The Klaytn and Finschia mainnet merger proposal (KGP-25), a joint movement between the Klaytn Foundation and Finschia Foundation, has received general agreement. This comes from the holders and members of governance. This will allow the two companies to establish Asia’s largest Web3 ecosystem while introducing a single mainnet.
The proposed chain merger aims to become Asia’s leading blockchain by integrating the technologies as well as services and enterprise potential of Finschia and Klaytn. Governance members formally voted on the merger proposal, ultimately obtaining the necessary consent from over 95% of those supporting Finschia and 90% of those supporting Klaytn. The combined network will include approximately 420 dApp solutions and over 45 governance members, making it Asia’s largest blockchain ecosystem.
Both foundations plan to form a task group to integrate the chain and establish a single foundation in Abu Dhabi, UAE, by mid-2024. The organization and employment are transferred to the Integrated Foundation. Equal parts from Finschia and Klaytn will select the leader of the unified foundation. We will then use all that knowledge to create and run a new, more decentralized, unified mainnet compatible with EVM and CosmWasm.
The new blockchain will have completely new token economics, combining KLAY and FNSA into one coin. Virtual assets that are no longer in circulation will be removed. There will be greater transparency around governance allocations and community activities. Additionally, the goal is to foster innovation in the Asian blockchain community by developing a framework to address institutional constraints. Additionally, traditional stablecoins will be provided to support emerging businesses and work closely with partners.
According to Ko Young-soo, Chairman of the Pinschia 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.
Klaytn Foundation CEO Seo Sam said he has strong confidence in developing Asia’s largest blockchain ecosystem through continuous communication with ecosystem participants.