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Klaytn governance vote: KLAY metaverse token block reward cut proposal timing and details

By Darius McQuaid

Edited by Charlie Mellor

12:15, 24 October 2022

3D representation of the Klaytn (KLAY) crypto logo
The proposal recommends decreasing klatyn’s current block rewards by a third – Photo: Shutterstock

Klaytn (KLAY), a public blockchain focused on the metaverse, gamefi and the creator economy, has submitted a proposal to the Klaytn Governance Council (GC) that would reduce its block reward.       

The proposal recommends decreasing current block rewards by a third, in an attempt to improve the level of KLAY emissions.     

The vote to approve the proposal will conclude on 25 October. If passed, the team behind the crypto said “the inflation adjustment will be reflected on-chain around mid-November”.

There are 36 GC members with 10 having already voted.

KLAY to USD

Macro market volatility sparked block reward rethink

The Klaytn team said the proposal was intended to “address the volatility currently seen in the macro markets”. The team explained that the current macroeconomic landscape is resulting in “unprecedented volatility” in the crypto markets.  

The proposal, explained the team, is meant to build “momentum for the sustainable growth” of Klaytn.

If passed it would result in the block reward going from 9.6 KLAY to 6.4 KLAY per klaytn. The allocation of this newly-minted amount would see 50% going to the GC, 40% to the Klaytn Growth Fund (KGF), and 10% to the Klaytn Improvement Reserve.

SOL/USD

102.69 Price
-2.290% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 2.2652

ADA/USD

0.59 Price
-1.680% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.00645

BTC/USD

51,188.30 Price
-1.090% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

XRP/USD

0.54 Price
-2.160% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.01168

Originally, when the proposal was unveiled on 23 October, the value of KLAY shot up by 106%. As of today (24 October), the crypto was still trading up, but only by 21.82% to $0.182, according to CoinMarketCap.    

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Klaytn partners with OpenSea to invest in Asian NFT ecosystem

In June 2022, Klaytn partnered with OpenSea, the world’s largest marketplace for non-fungible tokens (NFTs), in order to invest in the Asian NFT ecosystem.

The partnership also had the aim of looking to scale-up the NFT ecosystem, strengthen ties, and bring greater visibility to Asian NFT projects worldwide.

Later in August, Klaytn announced it saw NFTs as the vehicle for mass digital adoption as it set its sights on the global market.

Klaytn is backed by Korean digital giant Kakao, which owns the country’s dominant messaging app KakaoTalk. Kakao is also behind the KLAY digital token.

Klaytn said that NFTs are the key technology for digital ownership, which will be used as a core component in the metaverse.

Markets in this article

KLAY/USD
Klaytn to US Dollar
0.2245 USD
-0.0006 -0.270%

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