The Klaytn and Finschia blockchains are set to merge after receiving overwhelming support from governance members. According to the foundations behind the blockchains, they plan to launch a combined mainnet that will become the largest Web3 ecosystem in Asia.
In South Korea, 90% of Klaytn’s governance members voted in favor of the merger proposal, while in Abu Dhabi, Finschia received support from 95% of its members. As a result, the foundations will establish a joint task committee in the second quarter of this year to merge the chains and foundations. This initiative is being referred to as Project Dragon.
The initial merger proposal was put forward in January but was rejected by 99% of the voters. However, a revised version of the proposal was introduced on February 5th, which gained significant support.
The integrated foundation will be headquartered in Abu Dhabi and will have an equal number of directors from both existing chains. The new network will create a large ecosystem, with governance members including Kakao, Binance, and Quantstamp from the Klaytn side, and SoftBank and CertiK from Finschia.
The new chain will be compatible with both Ethereum and Cosmos, and the KLAY and FNSA coins will be replaced by a single new coin. Klaytn, which was launched in 2019 by South Korean messaging service Kakao, outlined its future direction.
Finschia, formerly known as the Link blockchain, was established by Japanese social media company Line in 2018. It changed its name to Line in 2020 and then to Finschia in April 2023, coinciding with the establishment of the Finschia Foundation in Abu Dhabi. The foundation announced plans to gradually transition its governance system into a consortium structure for decentralization.
In conclusion, the merger between the Klaytn and Finschia blockchains marks a significant development in the crypto universe of South Korea and Asia as a whole. The integrated mainnet is expected to create a thriving Web3 ecosystem and bring together key players from both chains to drive innovation and growth in the industry.