Blockchain networks Klaytn, backed by South Korea’s Kakao, and Finschia, developed by Japan’s LINE, have unveiled a merger proposal aimed at combining their technologies and user bases, potentially establishing the most extensive web3 ecosystem in Asia.
The proposed merger between the leading blockchains in Japan and South Korea anticipates the creation of an ecosystem boasting over 420 decentralized applications (DApps). With Klaytn’s incorporation and Finschia’s integration with Kakaotalk and LINE, the combined blockchain could tap into a user base exceeding 250 million across Asia.
We weren’t joking when we said 2024 is going to be wild – we’ve just submitted a governance proposal to merge the #Klaytn and @finschia blockchains to create Asia’s largest Web3 ecosystem! Details below 🧵https://t.co/rNsqxxjBsj pic.twitter.com/mvJHPGdYof
— Klaytn (@klaytn_official) January 16, 2024
Notably, the suggested blockchain is set to support both CosmWasm and EVM, facilitating builders in leveraging the technological strengths of both platforms and fostering increased interoperability between the two prominent ecosystems.
$KLAY And $FNSA Can Now Convert Their Holdings To The New Currency
As part of the merger, a new native coin with a low inflation rate, a three-layer burning mechanism, and a Zero Reserve method is planned for release. This coin aims to provide sustained value generation, allowing holders of $KLAY and $FNSA to convert their holdings to this new currency upon issuance.
Moreover, the proposed merger seeks to establish the most extensive decentralized governance structure and Web3 business network in Asia. The collaboration would bring together the Finschia Governance Members and the Klaytn Governance Council, comprising prominent international corporations.
The announcement of the potential merger has triggered a notable surge in the price of $KLAY, witnessing an 18% increase in the last 24 hours and an impressive 1072% rise in its 24-hour trading volume.
The proposal is currently open for discussion, with governance voting scheduled to occur between January 26 and February 2.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.