Yves La Rose CEO EOS
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The Network Foundation said a community proposal to limit EOS supply to 2.1 billion tokens and burn the excess has been approved.
Once this proposal is implemented, nearly 80% of the total EOS supply will be depleted, primarily due to future emissions, and the fixed supply limit will be set at 2.1 billion rather than 10 billion.
The EOS Network Foundation represents the EOS community and acquired control of Block.one in 2021.
The Foundation previously introduced a multi-signature proposal to establish this fixed supply and obtained approval from at least 15 of the 21 EOS block producers.
“The EOS network has reached an agreement to approve the tokenomics proposal,” La Rose wrote in the X post.
Initial updates will be implemented in the coming months.
EOS currently has a circulating supply of 1.15 billion tokens, equivalent to 54% of the total planned supply.
Additionally, 950 million EOS tokens will be issued to support ecosystem growth and activities such as staker and block producer rewards, La Rose explained in his post.
Under the leadership of Yves La Rose, the EOS Network Foundation was established as a community support group in August 2021 and announced a new roadmap for the EOS ecosystem.
EOS was originally developed by Block.one and first gained significant attention when it raised $4 billion in ICOs between 2017 and 2018.
Established under La Rose’s leadership in 2021, the EOS Network Foundation is a non-profit organization that aims to support the EOS network and community.
The foundation and Block.one previously had a dispute, with Block.one allegedly failing to reinvest significant ICO funds into the EOS network as promised.
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