EOS Network Limits Coin Supply to 2.1 Billion.

EOS Network Foundation's CEO Yves La Rose announced the approval of a significant proposal to limit EOS's total supply to 2.1 billion units. This decision follows a community-driven initiative where block producers agreed to set a fixed supply limit and burn approximately 80% of excess coins. The implementation of this proposal will primarily target future emissions, reducing the planned total supply from 10 billion to 2.1 billion coins.

The Proposal Received Approval from at Least 15 of the 21 Block Producers.

For those unaware, the EOS Network Foundation, representing the EOS community, took control from Block.one in 2021. The Foundation submitted a multi- signature proposal to limit the EOS supply, receiving approval from at least 15 of the 21 EOS block producers. La Rose confirmed the consensus in a post on X and emphasized the network's acceptance of the tokenomics proposal. The initial update is expected to be implemented in the coming months.

As of now, EOS has a circulating supply of 1.15 billion coins, representing 54% of the planned total supply. An additional 950 million EOS coins will be minted to support ecosystem growth and activities such as rewarding stakers and block producers.

In his announcement, La Rose detailed these plans, emphasizing the EOS Network Foundation's commitment to the long-term sustainability of the EOS community.

The Emergence of the EOS Network Foundation.

Founded in August 2021 under the leadership of La Rose, the EOS Network Foundation is a non-profit organization aiming to support and develop the network. The Foundation unveiled a new roadmap for the EOS ecosystem. Initially, EOS garnered significant interest during its initial coin offering (ICO) from 2017 to 2018, raising $4 billion.

Previously, there were disputes between the Foundation and Block.one, with claims that Block.one did not reinvest significant ICO funds into the EOS Network as initially promised.