Klaytn blockchain declared its intentions to prioritize increased demand for its KLAY token. The blockchain revealed plans to transform KLAY into a deflationary asset that will avail tools for developers to launch multiple products on its network.
Klatyn Prioritizing Demand-Driven Value for KLAY Tokens
The latest statement conveyed by the public blockchain platform revealed that Klatyn’s native token KLAY would take precedence in the developers’ roadmap to realize more demand-driven value.
Klaytn has been running as a public blockchain since its development by Kakao Corp, a leading internet giant in South Korea. Klaytn revealed approval of a governance proposal obliging the blockchain-based firm to burn half of the supply of the tokens. The move is set to make the KLAY tokens valuable as the units available decline.
Roadmap to Identify Critical Crypto Infrastructure
The roadmap adopted by Klaytn illustrates the priority of identifying critical crypto infrastructure services, particularly decentralized oracles. Klaytn would leverage the infrastructure to accumulate transactional utility and increase additional gas burns.
Klaytn’s statement portrayed oracles as a critical mechanism that can connect smart contracts with the external world. Its utilization services primarily assemble information and convey it to the blockchain.
Burning almost half of the KLAY tokens would involve withdrawing several coins from circulation. Klaytn intends to utilize the fees generated from the user transactions to fund the forthcoming gas burns.
Also read:Launching Permissionless Network
Klaytn disclosed plans to launch a permissionless network that would pilot in mid-2023 on the Cypress mainnet. The launch would facilitate automated entry and exit of the participating validators. The automation would accommodate entities from other blockchains.
Klaytn is considering the automation necessary to ease verification during the entry and exit of entities and validators. Also, automation will likely improve the verification of transactions executed on the network. Such would feature responsibility for verifying transactions on the Cypress network. The governance interface is set to have several initiatives prioritizing the establishment of a community-oriented council. The governance council would execute the selection and dismissal processes.
Launching the mainnet would enable Klaytn to gradually transfer the decision-making authority to the community’s governance council. Ideally, token holders would exercise their rights to determine the individuals taking up roles within Klaytn’s Governance Council (GC). Klaytn’s subsequent statement clarified that the GC would feature a network of participants overseeing governance activities.
KLAY Market Outlook
KLAY Tokens dipped by 2% in the past 24 hours to exchange hands at $0.2878. At press time 12.03 UTC, the decline replicated within the token’s total market capitalization and fully diluted market capitalization to $888.8 million and 3.1667 billion, respectively.
The daily trading volume rose by 76% to realize $151.054 million, as per Coinmarketcap data. A review of today’s performance shows KLAY tested $0.3119 before retreating to $0.2811 as its lowest level.
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