Klaytn Hardfork and Token Supply Burn
According to recent announcements, the Klaytn (KLAY) network is set to undergo a significant upgrade and hard fork. This event will occur at the Klaytn block height of 119,750,400, or approximately on April 16th, 2023, at 16:01 (UTC). As part of the core updates, the Kore hardfork will also activate the burn of almost 50% of the total $KLAY token supply. Binance has confirmed its support for the Klaytn network upgrade and hard fork. Deposits and withdrawals of Klaytn will be suspended starting from April 16th, 2023, at 15:00 (UTC).
April Milestones for Klaytn
Some notable milestones planned for Klaytn in April include a website renewal, the Kore v1.10.2 hardfork with a 50% supply burn, an inaugural community town hall, the launch of 'Proof of Hodl' community space, and the introduction of on-chain governance via the Klaytn Square platform. In an effort to make $KLAY a deflationary asset, Klaytn plans to burn 73% of its current reserves. The short-term tokenomics improvements aim to optimize KLAY's supply by burning over 5 billion KLAY that has remained unused in the last three years and eight months. This amounts to around 48% of the current total KLAY supply. The remaining 2 billion KLAY will be designated as the KLAY Value Creation Reserve and will only be used to facilitate deflationary KLAY tokenomics, with approval of usage lying with the GC. Any decisions regarding the use of the KLAY Value Creation Reserve will be conducted via on-chain governance through the Klaytn Square governance portal.
About Klaytn and Its Governance Council Updates
Klaytn is an enterprise blockchain platform developed by South Korean internet provider Kakao. Its modular network architecture is designed to enable businesses to conveniently customize and operate their own service-oriented blockchains built atop Klaytn architecture. There have been some recent changes in the Klaytn Governance Council (GC). Firstly, LG Electronics will be withdrawing from the GC as their mutually agreed-upon Core Cell Operator (COO) period has ended, and the decision was made not to extend it further. Secondly, Hashed-Ozys, which has been serving as a joint GC, has split into separate entities. Moving forward, both Hashed and Ozys will become individual GC members, with Ozys taking over the current Hashed-Ozys node and Hashed operating a new node. Lastly, three leading contributors to the Klaytn ecosystem — MARBLEX, PlayDapp, and DoraHacks — will be joining the Klaytn GC in April 2023.
New Klaytn Governance Council Members
The new Klaytn Governance Council members include DoraHacks, a multi-chain Web3 developer incentive platform. DoraHacks has over 500,000 active users globally and has given out more than $30 million in grants and hackathon prizes to over 3,000 projects. DoraHacks provides its global developer community with not just hackathons but also secondary funding, privacy voting, and other community governance funding toolkits. The Klaytn Foundation welcomes all the new GC members and looks forward to their active contribution to the Klaytn ecosystem in the near future.