Klaytn (KLAY) price movement after new governance proposal

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The Klaytn (KLAY/USD) team published the 3Q Klaytn Ecosystem Update on October 23, 2022, where they went over the governance proposal for the Klaytn block reward production.

This resulted in a boost in the value of the token, at 22%, alongside an increase to its overall trading volume by 570%.

Klaytn is a blockchain platform that aims to provide performance, decentralization, scalability as well as interoperability and has been designed for the metaverse, gaming, and the creator economy. 

KLAY is the native cryptocurrency used across the ecosystem.

The new governance proposal as a catalyst for growth

In the latest crypto news, on October 23, 2022, Klaytn, which is the metaverse and GameFi-specific blockchain platform, made an announcement where they showcased a governance proposal that will result in the reduction of its block reward.

Based on the statement seen in the 3Q Klaytn Ecosystem Update, the team submitted the Q3 updates to the Klaytn Governance Council (GC), where they aim to optimize the issuance of KLAY.

This occurred through a governance proposal that lowers the block rewards by ⅓.

The current block reward is at 9.6 KLAY per newly minted block, while the proposal aims to decrease it to 6.4 KLAY per newly minted block. 

The rationale behind the proposal includes sustainable tokenomics that reflect market conditions and the reduction of the annual inflation of circulating KLAY from 10 to 6.48%.

Should you buy Klaytn (KLAY)?

On October 24, 2022, Klaytn (KLAY) had a value of $0.18248.

klay usd

KLAY/USD Chart by TradingView.

The all-time high of the KLAY cryptocurrency was on March 30, 2021, at a value of $4.34.

Here we can see that at its ATH, the cryptocurrency was trading $4.15752 higher in value, or by 2,287%.

When we go over the Klaytn (KLAY) cryptocurrency’s 7-day performance, we can see that its low point was at $0.121225, while its high point was at $0.191356. Here we can see a price difference of $0.070131 or 58%.

However, when we take a look at the 24-hour performance, its low point was at $0.147081, while its high point was at $0.192867.

This initially marked an increase of $0.045786 or 31%; however, since then, the cryptocurrency has decreased to $0.18248.

With this in mind, investors might want to buy KLAY as it can increase to $0.22 by the end of October 2022.

The post Klaytn (KLAY) price movement after new governance proposal appeared first on Invezz.

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