Klayton’s proposal to “destroy 5.28 billion KLAYs out of 7.48 billion KLAYs” has been voted
On February 22, the Klayton Foundation released a proposal to “establish a sustainable and verifiable KLAY token economy”, proposing to immediately destroy and remove the 5.28 billion KLAYs that were not used in the past three years and eight months out of the initial issue reserve of about 7.48 billion KLAYs. If no use cases are found in cooperation with Klayton’s Governance Committee (GC), 2 billion KLAYs will be destroyed and stopped within 3 years.
Interpretation of this information:
The Klayton Foundation has released a proposal to create a sustainable and verifiable KLAY token economy. The proposal suggests the immediate destruction and removal of the 5.28 billion KLAYs that have not been used in the last three years and eight months, which were part of the initial issue reserve of about 7.48 billion KLAYs. This move aims to increase the scarcity and demand for the KLAY token.
Additionally, the proposal outlines plans to stop and destroy 2 billion KLAYs within the next three years if no use cases are found in cooperation with Klayton’s Governance Committee (GC). This step will further limit the total supply of KLAY tokens in the market, which can potentially increase their value.
Overall, this proposal by the Klayton Foundation emphasizes the need for a sustainable and verifiable token economy and aims to achieve it by reducing the supply of KLAY tokens. The move also indicates the foundation’s commitment to promoting the use of KLAY tokens by partnering with the GC to identify use cases.
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