Finschia: FNSA tokens and governance will transition to Kaia after Kaia mainnet launch

According to official news, Finschia issued a statement saying that after the FGP-23 proposal was approved, Finschia and Klaytn decided to merge the mainnet. Through this integration, Finschia tokens and governance will transition to Kaia after the Kaia mainnet is launched. To ensure a seamless transition, FNSA inflation will stop on August 26, 2024. The conversion rate from FNSA to KAIA is approximately 148:1 (148.079656:1 = KAIA: FNSA). In order to finalize the total amount of KAIA exchanged on the KAIA chain, stopping FNSA inflation is necessary. In addition, the unbonding time will be reduced from 7 days to 1 hour to facilitate smooth exchanges. Please note that new staking on Finschia will stop from August 23, 2024, and users will no longer receive FNSA rewards due to the suspension of inflation. As Finschia governance is integrated into Kaia, Finschia Governance Members (FGM) will no longer serve as validator operators and transition to the Kaia mainnet from August 27, 2024. Under this governance change, the voting cycle will be shortened from 7 days to 3 hours. The Finschia mainnet will be upgraded to version 4.0, which has been thoroughly reviewed for stability by auditor Hacken. Finschia users can convert their FNSA tokens through the Kaia portal, and the foundation will provide FNSA and KAIA swap services for at least 12 months. Earlier news, Finschia stated that with the establishment of the Kaia DLT Foundation in the Dubai International Financial Center and the Abu Dhabi Global Market (ADGM), most of the preparations for the launch of the Kaia mainnet have been completed and will be launched on August 29, 2024.