Proposal of Finschia, a public blockchain under LINE, to merge with Klaytn mainnet and introduce new token “PDT”
Communication software giants LINE and Kakao have proposed to merge their respective blockchains, Finschia and Klaytn, with the aim of becoming the mainstream public chains in Asia and achieving explosive growth in the Web3 field. Finschia, the third-generation blockchain mainnet of LINE, has officially launched, boasting transaction speeds 400 times faster than Ethereum.
Table of Contents
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Proposal to Merge Finschia and Klaytn Mainnets
Integration of LINE and Kakao
Introduction of New Coin PDT
Integration with Ethereum EVM based on Cosmos technology
Proposal to Merge Finschia and Klaytn Mainnets
According to the announcement by Finschia, Klaytn and Finschia have simultaneously released governance proposals, with the voting period scheduled from January 26th, 13:00 Taiwan time, to February 2nd, 13:00.
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Integration of LINE and Kakao
The merger aims to integrate the two major communication software, LINE and Kakao Messenger, including over 420 DApps and services, to establish the largest Web3 network in Asia.
The merger will enable Finschia’s NFT, payment, and AI services, enhancing the interoperability between Klaytn and DeFi and gaming services. The tokens can also be used on LINE and Kakao platforms.
Introduction of New Coin PDT
Both parties will jointly issue a new coin (tentatively named PDT), and holders of FNSA and KLAY will be able to receive the new tokens.
The token economy will also undergo changes. After the token replacement is completed, approximately 24% of the unreleased and existing circulating PDT tokens will be burned, reducing the inflation rate to 5.2% and introducing a new three-tier burn mechanism.
KLAY holders will have a 1:1 exchange, while FNSA holders will have approximately a 1:148 exchange ratio.
Integration with Ethereum EVM based on Cosmos technology
The new chain will be compatible with Ethereum, and the announcement claims that there will be over 45 companies participating in governance, making it the largest Web3 governance ecosystem in Asia.
If the proposal is approved, the new coin swap and governance integration are expected to be launched in Q2 of this year. The official statement claims that this merger marks the birth of the largest blockchain ecosystem in Asia and will accelerate the widespread adoption of Web3 in Asia.
Finschia
Kakao
Klaytn
LINE
Further reading
LINE NEXT, a Web3 enterprise, secures $140 million in financing, as NFT platform DOSI aims to serve global users.
Line Next collaborates with SEGA to bring SEGA’s classic characters to the Web3 gaming platform Game Dosi.
