Shaurya Malwa Shaurya is an analyst/editor for CoinDesk's markets team in Asia. Follow @ shauryamalwa on Twitter Increasing demand and value for Klaytn’s native KLAY tokens are at the center of the latest technology and developer roadmap released by developers earlier this week. Klaytn, a public blockchain platform developed by South Korean internet giant Kakao Corp, recently passed a governance proposal to burn nearly 50% of its token supply – a move that contributes towards making KLAY more valuable eventually. In the roadmap, Klaytn that it would identify key crypto infrastructure services, such as decentralized oracles, where KLAY can be used to utilize said services, further increasing transactional utility and leading to more gas burns. Oracles are a mechanism to connect smart contracts with the outside world, primarily to feed information from the world to a blockchain. Gas burns, also known as coin burnings, are when a project decides to take a certain number of coins out of circulation from the fees that blockchain generates on user transactions. Klaytn will launch a permissionless network pilot in the second half of 2023 on its Cypress mainnet. This automates the entry and exit of validators, or entities of any blockchain and are responsible for verifying transactions on that network On the governance front, some new initiatives include establishing community governance council selection and dismissal processes. Klaytn will gradually transfer its decision-making authority to the community, allowing token holders users to have a say on who sits on Klaytn’s Governance Council (GC). The GC is a group of network participants that currently oversee governance of the Klaytn network. KLAY tokens are nominally changed in the past 24 hours and have a $823 million maket capitalization at writing time on Wednesday. DISCLOSURE Please note that our privacy policy , terms of use , cookies , and do not sell my personal information has been updated . The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies . CoinDesk is an independent operating subsidiary of Digital Currency Group , which invests in cryptocurrencies and blockchain startups . As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights , which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG . Shaurya Malwa Shaurya is an analyst/editor for CoinDesk's markets team in Asia. Follow @ shauryamalwa on Twitter Learn more about Consensus 2023 , CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus. coindesk. com to register and buy your pass now. Shaurya Malwa Shaurya is an analyst/editor for CoinDesk's markets team in Asia. Follow @ shauryamalwa on Twitter.