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.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney