{"id":8067,"date":"2022-10-25T09:06:12","date_gmt":"2022-10-25T09:06:12","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=8067"},"modified":"2022-10-25T09:06:12","modified_gmt":"2022-10-25T09:06:12","slug":"klaytn-pumps-after-proposal-to-reduce-block-rewards-passes","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=8067","title":{"rendered":"Klaytn pumps after proposal to reduce block rewards passes"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n   <\/p>\n<p>Klaytn network\u2019s KLAY is up more than 30% to $0.2055, making it one of the best-performing digital assets this week, according to CryptoSlate data.<\/p>\n<h2>Proposal to reduce block rewards<\/h2>\n<p>Klaytn Governance Council (GC)has approved a proposal\u00a0to reduce the network\u2019s block rewards because of the current market situation.<\/p>\n<p lang=\"en\" dir=\"ltr\">GC Proposal Vote Results: PASS<\/p>\n<p>\ud83d\udc65 26 of 36 GC members participated<br \/>\ud83d\uddf3 All 26 voted &#8220;PASS&#8221;<\/p>\n<p>As a result:<br \/>1\ufe0f\u20e3 9.6 KLAY \u27a1\ufe0f 6.4 KLAY minted per block<br \/>2\ufe0f\u20e3 New allocation \u27a1\ufe0f GC 50% \/ KGF 40% \/ KIR 10%<br \/>3\ufe0f\u20e3 Adjustment will be reflected on-chain mid-Nov<\/p>\n<p>Read more: https:\/\/t.co\/96S7kVQ8Nm<\/p>\n<p>\u2014 Klaytn (@klaytn_official) October 24, 2022<\/p>\n<p>According to the proposal, block rewards would be cut from 9.6 KLAY to 6.4 KLAY per block. Newly minted tokens would also be distributed in a new format, with 50% of it going to the GC, 40% to the Klaytn Growth Fund, and 10% to the Klaytn Improvement Reserve.<\/p>\n<p>Klaytn developers said its intention for the proposal was to \u201caddress the volatility currently seen in the macro markets.\u201d The team wrote:<\/p>\n<p>\u201cAs a result of the negative situation in the global economy and the crypto market and the increased circulation of KLAY in the Klaytn ecosystem, KLAY price is experiencing a dramatic decrease. We need to respond to the situation by adjusting the amount of minted KLAY.\u201d<\/p>\n<h2>Klaytn foundation initiates token buyback<\/h2>\n<p>Another catalyst for the positive performance of KLAY is the token buyback initiated by the Klaytn Foundation.<\/p>\n<p lang=\"en\" dir=\"ltr\">\ud83d\udce2 $KLAY Buyback Announcement<\/p>\n<p>To stabilize Klaytn\u2019s ecosystem, a buyback is in progress:<br \/>1\ufe0f\u20e3 Klaytn Foundation&#8217;s stablecoin reserves will be used<br \/>2\ufe0f\u20e3 Only through spot purchases from the market (CEX) <br \/>3\ufe0f\u20e3 All KLAY purchased will be burnt<\/p>\n<p>More details: https:\/\/t.co\/rRCQr46ndM pic.twitter.com\/TpuWawGtzo<\/p>\n<p>\u2014 Klaytn (@klaytn_official) October 24, 2022<\/p>\n<p>According to a blog post, an abnormal fluctuation was discovered in the token\u2019s on-chain liquidity on Oct. 21, and a buyback was initiated to stabilize the ecosystem. The team stated that Klaytn\u2019s foundation stablecoin reserves would be used to fund the purchase.<\/p>\n<p>Apart from that, the Foundation continued that the purchase would be made via centralized exchanges to minimize volatility, and all repurchased tokens would be burnt.<\/p>\n<p>Klaytn Foundation did not reveal the number of tokens it will buy and what it is spending on the purchase.<\/p>\n<h2>Bullish social sentiments<\/h2>\n<p>LunarCrush data revealed that social sentiments surrounding the KLAY token are currently high. According to the data, the token\u2019s social mentions rose by 471.7%, and social engagements increased by 717.4% to 6 million.<\/p>\n<p lang=\"en\" dir=\"ltr\">Something special is happening in the @klaytn_official community with $klay spending more than 24 hours in the Number \ud83e\udd47 LunarCrush AlternativeRank\u2122 with leading combined social and market activity.<\/p>\n<p>Insights: https:\/\/t.co\/M2Ibg9zd1F #klaytn pic.twitter.com\/OoS443vxK6<\/p>\n<p>\u2014 LunarCrush (@LunarCrush) October 24, 2022<\/p>\n<p>The asset also currently leads LunarCrush AlternativeRank with leading combined social and market activity.<\/p>\n<h2>Get an Edge on the Crypto Market \ud83d\udc47<\/h2>\n<p>Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.<\/p>\n<p>  <strong>On-chain analysis<\/strong><\/p>\n<p>  <strong>Price snapshots<\/strong><\/p>\n<p>  <strong>More context<\/strong><\/p>\n<p> Join now for $19\/month Explore all benefits   <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/klaytn-pumps-after-proposal-to-reduce-block-rewards-passes\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Klaytn network\u2019s KLAY is up more than 30% to $0.2055, making it one of the best-performing digital assets this week, according to CryptoSlate data. Proposal to reduce block rewards Klaytn Governance Council (GC)has approved a proposal\u00a0to reduce the network\u2019s block rewards because of the current market situation. GC Proposal Vote Results: PASS \ud83d\udc65 26 of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8068,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-8067","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8067","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8067"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8067\/revisions"}],"predecessor-version":[{"id":8069,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8067\/revisions\/8069"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/8068"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8067"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8067"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8067"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}