Community Proposal Approved to Limit EOS Token Supply

The CEO of EOS Network Foundation, Yves La Rose, made an official statement confirming the approval of a community proposal to cap the EOS token supply at 2.1 billion.

The proposal entails a significant reduction in the total supply of EOS tokens, with around 80% slated for burning. This reduction will mainly affect future emissions, ensuring that the total supply is fixed at 2.1 billion tokens, a substantial decrease from the initially envisioned 10 billion.

The decision was prompted by a multi-signature proposal put forth by the EOS Network Foundation. The proposal required endorsement from a minimum of 15 out of the 21 EOS block producers, a condition that was successfully met.

Supply capping and token burning are scheduled to commence in the upcoming months. Currently, there are 1.15 billion EOS tokens in circulation, representing 54% of the newly established supply limit.

In alignment with the new tokenomics strategy, an additional 950 million EOS tokens will be minted to facilitate ecosystem expansion and operational activities. These tokens will be allocated for rewarding stakers and block producers, as outlined by La Rose.

Established in August 2021 under the leadership of Yves La Rose, the EOS Network Foundation assumed control of the EOS ecosystem from the original developer, Block.one. Serving as a representative body for the EOS community, the foundation is dedicated to enhancing the network through a series of initiatives and enhancements.

Please note that this content does not constitute financial advice.