintainer of the Klaytn blockchain, has announced that it is changing the governance system and tokenomics model of the native KLAY tokens.
Klaytn Foundation Makes Changes to KLAY Tokenomics
The foundation behind South Korea’s leading Layer-1 blockchain, Klaytn, has announced a new governance system and made changes to the tokenomics of the native token to increase community involvement in the network.
The changes are part of the Decentralization Phase of the Governance Roadmap. The proposal drawn in collaboration with the Klaytn Governance Council (GC) will also hold the detailed changes to be made to the token model of native KLAY tokens.
The proposal will also address how uncirculated (reserve) KLAY tokens are handled and will be presented in a revamped tokenomics proposal for GC voting from February 22nd through February 28th.
More Community Involvement Coming to the Klaytn Network
Other changes will see the Klaytn network take on a fully permissionless validator structure and allow the general public in open block validation.
To increase community participation in the Klaytn Network, the Foundation will also introduce a communication channel for community members to engage in decision-making processes.
The foundation hopes that becoming a more open and inclusive ecosystem will make the Klaytn network a more “reliable and sustainable blockchain mainnet for developers and the wider community alike.”
KLAY Outperforms the Crypto Market
The buildup of excitement around the Klaytn community has seen its native token, KLAY, outperform the broader crypto market. In the last week, the price of KLAY has jumped by 49.3%, making it one of the top performers in the crypto market.
The seven-day price chart for Klaytn (KLAY). Source: CoinMarketCap
Today, KLAY trades as high as $0.3024 for the first time since October 2022. KLAY now exchanges hands at $0.2901 and is ranked the 59th largest crypto, with a market cap of $884.5 million.
On the Flipside
- On February 27th, the foundation will release Klaytn’s roadmap for 2023 and beyond, outlining key governance, ecosystem, and tech initiatives.
Why You Should Care
The changes being made by the Klaytn Foundation aim at transitioning the blockchain into a wholly permissionless validator structure and increasing community participation.
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