- Klaytn (KLAY) and Finschia (FNSA) are looking to merge to create a new chain to dominate Asia’s Web3 market.
- The integrated blockchain is compatible with Ethereum EVM and Cosmos (CosmWasm).
Klaytn, a South Korean Web3 blockchain with significant presence in Singapore and Vietnam, is eyeing to dominate the Asian market through a major merger involving Finschia, a leading Japanese public blockchain.
Finschia blockchain was previously the LINE blockchain.
In an announcement Tuesday, Klaytn said it had submitted a governance proposal to integrate Metaverse and its GameFi-centric network with Finschia “to create Asia’s largest Web3 ecosystem.”
“The integrated blockchain will inherit and connect Web3 assets based on LINE and Kakao Messenger to create a powerful ecosystem with over 250 million user touchpoints in Asia.said the Klaytn Foundation.
New Token PDT
According to the details of Klaytn Governance Proposal 25 (KGP-25), if the proposal is passed, the resulting network will be responsible for over 420 dApps and services, as well as the participation of over 45 governance partners.
Through the integration, it seeks to leverage Klaytn’s DeFi and gaming services and Finschia’s traction in the NFT, payments, and AI services market.
Users will benefit from interoperability between the two chains and an expanded presence across Korea, Japan, Singapore, Vietnam, Taiwan, Thailand and Abu Dhabi. The new chain is compatible with Ethereum (EVM) and Cosmos (CosmWasm).
We weren’t kidding when we said 2024 would be a tough year. We have just submitted a governance proposal to merge 2024. #clayton and @Pinskia Creating Asia’s largest Web3 ecosystem with blockchain! More details below 🧵https://t.co/rNsqxxjBsj pic.twitter.com/mvJHPGdYof
— Klaytn (@klaytn_official) January 16, 2024
A new token (tentative name PDT) will be issued and will feature new token economics that are different from KLAY and FNSA, the native tokens of the Klaytn and Finschia blockchains respectively. Among its key features are a burn mechanism of 24% of total supply and an inflation rate of 5.2%. PDT is also expected to benefit from the three-layer burning model.
On Wednesday, KLAY and FNSA tokens were trading at $0.22 and $30.34, respectively, on major exchanges. But both fell nearly 5% late Tuesday, paring gains seen when the token’s price rose sharply.