EOS Network Foundation Announcement Rewrite

Yves La Rose, the CEO of the EOS Network Foundation, made a significant announcement regarding the approval of a community proposal to limit the EOS token supply to 2.1 billion tokens and eliminate the excess.

Upon execution, this proposal will effectively burn approximately 80% of the overall EOS supply, primarily through future emissions, establishing a fixed token supply limit of 2.1 billion instead of the initial 10 billion.

The governance of the EOS Network Foundation, representing the EOS community, was transferred from Block.one to the foundation in 2021.

Previously, the foundation put forth a multi-signature proposal to implement this fixed supply concept, obtaining agreement from at least 15 out of the 21 EOS block producers.

Yves La Rose communicated in a post that the EOS Network achieved consensus in favor of the tokenomics proposal.

The forthcoming update is expected to roll out in the following months. Currently, EOS has a circulating supply of 1.15 billion tokens, accounting for 54% of the total intended supply.

Additionally, La Rose mentioned in the post that 950 million EOS tokens will be generated to sustain ecosystem growth, support activities like rewarding stakers and block producers, and enhance network operations.

The EOS Network Foundation, established under Yves La Rose's guidance in August 2021 as a community-driven entity, unveiled a fresh roadmap for the EOS ecosystem.

Initially founded by Block.one, EOS gained prominence through a substantial $4 billion raised in its initial coin offering (ICO) from 2017 to 2018.

The non-profit EOS Network Foundation, orchestrated by Yves La Rose in 2021, is dedicated to fostering the EOS Network and its community. Tensions between the foundation and Block.one surfaced over allegations of Block.one failing to reinvest a significant portion of the ICO capital into the EOS Network as initially promised.