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The foundations behind the Klaytn and Finschia blockchains have announced plans to merge the two networks into one integrated mainnet following support from their respective governing bodies.
In separate votes held last week, 90% of Klaytn’s South Korea-based members and 95% of Abu Dhabi-based Finschia members voted in favor of the merger. The foundations will now set up a joint task force in Q2 2023 to facilitate the transition process being called Project Dragon.
The new network will combine the two chains’ user bases and resources, including Klaytn’s LINE and Kakao messenger-based Web3 assets and a user pool of over 250 million in Asia, with Finschia’s 420+ DApps and 45+ governance partners. The merged entity is positioned to become the largest Web3 ecosystem in Asia.
The integrated foundation will be based in Abu Dhabi and feature an equal number of directors from both Klaytn and Finschia. The new chain will be Ethereum and Cosmos compatible, with a new single token set to replace the existing KLAY and FNSA cryptocurrencies.
Also read: Telefónica, Chainlink Partner to Safeguard Web3 Against Hacking
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