Klaytn

The Klaytn Foundation has announced that they will retire almost all of the Klay tokens that have not been used for more than three years, which amounts to 5.3 billion Klay out of 7.5 billion initially issued reserves. If no use is found for the remaining two billion Klay within the next three years, they will also be retired.The Klaytn blockchain generates 6.4 Klay per second and has an inflation system in which about 200 million Klay is added to the initial issuance amount per year. Currently, 3.1 billion Klay is circulating in markets such as exchanges.The Klaytn Foundation has decided to retire the undistributed Klay to increase demand compared to supply, which they believe will help establish Klay as a deflationary digital asset. They will integrate KGF and KIR into the Klaytn Community Fund (KCF) to operate more transparent and decentralized way. The Klaytn Foundation Fund (KFF) will be used for foundation operation, attracting new GCs, and developing foundation-led services.The Klaytn Foundation can participate indirectly in the ecosystem&#39;s operation, and KLAY holders can delegate voting rights by depositing (staking) KLAY to some GC members. They plan to expand demand for Klay by supporting project success, predicting realistic KLAY usage, and nurturing existing services or attracting new projects.Chairman Seo Sang-min said that retiring the reserve amount and the revamped tokenomics will help vitalize projects on the Klaytn mainnet, onboarding promising projects in the short and long term and ultimately playing a positive role for Klaytn&#39;s future.<a href="https://www.eblockmedia.com/news/articleView.html?idxno&#61;656" rel="noopener noreferrer nofollow"># Klaytn Foundation to retire unused tokens</a>

Klaytn Foundation to retire unused tokens

Blockmedia

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