Klaytn (KLAY) is gaining traction among altcoins, trading positively on Monday despite Bitcoin’s ongoing struggles below the $60,000 level.
While several other cryptocurrencies like Tron, NEO, and Monero saw notable gains in the early US trading session, Klaytn managed to hold above the $0.15 mark, even after retracing some of the gains that pushed it up by more than 5% earlier in the day.
The excitement surrounding the upcoming Kaia mainnet launch is driving bullish sentiment among KLAY holders.
Bullish momentum builds ahead of Kaia mainnet launch
Klaytn’s recent price movement marks a recovery from its July lows when KLAY dropped to $0.10 following the arrest of Brian Kim, the founder of Kakao Corp., which is linked to Klaytn’s development through its subsidiary GroundX.
Despite still being below $0.16, KLAY’s price has shown resilience, buoyed by anticipation of the Layer-1 blockchain’s Kaia mainnet launch at the end of August.
The Kaia mainnet promises to bring significant upgrades, including support for both the Ethereum Virtual Machine (EVM) and CosmWasm ecosystems.
The launch will also introduce KAIA, a new native coin that will replace the existing KLAY and FNSA tokens after the integration of FNSA post-mainnet.
The market’s optimism has been further fueled by the recent incorporation of the Kaia DLT Foundation in Abu Dhabi, a strategic move that positions Klaytn for growth.
Klaytn and Finschia merge
Earlier this year, in February, the Klaytn Foundation and the Finschia Foundation—an Abu Dhabi-based organization behind the LINE Blockchain—announced a merger with plans to launch a joint mainnet.
This merger, aimed at creating Asia’s largest Web3 ecosystem, has garnered strong support from the community, with governance votes passing the proposal.
The new Kaia mainnet, expected to go live on August 29, 2024, will unite over 420 decentralized applications and 45 governance partners under one network.
The impending mainnet launch has helped KLAY recover from the August 5th dip to $0.10, with the community rallying behind what is seen as a significant milestone for the Klaytn ecosystem.
What’s coming with Kaia mainnet?
As the Kaia mainnet launch approaches, several important milestones are set to unfold. On August 23, Finschia staking will be disabled, followed by updates to Klaytn and Finschia on-chain parameters on August 26.
These updates will address network inflation, reward rates, and other critical processes. August 27 will see the onboarding of Finschia Governance Members and the deactivation of Finschia validator nodes.
On August 29, the Kaia Portal, a web service by the Kaia DLT Foundation, will go live alongside the mainnet.
This portal will offer users access to the Kaia DeFi ecosystem, enabling them to swap their FNSA tokens for KAIA and facilitate fiat on-ramping. Post-mainnet, the KLAY token’s ticker will be updated to KAIA, marking the final phase of this transformative upgrade.
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