Bittime - EOS Network Foundation CEO, Yves La Rose, announced that the EOS community has approved a proposal to limit the supply of EOS by 2.1 billion tokens and burn the excess. This step aims to stabilize the value of EOS and encourage ecosystem growth.
Supply Restrictions and Token Burning
The approved community proposal would burn nearly 80% of the total EOS supply, primarily from future emissions. This cap will set a fixed supply cap of 2.1 billion tokens, replacing the previous target of 10 billion tokens. The EOS Network Foundation represents the EOS community and took control of Block.one in 2021.
"The EOS network has reached consensus to approve the tokenomics proposal," La Rose wrote in a post on X.
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Approval from Block Manufacturer
The foundation had previously introduced a multi-signature proposal to establish this fixed supply and obtained approval from at least 15 of the 21 EOS block producers. Initial update implementation is expected in the coming months. Currently, EOS has a circulating supply of 1.15 billion tokens, which represents 54% of the total planned supply.
Support for the EOS Ecosystem
As part of this move, 950 million EOS tokens will be minted to support ecosystem growth and activities such as rewarding stakeholders and block producers. La Rose outlined in his post that this move aims to ensure long-term growth and stability for the EOS network.
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History and Goals of the EOS Network Foundation
The EOS Network Foundation was founded in August 2021 under the leadership of Yves La Rose as a community-supported group. The foundation announced a new roadmap for the EOS ecosystem with the goal of supporting the EOS network and community as a non-profit organization. The foundation aims to address the shortcomings of Block.one, the original developer of EOS, which had clashed with the foundation for failing to reinvest significant ICO funds into the EOS Network as promised.
Also read: EOS Network Foundation Announces Part 1 of New EOS Token Economy
The Future of EOS
This token burning move marks a serious effort from the EOS community to improve the tokenomics of the network and stabilize the value of EOS in the market. By limiting supply and supporting the ecosystem, the EOS Network Foundation hopes to create a healthier and more sustainable environment for users and developers on the EOS network.
With a focus on ecosystem growth and community support, the EOS Network Foundation strives to make EOS one of the leading blockchains in the crypto industry. These steps taken are expected to have a positive impact on the price and stability of the EOS token in the future.
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With supply restrictions and significant token burns, the EOS Network Foundation demonstrated its commitment to improving tokenomics and supporting ecosystem growth. This move is expected to bring long-term stability and growth to the EOS network, making it a more attractive option for investors and developers.
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