[NEWS] LINE's proprietary Finsia to merge with Kakao's Clayton

Finschia (FNSA), which was rebranded last year from LINE's proprietary "LINE Blockchain," announced on the 15th that it will integrate its mainnet with KLAY, a blockchain developed by Ground X, a subsidiary of South Korea's Kakao.

In the future, the Finschia Foundation and KLAY Foundation, which run the two projects respectively, will set up a task force team for the integration and proceed with the establishment of an integrated foundation based in Abu Dhabi.

As a result of the integration, their respective native tokens, FNSA and KLAY, will also be integrated.

The new token is scheduled to be released in the second quarter, and the tokenomics will also be revamped. In addition, with the introduction of the new tokenomics, 22.9% of the tokens already issued (384 million dollars = approximately 57.7 billion yen) will be burned, and a three-stage burn model will also be introduced.

The mainnet will support CosmWasm and EVM, and will develop a more decentralized network than ever before.

Finsia Foundation and Clayton Foundation proposed the merger last month. According to the announcement, the voting rate of the Finsia Foundation was 100%, and the approval rate was 95%. The approval rate of the Clayton Foundation was 90%, and the proposal was passed by a majority vote on both sides.

Both parties stated that this mainnet merger will create Asia's largest Web 3.0 ecosystem, with 45 governance members, 420 dApps, and more than 250 million wallet users.

Both have a large number of users.

Finsia, which has decided to merge this time, transitioned to a system run by the non-profit organization Finsia Foundation through LTP (LINE TECH PLUS PTE. LTD.), a group company of LINE, last year.

Governance members include LINE subsidiaries such as LINE Xenesis, which operates "LINE BITMAX", as well as major game companies Sega and SoftBank.

Meanwhile, KLAYTON was launched in 2019 as a blockchain developed by Kakao, which has a large number of users mainly in Korea. KLAY is traded at domestic cryptocurrency exchanges such as Bitbank.

Since both LINE and Kakao have a large number of users, the spread of an integrated ecosystem could lead to greater presence in the Web 3.0 field.

Reference:Finsia announcement,KLAYTON announcement
Image: Quoted from announcement

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