TechFlow reports that the South Korean blockchain project Klaytn announced today via tweet that the Cypress KIP-103 hard fork has been executed at block 119750400, completing both token destruction and fund rebalancing. A total of 5,296,324,269 KLAY tokens have been burned, representing 50% of the total supply.
According to news from April 13, these burned tokens came 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 their designated use cannot be guaranteed, these tokens will also be burned within three years.
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