“Finschia, LINE’s Blockchain Venture, and Klaytn Propose Merger for Token and Governance Integration, Set to Take Place in Q2”

"Finschia, LINE's Blockchain Venture, and Klaytn Propose Merger for Token and Governance Integration, Set to Take Place in Q2"

"Finschia, LINE's Blockchain Venture, and Klaytn Propose Merger for Token and Governance Integration, Set to Take Place in Q2"

After a prolonged voting process, the merger proposal between Klaytn, the public chain of South Korean communication software company Kakao, and Finschia, the public chain of LINE, has finally received formal approval from the members of both autonomous committees on Thursday (15th). The two parties will jointly launch an integrated mainnet to establish the largest Web3 ecosystem in Asia.

The merger proposal was approved with an overwhelming support rate of 95% from Finschia (formerly known as LINE Blockchain) and 90% from Klaytn. In a press release, the Finschia Foundation stated that the two parties will establish a new foundation in Abu Dhabi to execute the merger under unified leadership. The new blockchain mainnet will be compatible with Ethereum Virtual Machine (EVM) and CosmWasm.

Token integration (Finschia’s $FNSA and Klaytn’s $KLAY) and governance will take place in the second quarter of this year. The merged tokens will introduce a new token economy. 22.9% of the existing token supply (worth $384 million) will be burned, and all uncirculated coins will also be removed.

Klaytn and Finschia also plan to support Web3 innovation in Asia by launching native stablecoins, establishing large-scale DeFi (decentralized finance) for Web2 companies, and building blockchain application infrastructure.

Source:
Related report: “Asia’s two major public chains plan to merge! Klaytn and LINE’s Finschia jointly propose a merger to create a leading blockchain in Asia.”