Leading Asian internet corporations support Klaytn and Finschia. In addition to creating a single, unified foundation in Abu Dhabi, the merger will also create a new local token.
On Thursday, they shared the news that the two networks’ respective boards of directors had formally authorized their plan to join.
More than 45 enterprises, 420 decentralized applications (dApps), and 250 million Asian wallet users will come together to form the biggest Web3 ecosystem in Asia, according to a press release.
The South Korean internet firm Kakao is behind Klaytn, while the Japanese texting behemoth LINE created Finschia. In addition to Abu Dhabi, the two have set up networks in Singapore, Vietnam, Taiwan, and Thailand.
In their formal statement, the two companies stated their intention to work together as one entity, with equal representation from Klaytn and Finschia, to carry out the merger via the establishment of a new foundation in Abu Dhabi. Both EVM and CosmWasm will be able to connect to the new mainnet of the blockchain.
In the second quarter of this year, the tokens and governance are anticipated to combine, resulting in the introduction of a new native token. The release said that 384 million tokens, or 22.9% of the total token supply, would be destroyed together with any tokens that are no longer in circulation.
Additionally, Finschia and Klaytn want to produce a local stablecoin, set up DeFi on a massive scale, and create a blockchain adoption infrastructure for web2 enterprises in order to support web3 innovation in Asia.
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