NEOPIN

Dragon

Klaytn

The Klaytn and Finschia blockchains will merge following overwhelming support for the measure from governance members. The blockchains’ foundations plan to launch an integrated mainnet that will be Asia’s biggest Web3 ecosystem, they claim.&nbsp;
Governance members of South Korea-based Klaytn passed the merger proposal, with 90% of members voting in favor. At the Abu Dhabi-based Finschia, support reached 95%. The foundations will now set up a joint task committee to merge the chains and the foundations in the second quarter of the year. The transition is being <a href="https://vos.line-scdn.net/landpress-content-v2-ogautzqf79ax91l8h8icywfr/1707181527796.pdf?updatedAt=1707181527000" target="_blank" rel="noopener noreferrer nofollow">called</a> Project Dragon.
The merger was <a href="https://medium.com/klaytn/finschia-klaytn-chain-merge-proposal-our-vision-for-asias-1-blockchain-ecosystem-7de1588e28c0" target="_blank" rel="noopener noreferrer nofollow">proposed</a> in January and was <a href="https://scan.blockchain.line.me/Finschia%20Mainnet/gov/22" target="_blank" rel="noopener noreferrer nofollow">rejected</a> by 99% in its first vote later that month. A new version of the proposal was <a href="https://www.finschia.network/disclosure/detail/390/" target="_blank" rel="noopener noreferrer nofollow">introduced</a> on Feb. 5.
The integrated foundation will be based in Abu Dhabi and have an equal number of directors from both current chains. The new network will <a href="https://medium.com/klaytn/finschia-klaytn-chain-merge-proposal-our-vision-for-asias-1-blockchain-ecosystem-7de1588e28c0" target="_blank" rel="noopener noreferrer nofollow">form</a> a large ecosystem:
<blockquote>
 “Inheriting LINE and Kakao messenger-based Web3 assets, creating a potential user pool of over 250 million web3 users in Asia, 420+ DApps, 45+ governance partners, and 450+ Web3 resources.”
</blockquote>
Governance members include Kakao, Binance and Quantstamp from the Klaytn side and SoftBank and CertiK from Finschia.
Related: <a href="https://cointelegraph.com/news/1inch-plugs-into-klaytn-as-asia-continues-to-climb-aboard" rel="noopener noreferrer nofollow">1inch plugs into Klaytn as Asia continues to climb aboard</a>
The new chain will be compatible with both Ethereum and Cosmos. The KLAY and FNSA coins will be replaced by a single new coin. Klaytn <a href="https://medium.com/klaytn/klaytn-and-finschia-merge-proposal-passes-creating-asias-largest-blockchain-ecosystem-b63505d4a09d" target="_blank" rel="noopener noreferrer nofollow">described</a> its future direction:
<blockquote>
 “The foundation plans to work on […] infrastructure development to enhance accessibility for institutional investors, cooperating with diverse partners, and launching native stable coins to drive innovation in Asia's blockchain industry.”
</blockquote>
Klaytn <a href="https://cointelegraph.com/news/south-korean-internet-giant-kakaos-blockchain-platform-to-launch-in-june" rel="noopener noreferrer nofollow">was launched in 2019</a> by the South Korean messaging service and internet company Kakao. LG <a href="https://cointelegraph.com/news/lg-using-new-blockchain-dapp-platform-from-korean-internet-giant-kakao" rel="noopener noreferrer nofollow">was an early user</a>.
<blockquote class="twitter-tweet">
 Congratulations to the <a href="https://twitter.com/Klaytn?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Klaytn</a> and <a href="https://twitter.com/finschia?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Finschia</a> foundations and communities for successfully passing the mainnet merge proposals! With the establishment of Project Dragon , NEOPIN aims to be the No. 1 DeFi protocol in the Project Dragon ecosystem and is committed to… <a href="https://t.co/aKXHfsWNcP" rel="noopener noreferrer nofollow">https://t.co/aKXHfsWNcP</a>— NEOPIN (@NeopinOfficial) <a href="https://twitter.com/NeopinOfficial/status/1758015226182803560?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 15, 2024</a>
</blockquote>
Finschia <a href="https://cointelegraph.com/news/japans-messaging-giant-line-launches-its-own-cryptocurrency" rel="noopener noreferrer nofollow">was established by the Japanese</a> social media company Line in 2018 and was known as the Link blockchain. It <a href="https://medium.com/lineblockchain/en-line-blockchains-new-look-finschia-9b2b08c648d0" target="_blank" rel="noopener noreferrer nofollow">changed</a> its name to Line in 2020 and to Finschia in April 2023, when the Finschia Foundation was set up in Abu Dhabi. It <a href="https://linecorp.com/en/pr/news/global/2023/123" target="_blank" rel="noopener noreferrer nofollow">announced</a> “plans to gradually transition its governance system into a consortium structure for decentralization” at the same time.
Magazine: <a href="https://cointelegraph.com/magazine/unique-amazing-south-koreas-cryptoverse/" rel="noopener noreferrer nofollow">South Korea’s unique and amazing crypto universe</a>

Klaytn, Finschia blockchains merge, with new foundation to form in Abu Dhabi

Cointelegraph

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