After a prolonged voting process, the merger proposal between Kakao’s public chain Klaytn and LINE’s public chain Finschia has finally been officially approved by the members of both organizations on Thursday, the 15th. The two parties will collaborate to launch an integrated mainnet to establish the largest Web3 ecosystem in Asia.
The merger proposal received overwhelming support, with 95% in favor from Finschia (formerly known as LINE Blockchain) and 90% support from Klaytn. In a press release, the Finschia Foundation stated that both foundations will establish a new foundation in Abu Dhabi to execute the merger under unified leadership. The new blockchain mainnet will be compatible with Ethereum Virtual Machine (EVM) and CosmWasm.
Token integration (Finschia’s $FNSA and Klaytn’s $KLAY) and governance integration will take place in the second quarter of this year. The merged tokens will introduce a new token economy. 22.9% of the existing token supply, valued at $384 million, will be burned, and all uncirculated coins will be removed.
Klaytn and Finschia also plan to support Web3 innovation in Asia by launching a native stablecoin, establishing a large-scale DeFi infrastructure for Web2 companies, and blockchain application infrastructure.
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Related news: “Klaytn and LINE’s Finschia propose merger to create leading blockchain in Asia”
