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[FGP-23] Finschia x Klaytn Mainnet Merge: Proposal (Revised)
2024.02.06(2024.2.6 Revised)
- The revised section regarding the numbers for the governance delegation and transfer plan of LINE NEXT in P12, which had not been included, has now been updated and reflected.
Greetings from the Finschia & Klaytn team.
We extend our proposal to the esteemed members of our governance and the community, aiming for the merger of Finschia & Klaytn in pursuit of creating Asia’s leading blockchain.
- Merger Proposal Overview:
The year 2024 is of great significance to us. With the approval of Bitcoin ETFs and the adoption of AI, we anticipate a rapid transition to Web3. Although the Asian market drives 34% of global GDP and 77% of cryptocurrency trading volume, the market capitalization of Asian blockchain is only at 5%, indicating a fragmented and underutilized sector. We see this as a significant opportunity. By integrating Finschia and Klaytn, which hold Asia’s largest product and infrastructure assets, we aim to establish the leading blockchain in Asia and achieve explosive growth.
The integrated blockchain will inherit and connect Web3 assets based on LINE and Kakao messengers, creating a robust ecosystem with over 250 million user touchpoints in Asia. Additionally, it will encompass more than 420 DApps and services, over 45 governance partners, and over 450 Web3 resources (based on foundations and key participants in the ecosystem), establishing the largest Web3 network in Asia.
The ecosystem integration will be conducted in a way that maximizes synergy between the two entities. The Finschia’s strong presence in Japan, Taiwan, Thailand, and Abu Dhabi will be combined with powerful networks of Klaytn in Korea, Singapore, and Vietnam. The merger will allow interoperability between Finschia’s NFT, payment, AI services, and Klaytn’s DeFi, and gaming services. The integrated token will be usable on both LINE and Kakao messengers. The merger of Finschia and Kakao is expected to create new Web3 infrastructures and enhance the scalability and liquidity of tokens in major Asian countries.
A new integrated token (provisionally named PDT) will be issued, and holders of FNSA and KLAY will be able to claim this new token. This merger proposes a completely new tokenomics. Approximately 22.9% of the existing issuance will be burned, and the unissued supply will be permanently removed. The integrated inflation will be reduced to 5.2%, and a new 3-Layer burning model will be introduced to sustain growth.
The integrated blockchain will combine Ethereum(EVM) and Cosmos(CosmWasm) technologies to provide a network with new compatibility and high performance. Its governance will involve over 45 companies, forming the largest Web3 governance in Asia. The expansion of participating companies and the enhancement of community delegation functions will maximize decentralization.
❖ The schedule for the proposal is as follows.
1. Simultaneous posting of Finschia and Klaytn proposals — 2024.01.16 (Tue) 05:00 UTC
2. Simultaneous posting of Revised / Amended proposal (FGP-23)—2024.02.06 (Tue) 01:30 UTC
3. Commencement of governance voting — 2024.02.08 (Thur) 05:00 UTC
4. Conclusion of governance voting — 2024.02.15 (Thur) 05:00 UTC
If this proposal is approved, we plan to establish an integrated foundation within the second quarter, initiate the new token swap, complete governance integration, and launch new business initiatives for the merged mainnet. This merger is expected to mark the birth of Asia’s largest blockchain ecosystem and accelerate the mass adoption of Web3 in Asia.
For additional insights, please see the comprehensive details in the attached PDF document. Also, note that this proposal will be submitted and uploaded to LINE Blockchain Scan’s Governance page on the day of governance voting commencement, the 8th of February.
The Finschia & Klaytn Foundation