Ethereum (ETH)-based gaming altcoins have exploded in price after the project announced plans for a major overhaul of its tokennomics.
Clayton Foundation is announcing A new initiative from Klaytn (KLAY) aimed at improving the sustainability and transparency of the project ecosystem.
Klaytn Foundation is the developer of South Korea’s Layer 1 blockchain Klaytn, a public network designed for the metaverse, games and creator economy.
According to the announcement, the Foundation will introduce an “improved tokennomics proposal” covering the handling of reserve KLAY tokens.
The Klaytn Governance Council will hold a vote on this proposal from February 22nd to February 28th. The foundation also plans to release Klaytn’s long-term roadmap on February 27.
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“Once voting closes, the final agenda and proposals will be published…The Clayton Foundation is committed to fostering the growth and development of the Clayton ecosystem while prioritizing transparency and community participation.”
The foundation adds that Klaytn is currently in the decentralization phase, the final stage of a governance roadmap aimed at increasing community involvement in the decision-making process.
About a week before the announcement, KLAY jumped 117% from a low of $0.17 on February 13th to $0.37 on February 19th. Prices have retreated since then, with KLAY trading at $0.32 at the time of writing.
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