Klaytn and Finschia Propose Blockchains Merger to Forge Asia’s Premier Web3 Ecosystem

The initiative reflects a strategic collaboration between two leading blockchain foundations to leverage their technological strengths and business networks.

Klaytn and Finschia Propose Blockchains Merger to Forge Asia’s Premier Web3 Ecosystem
Photo by Shubham's Web3 / Unsplash

Klaytn and Finschia have jointly submitted a proposal to merge their respective blockchains, aiming to create Asia's leading Web3 technological powerhouse. If the proposal passes, South Korea's prominent blockchain, Klaytn, will merge with Japan's Finschia to form a unified ecosystem. The proposed blockchain will boast over 420 DApps and 250 million integrated wallets from Kakaotalk and LINE, two popular messaging platforms in Asia.

The new blockchain will be compatible with both Ethereum Virtual Machine (EVM) and CosmWasm, inheriting the strengths of both Klaytn and Finschia. KLAY and FNSA, the native coins of Klaytn and Finschia, will be replaced by a new native coin featuring improved tokenomics.

The merged foundation plans to pursue ecosystem expansion in RWA tokenization, GameFi, and DeFi verticals. The enhanced tokenomics will focus on sustainable value creation, incorporating a lower base inflation rate and a 3-layer burning model. The new governance structure will merge Klaytn's and Finschia's governance members, creating Asia's largest decentralized Web3 governance structure.

The proposed merger aims to create one of the largest Web3 ecosystems in Asia, with a user base of over 250 million digital wallets and more than 420 DApps.

The proposal is set for discussion and voting from January 26 to February 2, 2024, and if approved, the foundations will initiate the chain merge and implement various business initiatives, including infrastructure development, DeFi enhancement, AI-based DApp onboarding, and partnerships with top-tier Japanese gaming companies.

Representatives from Klaytn and Finschia will address questions related to the proposal in an upcoming Klaytn Community Town Hall on January 19, 2024.