Finschia, LINE’s Blockchain Subsidiary, Merges with Klaytn, Aiming to Become Asia’s Largest Web3 Ecosystem

Table of Contents
Toggle
Fincia x Klaytn Mainnet Merger Proposal Passes with High Votes
Fincia x Klaytn to Launch New Coin PDT
Fincia x Klaytn Mainnet Merger Proposal Passes with High Votes
The merger proposal between Fincia and Klaytn, two major Web2 public chains, was officially approved on February 15th at 14:00 Korean time, with a voting rate of 100% and a support rate of 95%.
The merged public chain will be compatible with Ethereum and Cosmos. Fincia emphasizes that the newly issued native token “PDT” will have a sustainable token economy.
Launch of New Coin PDT
Previously reported, the two will jointly issue a new coin (tentatively named PDT). FNSA and KLAY holders will be able to receive the new token.
The token economy will also be different. After the replacement of the new coin is completed, approximately 24% of the unissued and existing circulating PDT tokens will be destroyed, reducing the inflation rate to 5.2%, and introducing a new three-tier burning mechanism.
KLAY holders will have a 1:1 exchange, while FNSA holders will have approximately a 1:148 exchange.
Previously, the sudden merger proposal raised questions from the crypto community, pointing out the lack of information on the final positions of the participating companies, and the significant difference in the announcement and voting time, which limited the choice of authorization.
Subsequently, Fincia and Klaytn temporarily suspended the voting and reopened it on February 8th, but it ultimately passed with high votes.
Fincia x Klaytn
Finschia
Klaytn
line
Further Reading
LINE’s Subsidiary Public Chain Finschia’s Merger Proposal with Klaytn’s Mainnet, to Issue New Coin “PDT”
Web3 Company LINE NEXT Raises $140 Million, NFT Platform DOSI to Target Global Users