Clite, finnish blockchains have merged, with a new base to be established in Abu Dhabi

The Klaytn and Finschia blockchains will be merged for greater support from management members. They say the Blockchain Foundation plans to launch an integrated mainnet, Asia's largest Web3 ecosystem.

Board members at South Korea-based Claytin approved the merger proposal, with 90% of members voting. At Abu Dhabi Finshya, support reached 95 percent. In the second quarter of the year, the foundation will establish a joint action committee to combine chains and foundations. The transition is being called Project Dragon.

The merger was proposed in January and rejected by 99% in an initial vote later that month. A new version of the proposal was submitted on February 5.

The combined base is based in Abu Dhabi and will have an equal number of directors from both current chains. The new network will form a larger ecosystem:

“By inheriting LINE and Kakao messenger-based Web3 assets, more than 250 million Web3 users, 420+ DApps, 45+ management partners and 450+ Web3 resources can benefit from it in Asia.”

Management members include Kakao, Binance and Quantstamp from the cloud side and SoftBank and CertiK from Finschia.

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The new chain will be compatible with Ethereum and Cosmos. KLAY and FNSA coins will be replaced by one new coin. Clayton outlined his future direction:

“The foundation plans to work […] Infrastructure development to increase access to institutional investors, cooperation with various partners and launch of domestic stablecoins to drive innovation in the Asian blockchain industry.

Clayton was launched in 2019 by Kakao, a South Korean messaging service and internet company. LG was an early adopter.

Congratulations to the @Klaytn and @Finschia Foundations and communities for successfully passing the mainnet merger proposals!

With the formation of Project Dragon, NEOPIN aims to be the #1 DeFi protocol in the Project Dragon ecosystem and is committed to… https://t.co/aKXHfsWNcP

— NEOPIN (@NeopinOfficial) February 15, 2024

Fincia was founded in 2018 by a Japanese social media company called Link Blockchain. When Finshya Foundation was established in Abu Dhabi, it changed to Line in 2020 and Finshya in April 2023. At the same time, he announced a plan to “gradually transition the administrative system to a decentralized, cooperative structure.”

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