Layer 1 Blockchain clayton clay
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“Our efforts will culminate in creating Asia’s largest Web3 ecosystem, encompassing more than 45 enterprises, 420 dApps and services, and governance that engages an Asian wallet user base of over 250 million users.” said.
Klaytn is backed by South Korean internet giant Kakao, while Finschia was developed by Japanese messaging giant LINE. The two established networks in Singapore, Vietnam, Taiwan, Thailand, and Abu Dhabi.
In an official announcement, the two organizations said They will set up a new foundation in Abu Dhabi to execute the merger under unified leadership with equal seats from Klaytn and Finschia. The new blockchain mainnet is compatible with both EVM and CosmWasm.
Tokens and governance are expected to be integrated in the second quarter of this year, with new native tokens introduced. It was announced that 22.9% of the existing tokens issued, or equivalent to $384 million, will be burned, and all uncirculated tokens will be removed.
Klaytn and Finschia also plan to champion web3 innovation in Asia by launching native stablecoins, deploying DeFi at scale, and building blockchain adoption infrastructure for web2 companies.
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About the author
Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He previously worked as a reporter for Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong, and China. He holds a Bachelor’s degree in Journalism and Business Marketing from the University of Hong Kong.