Klaytn Burned About 50% of Total Supply to Increase Value of Token

Klaytn, a public blockchain platform developed by South Korean internet giant Kakao Corp, announced on Twitter that the Cypress hard fork KIP-103 has been implemented at block 119750400 and the cancellation and rebalancing of funds has been completed. 5,296,324,269 KLAYs have been cancelled, representing a total of 50% of the supply. Earlier, the project community accepted a proposal to increase the cost of the token.

The tokens burned came from the Klaytn treasury (7.281 bln in total) and were minted during the 2019 mainnet launch. These tokens represent approximately 50% of the total KLAY supply. Klaytn will keep 2 bln KLAY and turn it into a “Value Creation for KLAY” fund for KLAY’s uses and deflationary pressure plans.

In the roadmap, Klaytn will identify key crypto infrastructure services such as decentralized oracles that increase the utility of transactions and lead to higher gas consumption. The project will launch permissionless network testing in the second half of 2023 on its main Cypress network. At the time of writing, KLAY is trading at $0.254.

Image: Blockhead

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