The Klaytn Foundation team announced via Twitter on Sunday that it has burned 5,296,324,269 KLAY. The tokens burned represented around 50% of the total KLAY supply. The token burn comes as the Klaytn ecosystem executes the Cypress KIP103 hardfork.
Klaytn is a public blockchain developed by Ground X, the blockchain arm of Korea’s internet giant Kakao, with 50 million users worldwide. KLAY is down by more than 6% in the last 24 hours and now trades at $0.2560 per token.