Yves La Rose, CEO of the EOS Network Foundation, announced that a community proposal was approved to cap the EOS supply at 2.1 billion tokens and burn the excess.
Once implemented, the proposal will burn nearly 80% of the total EOS supply, primarily from future emissions, setting a fixed supply limit of 2.1 billion tokens instead of 10 billion.
The EOS Network Foundation represents the EOS community and took control from Block.one in 2021.
The foundation had previously presented a multi-signature proposal to establish this fixed supply and gained approval from at least 15 of the 21 EOS block producers.
“The EOS Network has reached consensus to approve the tokenomics proposal,” La Rose wrote in an X post.
The initial update is expected to be implemented in the coming months. EOS currently has a circulating supply of 1.15 billion tokens, representing 54% of the total planned supply.
Additionally, La Rose outlined in his post that 950 million EOS tokens will be minted to support ecosystem growth and activities such as rewarding stakers and block producers.
Under the leadership of Yves La Rose, the EOS Network Foundation was founded in August 2021 as a community-backed group and revealed a new roadmap for the EOS ecosystem.
EOS was originally created by Block.one and first gained awareness when it raised $4 billion during its initial coin offering (ICO) from 2017 to 2018.
The EOS Network Foundation, brought together under La Rose’s leadership in 2021, is a non-profit organization that seeks to support the EOS Network and its community.
The foundation and Block.one has had prior conflicts, with the foundation alleging that Block.one did not reinvest considerable ICO funds back into the EOS Network as promised.
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