Quarterly KLAY burning — May, 2024
Orakl Network is the official oracle of Klaytn and one of the technological partners of the Ignite on Klaytn program.
After establishing itself as one of the fastest oracles in the market with a perfect fit with Klaytn’s low transaction latency, Orakl Network has grown to provide more than 30+ data feeds that are all updated every 15 seconds.
From the inception of Orakl Network to today, 31 May, we have been meticulously collecting fees generated by the Orakl Network. According to our whitepaper, 50% of fees collected in KLAY will be burned. For on-chain transactions, 50% of the fees are automatically burned immediately. For off-chain transactions, we set aside 50% of accumulated fees collected and burn them in KLAY.
The details for off-chain transactions are as follows:
- Total KLAY burned: 16,566 KLAY (equivalent to US$3,171.98, as of May 31st, 2024)
- Proof of burn transaction (TXID: 0x97d4d5a972d4247afeeed3fd3a286f9f3066516ed3965c7c368fc225d6b78fa2)
We are set to burn 16,566 KLAY, a significant contribution aimed at reducing the overall KLAY supply, underscoring our commitment to the Klaytn ecosystem’s health and prosperity. We’re excited about the future that we’re building together and remain committed to being a proactive contributor to the Klaytn and the upcoming Kaia ecosystem.
