[FGP-23] Approval Notice for the Merger Proposal between Finschia and Klaytn
Summary
■ 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
Hello, this is the Finschia Foundation.
On February 15th, the merger proposal between Finschia and Klaytn was finalized with a 100% voting turnout and a 95% approval rate.
We are now poised to build the largest blockchain ecosystem in Asia. Our efforts will culminate in creating the largest Web3 ecosystem in Asia, encompassing governance with participation from over 45 companies, 420 dApps and services, and a user base of more than 250 million Asian wallet users.
Both foundations will immediately establish a task force (TF) for the merger and proceed to set up a unified foundation based in Abu Dhabi, UAE. Having initiated changes under new management and organizational structures a year ago, the Finschia and Klaytn foundations are set to create a new joint business system, driving another wave of innovation.
The integration of tokens and governance is scheduled to take place in the second quarter of this year. The merged token will introduce a completely new tokenomics, with 22.9% ($384M worth) of the existing issuance being burned, alongside the removal of non-circulating amounts and a three-phase burning model. The integrated governance will foster a community-centered ecosystem through user delegation functions and voting weights. Moreover, under a new transparency protocol, we will realize a highly stringent and transparent operational system, establishing a new status and trust in the market as Asia’s largest blockchain.
Additionally, the two foundations will promote various innovations for the growth of the entire Asian blockchain industry, including infrastructure for institutional demand proposed in the merger, launching a native stablecoin, building large-scale DeFi, and developing Web2 company-oriented infrastructure for mainstream adoption.
Thank you for the great interest you have shown in our recent merger proposal. We are grateful for the various perspectives and feedback received from different companies and community members during the voting period. We are committed to meeting your expectations by incorporating this valuable input. We kindly ask for your continued interest and support moving forward.
Thank you.
Finschia Foundation
