On-chain governance via Klaytn Square is now live
The full release of Klaytn Square, the on-chain governance platform for Klaytn, has just been launched.
As stated in our Vision Map 2023, verifiable and open governance are key to Klaytn’s success. Through the introduction of on-chain governance via Klaytn Square, the Klaytn community will be able to see all the discussions and decisions made by the Klaytn Governance Council. The governance activity of each GC member, including their participation in votings and decisions will be recorded on the Klaytn mainnet, as well as the results of every decision made by the GC as a whole.
Under the new governance system, each GC member will have voting power proportional to the amount of KLAY staked on their node. GC members will be granted one vote for every 5 million KLAY staked, with the restriction that no single GC member can hold more than 50 percent of the voting power regardless of their staking amount. In addition to staking their own assets, GC members can also increase their voting power by running a public staking service to garner support from the Klaytn community.
This first full release of Klaytn Square is just the beginning – more upgrades are planned to further deliver on our commitment to open and proactive governance. Please stay tuned!