[3Q Klaytn Ecosystem Update]
The 3Q Klaytn ecosystem updates will cover key initiatives the Klaytn team is currently undertaking in our continued efforts to achieve an optimal and sustainable Klaytn ecosystem.
The Klaytn team submitted a governance proposal to the Klaytn Governance Council (GC) on October 23rd proposing a reduction in block rewards. The submitted governance proposal recommended decreasing existing block rewards by ⅓ in order to optimize the level of KLAY emission. 26 of 36 GC members participated in the proposal, and all 26 voted unanimously to pass the proposal.
As a result, the proposal has been officially passed and the block rewards adjusted will be reflected on-chain mid November.
As-Is Block Rewards
- 9.6 KLAY newly minted per block
- Allocation of newly minted amount: GC — 34% / KGF — 54% / KIR — 12%
To-Be Block Reward (Proposal)
- 6.4 KLAY newly minted per block
- Allocation of newly minted amount: GC — 50% / KGF — 40% / KIR — 10%
In order to facilitate sustainable growth of Klaytn Ecosystem, Klaytn team will continue to do our best to closely monitor the market and design tokenomics in a way to drive demand for KLAY.
