Klaytn Foundation announces new governance and revamped tokenomics

• The Klaytn Foundation has announced key changes to the blockchain’s governance system and tokenomics. 
• The new initiatives are expected to boost the blockchain’s sustainability and decentralization.

Klaytn, the leading layer 1 blockchain from South Korea, is set to undergo a series of changes to its governance system and its tokenomics.

According to the Klaytn Foundation, the new system will boost the technical capabilities, sustainability, and decentralization of the Klaytn network.

The changes are in line with the blockchain’s governance roadmap which was introduced in 2019 at the launch of the Klaytn mainnet. 

Klaytn Foundation to take over control from Krust Universe

According to the announcement by Klaytn, the changes unveiled by the Klaytn Foundation will enhance the sustainability, decentralization, and technical capabilities of the Klaytn blockchain ecosystem.

Klaytn has gone through the development and stabilization phases and is currently in its decentralization phase, the final stage of its governance roadmap. 

As per the proposed changes, the foundation will establish a communication channel to allow more involvement from its community in the network’s governance process.

Furthermore, the Klaytn Foundation will take over the operational control of the network from its original developer, Krust Universe. The aim is to expand its scope and capabilities to support the development of new applications and services on the network. 

Additionally, the foundation will deliver a proposal to the Klaytn Governance Council, outlining key changes to its tokenomics. The Governance Council will vote on the same starting 22 February through 28 February.

Commenting on the proposed changes, the Representative Director of the Klaytn Foundation, Dr. Sangmin Seo said,

“With our new initiatives, the Klaytn blockchain has an opportunity to take yet another step towards decentralization. The Foundation remains steadfast in its commitment to advancing blockchain technology, fostering community trust, and relentlessly working towards decentralization.”

The massive hike in native token KLAY’s price shows that opportunistic traders scrambled to capitalize on Klaytn’s developments.

The token’s 24-hour trading volume soared more than 20%. At the time of writing, KLAY was trading at $0.30, up more than 7% since last day.