The public chain Klaytn has destroyed 5.296 billion KLAY, accounting for 50% of the total supply

Binance News · 2023-04-17T02:20:23.000Z

Klaytn, a Korean public chain project, stated on Twitter that the Cypress KIP-103 hard fork has been executed at block 119750400, and the destruction and fund rebalancing have been completed. 5,296,324,269 KLAYs have been destroyed, accounting for 50% of the total supply. As previously reported, on April 13, the Klaytn Foundation stated that it will conduct a hard fork upgrade at block height 119,750,400 or approximately 2023-04-16 16:01 (UTC) based on the approved KGP-6 proposal, and will also destroy the Nearly 5.28 billion KLAY (approximately US$1.3 billion) accounts for approximately 50% of the total supply. These destroyed Tokens came from Klaytn’s treasury (a total of 7.281 billion) and were minted during the launch of the mainnet in 2019. The remaining 2 billion Tokens in the reserve will be retained to fund future ecosystems; however, these Tokens will be burned within three years if their use is not guaranteed.

South Korean public chain project Klaytn stated on Twitter that the Cypress KIP-103 hard fork has been executed at block 119750400, and both destruction and fund rebalancing have been completed. 5,296,324,269 KLAYs have been destroyed, accounting for 50% of the total supply.
As previously reported, on April 13, the Klaytn Foundation stated that it would carry out a hard fork upgrade at block height 119,750,400 or approximately 2023-04-16 16:01 (UTC) according to the approved KGP-6 proposal, and at the same time, it would destroy nearly 5.28 billion KLAY (about $1.3 billion), accounting for about 50% of the total supply. These destroyed tokens come from Klaytn's treasury (a total of 7.281 billion), which were minted during the mainnet launch in 2019. The remaining 2 billion tokens in the reserve will be retained to fund the future ecosystem; however, if the purpose is not guaranteed, these tokens will be burned within three years.