Yves La Rose, CEO of the EOS Network Foundation, announced that a community proposal to limit the EOS supply to 2.1 billion tokens and burn the excess has been approved.
Once implemented, this proposal would exhaust nearly 80% of total EOS supply, primarily due to future emissions, with a fixed supply cap 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 presented a multi-signature proposal to establish this fixed supply and received 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.
La Rose also explained in his post that 950 million EOS tokens will be issued to support ecosystem growth and activities such as staker and block producer rewards.
Under the leadership of Yves La Rose, the EOS Network Foundation was established as a community support group in August 2021 and unveiled a new roadmap for the EOS ecosystem.
EOS was originally created by Block.one and first gained recognition when it raised $4 billion in ICOs between 2017 and 2018.
The EOS Network Foundation, which came together in 2021 under La Rose’s leadership, is a non-profit organization that seeks to support the EOS network and community.
The foundation and Block.one have previously been at odds, with Block.one claiming it did not reinvest significant ICO funds into the EOS network as promised.