An Ethereum (ETH)-based gaming altcoin is exploding in price after the project announced its plans for a big tokenomics revamp.
The Klaytn Foundation is unveiling its new initiatives for Klaytn (KLAY) that aim to improve the sustainability and transparency of the project’s ecosystem.
The Klaytn Foundation is the developer behind the South Korean Layer-1 blockchain Klaytn, a public network designed for the metaverse, gaming and the creator economy.
According to the announcement, the foundation plans to introduce a “revamped tokenomics proposal” that covers the handling of reserve KLAY tokens.
The Klaytn Governance Council is slated to vote on the proposal on February 22nd until February 28th. The foundation also plans to release the long-term roadmap for Klaytn on February 27th.
Per the group,
“Finalized agendas and proposals will be made public once voting has concluded… The Klaytn Foundation is committed to advancing the growth and development of the Klaytn ecosystem while prioritizing transparency and community participation.”
The foundation adds that Klaytn is currently in its decentralization phase, the final phase of its governance roadmap, which aims to increase community involvement in the decision-making process.
About a week before the announcement, KLAY surged from a low of $0.17 on February 13th to $0.37 on February 19th, a 117% jump. The price has retraced since and KLAY is trading for $0.32 at time of writing.
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