#KLAY# South Korean public chain project Klaytn and LINE's Finschia jointly proposed an on-chain merger to launch a new token
ChainCatcher news, according to the official announcement, the Klaytn Foundation, the institution behind Klaytn, the public chain of South Korean Internet giant Kakao, announced that it has partnered with the Finschia Foundation, an open Blockchain and Web3 business operator developed by LINE Tech Plus, to propose to launch a new Mainnet project by integrating two Blockchain ecosystems. The two foundations submitted proposals to their respective governance members for public discussion, with voting scheduled for January 26 to February 2. Governance proposals submitted by the Klaytn Foundation can be viewed on the Klaytn Governance Forum.
The Chain Merge aims to create a highly competitive Mainnet ecosystem by integrating the capabilities of Klaytn and Finschia. The two foundations will form an integrated organization that shares technology, services, and business networks. The announcement also showed that with the merger of the chains, the native coins of the two blockchains, KLAY and FNSA, will be replaced by new native coins, and the new coins will be issued according to the combined total amount of KLAY and FNS. All KLAY and FNSA holders can exchange new coins after they are issued.