Following the approval of FGP-23 proposal, Finschia and Klaytn have decided to merge our mainnets to establish Asia’s leading blockchain. With this integration, Finschia tokens and governance will transition to Kaia upon the launch of the Kaia mainnet. As this significant event approaches, we would like to inform you about the upcoming changes and how Finschia users can convert their FNSA tokens to KAIA.
To ensure a seamless transition, FNSA inflation will cease on August 26, 2024. conversion rate for FNSA to KAIA will be approximately 148:1(148.079656:1 = KAIA:FNSA) as detailed in FGP-23. Halting FNSA inflation is necessary to finalize the total amount of KAIA to be exchanged on the Kaia chain. Furthermore, the unbonding time will be reduced from 7 days to 1 hour to facilitate a smooth swap. Please be aware that new staking on Finschia will be halted from August 23, 2024, and users will no longer earn FNSA rewards due to the inflation suspension. We ask for your understanding that these measures are designed to allow users to securely convert their FNSA tokens to KAIA.
With the integration of Finschia governance into Kaia, the Finschia Governance Members (FGM) will step down as a validator operators on August 27, 2024, and transition to the Kaia mainnet. In line with this governance change, the voting period will be shortened from 7 days to 3 hours.
The Finschia mainnet will be upgraded to version 4.0, which has been thoroughly vetted for stability by the reputable auditor Hacken.
Crucially, Finschia users can convert their FNSA tokens via the Kaia Portal. To provide ample time for token transition and avoid any confusion, the Foundation will offer the FNSA to KAIA swap service for at least 12 months.
These adjustments are implemented to safeguard all asset holders and ensure a smooth transition. We deeply appreciate the ongoing support and engagement of our community.
Finschia DLT Foundation
