Finschia

■ By combining the technology and competitiveness of each blockchain network, merged entity will become Asia's largest Web3 governance

■ A joint task force to be launched to establish an integrated foundation and mainnet

■ The merged blockchain will be compatible with both Ethereum and Cosmos, with the new native coin featuring sustainable tokenomics

 

 

ABU DHABI, United Arab Emirates – February 15, 2024 – The Finschia Foundation, the Abu Dhabi-based foundation that is the independent successor to LINE Blockchain’s mainnet and digital asset operations, announced today that its joint network merger proposal with Klaytn Foundation, operator of South Korea’s leading Layer 1 blockchain Klaytn, successfully passed in voting by the two bodies’ governance members. Accordingly, the two foundations will jointly launch an integrated mainnet to establish Asia's largest Web3 ecostytem.

 

The proposal aims to create Asia’s leading blockchain network based on superior blockchain technology, services, and business know-how. The proposal was submitted and voted by each foundation’s governance members. As a result, there was 95% who said yes from Finschia and 90% who said yes from Klaytn, passing the proposal with overwhelming vote in favour. The merged network will have approximately 420 DApps and more than 45 governance member partners, spurring the popularization of Web3 as Asia's largest blockchain ecosystem.

 

Following the passage of the proposal, the two foundations will set up a joint task force team to merge the chains and establish an integrated foundation in Abu Dhabi by the second quarter of this year. Team members from both foundations will be transferred to this new integrated foundation, which will be led by a board comprising an equal number of directors from each foundation.

 

The new blockchain will combine the best of Finschia’s and Klaytn’s technologies, and will be compatible with both EVM and CosmWasm, enhancing interoperability between the broader Ethereum and Cosmos ecosystems. KLAY and FNSA, the native coins of the two blockchains, will also be replaced by a new native coin with all-new tokenomics and all uncirculated coins will be burned.

 

To increase the transparency of operations, the merged chain will increase the governance delegation and participation from the community as well.  

 

Additionally, the foundation plans to work on new business initiatives such as infrastructure development to enhance accessibility for institutional investors, cooperating with diverse partners, and launching native stable coins to drive innovation in Asia’s blockchain industry.

 

“There was no one blockchain network that represented the Asian market and not enough community participation,” said Youngsu Ko, Chairman of the Finschia Foundation Council. “We plan to build Asia’s largest blockchain ecosystem with the diverse opinions from our partners and community that we gathered during the merger proposal process.”

 

“In the process of fine-tuning the merge proposal, we have seen how much positive change can be made through sincere communication with ecosystem participants, including the holder community and governance council members,” said Sam Seo, Representative Director at Klaytn Foundation. “As we emphasized during the proposal process, together we will build Asia's best blockchain ecosystem that will create greater future value.”

 

Details on the merger proposal can be found on the Finschia Foundation website. (https://www.finschia.network/disclosure/detail/390/)

 

# # #

 

 

About Finschia Foundation

The Finschia Foundation is an independent non-profit organization, based in Abu Dhabi, UAE, established in March 2023 to expand public blockchain and Web3 technologies. Inheriting the philosophy of LINE Blockchain’s “Blockchain for All”, the Foundation operates its third-generation public blockchain mainnet Finschia and crypto asset FINSCHIA (FNSA), and aims to achieve a sustainable token model with Web3 users around the world.

 

About Klaytn Foundation

Klaytn Foundation was established in 2020 to expand the ecosystem of Klaytn, a global Layer 1 blockchain platform, and has since been actively collaborating with its Governance Council members worldwide. Klaytn Foundation facilitates the adoption and development of new technologies to ensure that Klaytn fulfills its role as an open, trusted, and sustainable blockchain platform for developers and users alike. It also facilitates decision-making to ensure that the ecosystem continues to expand optimally in the rapidly changing blockchain landscape.

 

Disclaimer: The FINSCHIA (FNSA) staking and swapping activities available on the blockchain mainnet “Finschia” are not regulated and are not provided under the Finschia Foundation license.