CEO EOS Network Foundation: The proposal to limit the EOS supply to 2.1 billion has been approved

Yves La Rose, CEO of EOS Network Foundation, said that a community proposal has been approved to limit the EOS supply to 2.1 billion tokens and burn the excess balance.

Once implemented, this proposal will burn nearly 80% of the total EOS supply, mostly from future issuance, setting a fixed supply limit of 2.1 billion tokens instead of 10 billion.

EOS Network Foundation represents the EOS community and took control from Block.one in 2021.

This organization previously made a multisignature proposal to establish a fixed supply and received approval from at least 15 out of the 21 EOS block producers.

“The EOS Network has reached consensus to approve the token economic proposal,” La Rose wrote in a post X.

The initial update deployment is expected to take place in the coming months.

EOS currently has a circulating supply of 1.15 billion tokens, accounting for 54% of the total planned supply.

In addition, 950 million EOS tokens will be minted to support the development of the ecosystem and activities such as rewards for stakers and block producers.

Under the leadership of Yves La Rose, the EOS Network Foundation was established in August 2021 as a community-supported group and has announced a new roadmap for the EOS ecosystem.

EOS was initially developed by Block.one and first garnered significant attention when it raised $4 billion in ICO from 2017 to 2018.

EOS Network Foundation was established under the leadership of La Rose in 2021, with the aim of supporting EOS Network and the community as a non-profit organization.

Foundation and Block.one have had previous disputes, accusing Block.one of not reinvesting a significant amount of ICO funds into the EOS Network as promised.

In response to positive news, EOS is currently trading at $0.81, up 11% in the past 24 hours.

EOS price chart | Source: CoinMarketCap

You can view the price of EOS here.