South Korea's Klaytn and Abu Dhabi's Finschia blockchains have finalized a merger, paving the way for the creation of "Project Dragon."
South Korea's Klaytn and Abu Dhabi's Finschia blockchains have finalized a merger, paving the way for the creation of "Project Dragon," a new, integrated mainnet billed as the biggest Web3 ecosystem in Asia. This follows overwhelming support from both chains' governance members, reversing an initial rejection in January.
The merger proposal garnered a resounding 90% approval from Klaytn's South Korean community and a near-unanimous 95% from Finschia's Abu Dhabi-based stakeholders. This shift in sentiment showcases the potential benefits envisioned by both communities.
The combined entity, headquartered in Abu Dhabi, boasts an impressive footprint: a potential user base exceeding 250 million (powered by LINE and Kakao integration), over 420 decentralized applications (DApps), 45+ governance partners, and 450+ Web3 resources. Renowned industry players like Kakao, Binance, and Quantstamp from Klaytn, and SoftBank and CertiK from Finschia, will come together on the governance board.
Technical details are still under wraps, but the new chain will be compatible with both Ethereum and Cosmos, while existing KLAY and FNSA coins will be replaced by a single, unified token. Klaytn further outlined its vision for the future, prioritizing infrastructure development to attract institutional investors and launching native stablecoins to fuel innovation within the Asian blockchain ecosystem.
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