Web3 Powerhouses Klaytn and Finschia Announce Their New Merger Plans
In a groundbreaking move that is set to reshape the landscape of the blockchain industry, the Klaytn Foundation and Finschia Foundationhave jointly proposed a chain merge to create Asia’s leading blockchain ecosystem. The merger of these two influential blockchain giants has the potential to unleash a new era of innovation and growth in the Web3 space. With Asia accounting for a significant portion of global GDP and cryptocurrency trading volume, this collaboration seeks to harness the untapped potential of the Asian blockchain market.
The Vision
🎙️Announcing Finschia x Klaytn Mainnet Merge!
Today, we propose the merger of Finschia and Klaytn in pursuit of creating Asia's leading blockchain.
1️⃣ Will compass 420+ dApps and services, 45+ GC, 450+ Web3 resources 2️⃣Will combine Ethereum(EVM) and Cosmos(CosmWasm) 3️⃣The… pic.twitter.com/F2A1zRw1B6
The vision behind this merger is to establish a robust and competitive mainnet ecosystem that combines the strengths of Klaytn and Finschia. These two foundations will create a unified organisation sharing technologies, services, and business networks. Partners such as Kakao, LINE, and others who have played pivotal roles in developing their respective mainnets will also be part of this integrated ecosystem. The ultimate goal is positioning itself as Asia’s largest Web3 ecosystem and driving blockchain mass adoption across the region.
A Vast Web3 Ecosystem
The combined capabilities of Klaytn and Finschia will result in a Web3 ecosystem of unprecedented scale.Klaytn’s robust technical infrastructure, coupled with its substantial presence in South Korea, Singapore, and Vietnam, will merge seamlessly with Finschia’s comprehensive service network, which is highly regarded in Japan, Taiwan, Thailand, and Abu Dhabi. The merger will bring together a staggering array of 420+ DApps and services, 45+ governance partners, and 450+ Web3 resources, making it the largest Web3 network in Asia.
Moreover, the merged blockchain will inherit integration with Kakao and LINE messengers, offering access to over 250 million potential Asian users. This integration is poised to be a catalyst for developing new Web3 infrastructure in key Asian countries and will significantly enhance scalability and liquidity.
The Path Forward
Klaytn Foundation is partnering with @finschia Foundation, to propose the launch of a new mainnet project through the integration of the two blockchain ecosystems.https://t.co/kjhOzvOS7u
Should the proposal receive approval from Klaytn and Finschia’s governance voting processes, the two foundations will embark on a journey towards a chain merge, accompanied by several strategic initiatives. These initiatives include strengthening the DeFi infrastructure, launching a native stablecoin, onboarding AI-based DApps, facilitating the onboarding of Web2 companies, partnering with top-tier Japanese gaming companies, and fostering communities in various Asian countries.
Revamping Tokenomics for Sustainability
One of the significant changes that will follow the chain merge is the introduction of a new native coin, provisionally named PDT. This coin will replace KLAY and FNSA and will be issued based on the combined total amount of these coins. The proposed tokenomics for PDT will prioritise sustainable value creation, with a lower base inflation rate and a 3-layer burning model designed to reduce coin supply as network activity increases. A noteworthy aspect of this proposal is the immediate burning of 24% of the new coins issued, aimed at implementing Zero Reserve Tokenomics for added certainty.
Enhanced Governance and Interoperability
The merger will not only unify the governance of Klaytn and Finschia but will also enhance user and community delegation capabilities. Introducing a permissionless node validation system will promote transparency, trust, and openness within the ecosystem. Furthermore, the merged blockchain will support EVM and CosmWasm, making it accessible to Ethereum and Cosmos builders and promoting interoperability between the two ecosystems.
Conclusion
In conclusion, the proposed merger between Klaytn and Finschia holds the potential to reshape the Asian blockchain landscape and drive Web3 mass adoption across the region. These two foundations are poised to create Asia’s most prominent blockchain ecosystem by combining their strengths and resources, benefitting the blockchain industry and Asia’s IT and entertainment enterprises. With the support of their communities, the future looks promising for this visionary collaboration.
