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

Yves La Rose, CEO of the EOS +3.01% 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 EOS Network Foundation represents the EOS community and took control from Block.one in 2021.

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 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.

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

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.

The EOS Network Foundation, established under La Rose’s leadership in 2021, aims to support the EOS Network and its community as a non-profit organization.

The foundation and Block.one have had prior disputes, with the foundation alleging that Block.one failed to reinvest significant ICO funds back into the EOS Network as promised.