LINE's public chain Finschia merges with Klaytn proposal approved, aiming to create the largest Web3 ecosystem in Asia.

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Fincia x Klaytn Mainnet Merger Proposal Passes with High Votes

The merger proposal between Fincia and Klaytn, two major Web2 public chains, officially passed on February 15 at 14:00 Korean time, with a 100% voting rate and 95% support rate.

The merged public chain will be compatible with Ethereum and Cosmos, with Fincia emphasizing that the newly issued native token "PDT" will have a sustainable token economy.

🎙️Approval Notice for the Merger Proposal between Finschia and Klaytn🚀

On February 15th 14:00 KST, the merger proposal between #Finschia and #Klaytn was finalized with a 100% voting turnout and a 95% approval rate.
As we embark on this exciting journey together, let's commit… pic.twitter.com/D2zDOsSGho

— Finschia (@finschia) February 15, 2024

Fincia x Klaytn to Issue New Token PDT

Previously reported, the two will jointly issue a new token, tentatively named PDT, which FNSA and KLAY holders will be able to receive the new token.

There are also differences in the token economy. After the new token swap is completed, approximately 24% of the unreleased and existing circulating PDT tokens will be burned, reducing the inflation rate to 5.2% and introducing a new three-tier burn mechanism.

KLAY holders will have a 1:1 exchange, while FNSA holders will have approximately a 1:148 exchange ratio.

Previously, the crypto community raised questions about the sudden merger proposal, pointing out the lack of information about the final position of each participating company, and the significant difference in the announcement and voting times of the merger case, indicating limitations in authorization choices.

Subsequently, Fincia and Klaytnsuspended voting on this matter and reopened on February 8, but ultimately passed with high votes.