What is the issuance and circulation of KLAY coins?

The initial coin offering (ICO) in 2019 sold 3.7 billion KLAY, raising over $100 million USD for the Klaytn Foundation.

Nov 19, 2024 at 03:40 pm

KLAY Coin Issuance and Circulation

Introduction
KLAY is the native cryptocurrency of the Klaytn blockchain, a South Korean-developed blockchain platform. Launched in 2019, KLAY is used for transaction fees, staking, and governance on the Klaytn blockchain.

Issuance
The KLAY coin was issued through a series of token sales. The initial coin offering (ICO) in 2019 sold 3.7 billion KLAY and raised over $100 million USD. Subsequent token sales were held in 2021 and 2022, raising additional funds for the Klaytn Foundation.

Circulating Supply
The circulating supply of KLAY is approximately 6.4 billion tokens out of a total supply of 10 billion. The remaining 3.6 billion KLAY are held by the Klaytn Foundation and other stakeholders.

Distribution of KLAY
The distribution of KLAY is as follows:

Service Providers and Foundation (28%)
Team (20%)
Private Sale (17%)
Public Sale (17%)
Advisors (3%)
Community Rewards (2%)
Airdrops (1%)
Bug Bounty Program (0.75%)
Ecosystem Fund (0.25%)

Inflation and Staking
KLAY does not have a fixed inflation rate, but new KLAY are created to reward stakers. Stakers lock up their KLAY in the Klaytn staking pool and are rewarded with newly created KLAY. The staking rewards help secure the network and incentivize long-term holding of KLAY.

Use Cases of KLAY

Transaction fees: KLAY is used to pay transaction fees on the Klaytn blockchain.
Staking: KLAY holders can stake their coins to earn rewards.
Governance: KLAY holders can participate in the governance of the Klaytn blockchain through the Klaytn Governance Council.
P-Rep Token: KLAY is used as the P-Rep Token for Proof-of-Contribution (PoC) consensus mechanism on the Klaytn blockchain.

Key Considerations

Tokenomics: The tokenomics of KLAY, including issuance, circulation, and inflation, are designed to ensure the stability and growth of the Klaytn ecosystem.
Staking Rewards: Staking KLAY provides a passive income stream to holders and helps secure the network.
Governance: KLAY holders have a voice in the governance of the Klaytn blockchain, which is important for the long-term sustainability of the platform.
Ecosystem Development: The use of KLAY as the P-Rep Token and for transaction fees helps foster the growth and adoption of the Klaytn ecosystem.

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