EOS Network Foundation will limit token supply to 2.1b

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

Once implemented, the proposal will burn almost 80% of the total EOS supply, mainly from future issuances, 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 of Block.one in 2021.

The foundation had previously submitted a multi-signature proposal to establish this fixed supply and obtained approval from at least 15 of the 21 EOS block manufacturers.

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

The initial update is expected to roll out 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 highlighted 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-supported group and revealed a new roadmap for the EOS ecosystem.

EOS was originally created by Block.one and first gained notoriety when it raised $4 billion during its initial coin offering (ICO) from 2017 to 2018.

THE EOS Network Foundation, reunited under La Rose’s leadership in 2021, is a non-profit organization seeking to support the EOS Network and its community.

The foundation and Block.one have had previous conflicts, with the foundation alleging that Block.one had not reinvested considerable ICO funds into the EOS network as promised.

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