Yves La Rose, CEO of the EOS Network Foundation, has announced the approval of a major proposal to limit the total supply of EOS to 2.1 billion units. This decision follows a community-led initiative where block producers agreed to set a fixed supply limit and burn approximately 80% of excess coins.

This measure focuses mainly on future issuances, reducing the planned total supply from 10 billion to 2.1 billion coins.

Implementation of first update expected in the coming months

The EOS Network Foundation, which represents the EOS community, took control of Block.one in 2021. The Foundation submitted a multi-signature proposal to limit EOS supply and received approval from at least 15 of the 21 EOS block producers. La Rose confirmed the consensus in a post on X, highlighting the network’s acceptance of the tokenomics proposal. The first update is expected to be deployed in the coming months.

Currently, EOS has a circulating supply of 1.15 billion coins, which represents 54% of the planned total supply. An additional 950 million EOS coins will be minted to support the growth of the ecosystem and activities such as rewarding stakers and block producers.

Commitment to long-term sustainability

In his announcement, La Rose detailed these plans and highlighted the EOS Network Foundation’s commitment to the long-term sustainability of the EOS community.

The EOS Network Foundation, founded in August 2021 under the leadership of La Rose, is a non-profit organization that aims to support and develop the network. The Foundation unveiled a new roadmap for the EOS ecosystem. EOS initially attracted significant interest during its initial coin offering (ICO) from 2017 to 2018, which raised $4 billion.

Previously, there were disputes between the Foundation and Block.one, with claims that Block.one had not reinvested significant ICO funds into the EOS network as initially promised. Under La Rose’s leadership, the Foundation continues to undertake initiatives to support the growth of the network and meet the needs of the community.

Source: https://newsbit.nl/eos-network-foundation-beperkt-totale-voorraad-van-eos-tot-21-miljard-eenheden/

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