Yves La Rose, CEO of the EOS Network Foundation, announced that the community's proposal to limit the EOS supply to 2.1 billion tokens and burn the excess has been approved.
Once implemented, the proposal would burn approximately 80% of the total EOS supply, primarily from future emissions, setting a fixed supply cap 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 institution had previously submitted a multi-signature proposal to create this stable supply and received approval from at least 15 of the 21 EOS block producers.
“The EOS network has reached a consensus to approve the token proposal,” La Rose wrote in X’s 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 explained in his post that 950 million EOS tokens will be minted to support the growth of the ecosystem and activities such as rewarding stakeholders 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 unveiled 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.
There have been previous conflicts between the Foundation and Block.one, with the Foundation claiming that Block.one did not reinvest significant ICO funds back into the EOS network as promised.