The EOS Network Foundation, under the guidance of CEO Yves La Rose, has approved a pivotal proposal to cap the total EOS token supply at 2.1 billion, a significant reduction from the planned 10 billion. This decision will burn nearly 80% of the future emissions, effectively setting a permanent cap on the number of tokens.
Yves La Rose announced the community’s consensus on the tokenomics changes in a recent post on X, noting that this initiative primarily targets tokens slated for future release. The foundation had initially introduced a multi-signature proposal that gained the necessary approval from 15 of the 21 EOS block producers.
In addition to the supply cap, the foundation plans to mint an additional 950 million EOS tokens to bolster ecosystem growth. These tokens will be allocated towards rewarding stake holders and block producers to foster active participation and support within the network.
Since its establishment by the EOS community, the EOS Network Foundation has set forth a new roadmap and continues to drive strategic initiatives to enhance the EOS ecosystem. This includes managing the funds raised during the $4 billion ICO held by Block. one from 2017 to 2018 amidst ongoing disputes regarding reinvesting these funds into the network.
The implementation of the token supply cap is scheduled for the coming months. This will mark a significant step in the foundation’s efforts to stabilize and enhance the network’s economic framework.
Retrieved from: https://www.cryptotimes.io/2024/05/31/eos-network-approves-new-tokenomics-plan/
