The Klaytn and Finschia Mainnet Merge Proposal (KGP-25), a joint exercise between the Klaytn Foundation and Finschia Foundation, received overall consent. This came from the holders and members of the governance. This will allow the two firms to create Asia’s largest Web3 ecosystem while also introducing a single mainnet.
The proposed chain merger aims to incorporate Finschia and Klaytn’s technologies, as well as their services and enterprise potential, to become Asia’s leading blockchain. The governance members officially voted on the merge proposal, and it eventually gained the necessary consent from more than 95% of those who supported Finschia and 90% who supported Klaytn. The combined network will include about 420 dApp solutions and over 45 members of governance, making it Asia’s largest blockchain ecosystem.
Both foundations will organize a task group to incorporate the chains and establish a single foundation in Abu Dhabi, UAE, with a deadline in the middle of 2024. Furthermore, they will establish a single governance framework for properly running the unified mainnet, as well as transfer their organizations and employment to the unified Foundation. Equal parts will choose the leaders of the unified foundation from Finschia and Klaytn. They will then use all of their knowledge to create and run a new, more decentralized, and integrated mainnet compatible with EVM and CosmWasm.
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The new blockchain will have all-new tokenomics, combining KLAY and FNSA into a single coin. Virtual assets that are no longer in circulation will be removed. There will be more transparency on governance allocation and community activity. Furthermore, the goal is to foster innovation in the Asian blockchain community by developing a framework for resolving institutional constraints. In addition, traditional stablecoins will be delivered, assisting emerging businesses and collaborating closely with partners.
According to Youngsu Ko, Chairman of the Finschia Foundation Council, there has never been a single blockchain network representing the Asian market. Their goal is to create Asia’s largest blockchain ecosystem through extensive brainstorming.
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According to Sam Seo, Representative Director of Klaytn Foundation, with ongoing communication with ecosystem participants, they are tremendously confident about developing Asia’s largest blockchain ecosystem.
