The Klaytn and Finschia blockchains are set to merge following strong support from governance members. The two foundations behind the blockchains plan to launch an integrated mainnet, which they claim will become Asia’s largest Web3 ecosystem.
The merger proposal was approved by 90% of the governance members of Klaytn, a South Korea-based blockchain. At Finschia, based in Abu Dhabi, support reached 95%. In response to the overwhelming support, the foundations will establish a joint task committee in the second quarter of the year to merge the chains and foundations. This initiative is being referred to as Project Dragon.
Initially proposed in January, the merger was met with rejection, as 99% of members opposed it. However, a new version of the proposal was introduced on February 5th, leading to its successful approval.
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 vast ecosystem, with governance members including Kakao, Binance, and Quantstamp from the Klaytn side, and SoftBank and CertiK from Finschia.
Notably, the new chain will be compatible with both Ethereum and Cosmos. The current KLAY and FNSA coins will be replaced by a single new coin. Klaytn has outlined its future direction, emphasizing its launch in 2019 by South Korean messaging service and internet company Kakao, with LG being an early user.
As for Finschia, it was established in 2018 by the Japanese social media company Line under the name Link blockchain. The organization rebranded as Line in 2020 and later changed its name to Finschia in April 2023 when the Finschia Foundation was established in Abu Dhabi. At the same time, it announced plans to gradually transition its governance system into a consortium structure for decentralization.
In conclusion, the merger between the Klaytn and Finschia blockchains is expected to create a significant impact in the crypto universe, particularly in South Korea and Asia as a whole.