TechFlow reports that South Korean blockchain project Klaytn will undergo a hard fork upgrade at block number 119,750,400 (April 17), during which approximately half of its total token supply—about 5.28 billion KLAY tokens worth $1.3 billion—will be burned.
The tokens to be burned come from Klaytn's treasury (totaling 7.281 billion), which were minted during the mainnet launch in 2019. The remaining 2 billion tokens in reserve will be retained to fund future ecosystem development; however, if specific use cases cannot be guaranteed, these tokens will also be burned within three years.
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