Klaytn price trending as Klaytn Foundation unveils key changes

on Feb 20, 2023
  • Klaytn Foundation has unveiled tokenomics and governance changes.
  • The changes are aimed at increasing decentralization and sustainability of Klaytn Network.
  • Klaytn Network is a leading South Korean layer 1 blockchain.

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Klaytn price (KLAY/USD) is trending today after news of Klaytn Foundation unveiling some governance and tokenomics changes. At press time, KLAY was trading at $0.2885 down from a daily high of $0.351. The token was still in the green having gained an accumulative 1.05% in the past 24 hours.

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The Klaytn Foundation, a key developer and code maintainers of the Klaytn blockchain, aims at transitioning the Klaytn blockchain to a completely permissionless validator structure so that Klaytn Network can provide opportunities to both public and private participants willing to participate as validators.

The Klaytn Foundation is set to assume full operational power from the original developer of Klaytn Network, Krust Universe, starting March 1, 2023.

Klaytn changes

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The Klaytn Foundation is set to propose a comprehensive agenda to the blockchain’s governance council ahead of the council’s voting scheduled between February 22 and February 28. The proposal is expected to outline the blockchain’s roadmap for 2023 and beyond and include a new governance structure as well as a revamped tokenomics model for the native token KLAY.

When it comes to governance, the foundation plans to disclose the voting agendas of the governance council and establish a communication channel for the Klaytn community to participate in decision-making and governance.

Currently, the governance council, a group of network participants, is the one tasked with overseeing Klaytn Network governance.

The Klaytn Foundation will continue to serve as the decision-making organ for the Klaytn ecosystem and will propose major agendas for the platform. However, the governance council decision-making authority will be expanded to allow the Foundation to promote projects based on the governance council members’ decisions. The governance council voting agendas and statuses will then be disclosed in real-time through the Klaytn Square, which is a governance protocol.

The Klaytn Foundation will also present a revamped tokenomics proposal to the governance council starting Monday. The proposal allegedly handles the uncirculated (reserve) KLAY tokens.

The finalized agendas and proposals are expected to be made public on February 28 in addition to the 2023 roadmap.

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