Klaytn Blockchain Will Focus on Increasing KLAY Token Demand in 2023

Klaytn intends to establish KLAY as a deflationary asset and provide more tools for developers intending to launch products on the network.

AccessTimeIconMar 1, 2023 at 7:27 a.m. UTC
Updated Mar 1, 2023 at 3:27 p.m. UTC

Increasing demand and value for Klaytn’s native KLAY tokens are at the center of the latest technology and developer road map released by developers earlier this week.

Klaytn, a public blockchain platform developed by South Korean internet giant Kakao Corp., recently passed a governance proposal to burn nearly 50% of its token supply, a move that contributes towards making KLAY more valuable eventually.

In the road map, Klaytn said it would identify key crypto infrastructure services, such as decentralized oracles, where KLAY can be used to utilize said services, further increasing transactional utility and leading to more gas burns.

Oracles are a mechanism to connect smart contracts with the outside world, primarily to feed information from the world to a blockchain. Gas burns, also known as coin burnings, are when a project decides to take a certain number of coins out of circulation from the fees that blockchain generates on user transactions.

Klaytn will launch a permissionless network pilot in the second half of 2023 on its Cypress mainnet. This automates the entry and exit of validators, or entities of any blockchain and are responsible for verifying transactions on that network

On the governance front, some new initiatives include establishing community governance council selection and dismissal processes.

Klaytn will gradually transfer its decision-making authority to the community, allowing token holders users to have a say on who sits on Klaytn’s Governance Council (GC). The GC is a group of network participants that currently oversee governance of the Klaytn network.

KLAY tokens are nominally changed in the past 24 hours and have a $823 million maket capitalization at writing time on Wednesday.


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Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.