Finschia Foundation and Klaytn Foundation have authorized a merger to create Asia’s largest layer-1 blockchain, after 95% unanimous vote.
A merger proposal has been authorized by the Web3 communities of the Finschia Foundation and the Klaytn Foundation, which will result in the formation of the largest layer-1 blockchain in Asia. With a perfect score of 95% and an overwhelming vote of 100%, the merger was greenlit on Friday.
Also, a collaborative task force to build an integrated foundation and mainnet would be formed by the two corporations, according to their announcement. The new blockchain can work with Ethereum and Cosmos. In addition, Klaytn and Fnschia intend to release a new native coin that incorporates sustainable tokenomics.
Now that we’re ready, we can construct the biggest blockchain ecosystem in all of Asia. According to a statement issued on the Finschia website, the companies are aiming to create the biggest Web3 ecosystem in Asia. This would involve governance with the involvement of more than 45 enterprises, 420 decentralized apps and services, and a user base of over 250 million Asian wallet users.
The combined foundation is said to have chosen Abu Dhabi, UAE as its center of operations. In preparation for what they term “a new joint business system, driving another wave of innovation,” the two firms began restructuring a year ago, with new leadership at the helm.
There will be a 22.9% ($384M) token burn of the existing token supply and the removal of non-circulating amounts in Q2 2024, coinciding with the planned token launch and new governance. A three-stage burning process is also in the works for the future by the new organization.
With the help of voting weights and user delegation functions, the new token will power an integrated governance architecture that is focused on the community.
In order to boost the blockchain industry across Asia, the two foundations intend to work together on various projects. A native stablecoin, large-scale DeFi, and Web2-company-oriented infrastructure for mainstream acceptance are among the advances proposed in the merger. The merger also calls for the establishment of an institutional-grade infrastructure.