Announcements, News, Treasury

Klaytn Foundation to Pause KLAY Grants and Investments for 4Q 2022

#Announcements #Blockchain #Ecosystem #KLAY #Klaytn

TL;DR

  • The Klaytn team will be looking to pause KGF (Klaytn Growth Fund) and KIR (Klaytn Improvement Reserve) ecosystem grants and investments (denominated in KLAY) for the remainder of 4Q 2022.
  • Most partners will be participating in the pause, agreeing to delay the receipt of grants to 2023

The Klaytn team will be looking to pause KGF (Klaytn Growth Fund) and KIR (Klaytn Improvement Reserve) ecosystem grants and investments (denominated in KLAY) for the remainder of 4Q 2022 in an effort to manage risks associated with macro market volatility. The Klaytn team has been in contact with grantees and recipients to negotiate the rescheduling of grants; as of now, most partners will be participating in the pause, agreeing to delay receipt of grants to 2023, with the exception of the agreements below, which will be carried out as originally agreed to (dependent on a multitude of factors, additional exceptions may arise – any changes will be shared via follow-up updates):

KGF

  • Token swap agreement previously signed with 1inch Network: 5,000,000 KLAY (This will be staked in a CCO node for GC onboarding.)
  • Token swap contract previously signed with a GC member: 4,000,000 KLAY (This will be paid according to the vesting schedule arranged earlier with the GC member which made a strategic investment in Klaytn)
  • Gas fees reimbursements to game studios participating in the PoC Gas Fee program: Approx. 100,000 KLAY (est.) (Equivalent to gas fees paid by the game studios from existing circulating supply, doesn’t contribute to KLAY circulating supply). 

KIR

  • Fandom: This project was approved for KIR via the 15th GC vote, a grant of $13,500 in KLAY for Klaytn archive node operation.   

As stated, new KGF grants will be paused, while a proposal will be submitted to the Governance Council for vote, recommending a pause to new KIR grants for the remainder of 2022.

The Klaytn team will continue to take measures (always-on market monitoring, tokenomics optimizations) to ensure the sustainable growth of the Klaytn ecosystem.

Thank you.

[3Q Klaytn Ecosystem Update]
The 3Q Klaytn ecosystem updates will cover key initiatives the Klaytn team is currently undertaking in our continued efforts to achieve an optimal and sustainable Klaytn ecosystem.

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