Kaia Mainnet Set For August 29 Launch, Announcing FNSA Token Staking Suspension
In Brief
Kaia unveiled that FNSA token staking will be halted starting August 23rd and staking rewards will stop on August 26th.
New blockchain formed by the merger of Klaytn and Finschia, Kaia unveiled that FNSA token staking will be halted starting August 23rd. This suspension is intended to guarantee an easy incorporation procedure for the launch of the Kaia mainnet. Following this, all delegation and redelegation features on FNSA wallets will be disabled, and staking rewards will stop on August 26th.
In addition to the cessation of staking rewards, the unbonding time will be shortened from seven days to one hour to streamline the unstaking for FNSA stakers. However, any unstaking requests made before this change will still require to complete the full one-week unbonding period.
The suspension of new staking will begin at 3:00 pm on August 23rd, followed by the halting of FNSA token inflation at 3:00 pm on August 26th. At the same time on August 26th, the unbonding will be shortened, and the FNSA to KAIA token swap service will be enabled starting at 3:00 pm on August 29th.
It’s important to note that staking rewards will cease when FNSA inflation is stopped. For unstaking requests made prior the unbonding period is reduced, the original seven-day unstaking duration will still apply. The FNSA to KAIA token swap service will be accessible via the Kaia Portal.
Kaia Mainnet To Launch With Key Updates And Governance Changes
Kaia is a highly optimized, BFT-based public blockchain designed to meet enterprise-grade standards for reliability and performance. Its primary goals include achieving immediate transaction finality, ensuring high transaction processing speeds for practical use cases, lowering the costs of running blockchain applications, reducing barriers for end-users, and facilitating the easy adoption of blockchain technology.
In the lead-up to and following the launch of the merged mainnet, several key events will take place. Various on-chain parameters for both Klaytn and Finschia will be updated. These updates will be submitted as governance proposals for each chain to go through the established governance processes. On August 27th, Finschia Governance Members will step down and deactivate their validator nodes to join the Kaia Governance Council, with foundation-directed nodes taking their place.
Additionally, on August 28th, the Finschia mainnet will undergo a final round of updates. The Kaia Portal will go live on August 29th, coinciding with the launch of the Kaia mainnet. The Kaia Portal, managed by the Kaia DLT Foundation, will serve as the entry point to the Kaia DeFi ecosystem.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
