Proposal to cap EOS token supply at 2.1 billion approved, says EOS Network Foundation CEO

Quick Take

  • EOS Network Foundation’s CEO said the proposal to cap the EOS supply at 2.1 billion tokens was approved.
  • The foundation had proposed to establish a fixed supply, which gained consensus from block producers.

Yves La Rose, CEO of the EOS Network Foundation, said a community proposal was approved to cap the EOS supply at 2.1 billion tokens and burn the excess.

The proposal, once implemented, 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 foundation had previously introduced 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.

Implementation of the initial update is expected in the coming months.

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

Additionally, 950 million EOS tokens will be minted to support ecosystem growth and activities such as rewarding stakers and block producers, La Rose outlined in his post.

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

In 2021, the EOS Network Foundation, representing the community, assumed control from Block.one. There have been ongoing disputes between the two, with the foundation accusing Block.one of not reinvesting substantial ICO proceeds into the EOS Network as previously promised.

The article has been updated for clarity.


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About Author

Vishal Chawla is The Block’s Crypto Ecosystems Editor and has spent over seven years covering tech protocols, cybersecurity, artificial intelligence and cloud computing. Vishal can be reached on Twitter at @vishal4c and via email at [email protected]

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