Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Blockchain networks Klaytn and Finschia are poised to merge. Their respective tokens, KLAY and FNSA, will be substituted with a new native token. This initiative seeks to create the largest Web3 ecosystem in Asia.
Members of the boards of Klaytn and Finschia Foundation have voted in favor of consolidating the networks into a unified Web3 ecosystem. The endeavor to merge Asia’s leading blockchain infrastructure and Web3 product providers has been termed Project Dragon.
The roadmap outlines plans to introduce an integrated core network that is compatible with EVM and CosmWasm. Furthermore, a new native token, provisionally named PDT, will take the place of KLAY and FNSA coins and will be used on messaging platforms LINE and Kakao.
Sam Seo, Representative Director of Klaytn Foundation, emphasizes that the consolidated network will enable interoperability among NFTs, payments, Finschia’s AI services, and Klaytn’s DeFi and GameFi offerings. Youngsu Ko, Chairman of the Finschia Foundation Board, notes that the merged ecosystem will include around 420 dApps and over 250 million Web3 users.
A new non-profit organization, set to be established in the second quarter of this year, will be based in Abu Dhabi. Its board will consist of an equal number of directors from both Klaytn Foundation and Finschia Foundation, along with representatives from Kakao, Binance, Quantstamp, SoftBank, and CertiK.
Related Posts
Primary development objectives of the new organization include:
- improving Web3 infrastructure accessibility for institutional investors;
- collaborating with various partners;
- launching stable coins;
- fostering innovation within Asia’s blockchain sector.
The merger proposal, first introduced in January 2024, was initially rejected by a significant majority on both sides during the first vote. However, the revised merger agreement, presented in early February, received approval from 90% of Klaytn’s board members and 95% from Finschia.
Klaytn is a blockchain platform that was launched in 2019 by Ground X, a subsidiary of South Korea’s KakaoTalk. LG was among the first adopters of the Klaytn ecosystem.
Finschia was established by the Japanese social media firm LINE in 2018 and was originally known as blockchain Link. The network was rebranded to Line in 2020 and then to Finschia in April 2023. The non-profit organization was founded in Abu Dhabi to promote the decentralization of the network.
In 2023, the user base of Web3 applications more than doubled, with Klaytn and Finschia leading in growth among blockchain networks.
Сообщение Asia’s Largest Web3 Ecosystem to Be Created появились сначала на CoinsPaid Media.
