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Klaytn Blockchain to Boost KLAY Token Demand & Value in 2023

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Klaytn Blockchain to Focus on Demand and Value of KLAY Token

  • Klaytn is a public blockchain platform developed by South Korean internet giant Kakao Corp.
  • The blockchain plans on establishing KLAY as a deflationary asset, and provides tools for developers.
  • Klaytn intends to increase the demand and value for KLAY tokens through initiatives such as burning 50% of supply, launching permissionless pilot network, and transferring decision-making authority to community.

Klaytn Platform Overview

Klaytn is a public blockchain platform developed by South Korean internet giant Kakao Corp. The goal of Klaytn is to provide an easy and friendly experience for both developers and users alike. To this end, the platform has enabled KLAY token as its native currency. This decentralized asset acts as a deflationary asset with limited supply that can be used for various transactions within the Klaytn ecosystem. Furthermore, Klaytn also provides many tools for developers who want to launch products on the network.

Initial Burn of Half Supply of KLAY Tokens

In order to increase the demand for KLAY tokens, Klaytn recently passed a governance proposal in which about 50% of the total supply will be burned. This move aims at making KLAY more valuable going by the demand and supply principle. Additionally, this will also reduce inflationary pressure from new tokens being created continuously, thus allowing existing token holders to benefit from appreciation in price due to increased scarcity.

Pilot Network & Governance Initiatives

Klaytn plans on launching a permissionless pilot network on its Cypress mainnet in the second half of 2023 which will test automation of entry/exit mechanisms of validators or entities responsible for verifying transactions on any blockchain. In addition, several governance initiatives are proposed including establishment of Community Fund (KCF) & Foundation Fund (KFF) as well as selection and sacking processes regarding members sitting on the governance council which oversees Klaytn Network’s governance decisions.

Although KLAY token’s current price is in red, it is expected that real utility use cases built around it coupled with initiatives taken by Kalytns will result in considerable rise in its value over time .

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