Yves La Rose, CEO of the EOS Network Foundation, recently announced the approval of a community proposal to cap the EOS token supply at 2.1 billion tokens and burn the excess. This significant decision, once implemented, will lead to the burning of nearly 80% of the total EOS supply, primarily derived from future emissions, thereby establishing a fixed supply limit of 2.1 billion tokens, down from the initially planned 10 billion.

The EOS Network Foundation, representing the EOS community, took the reins from Block.one in 2021, and this proposal marks a key milestone in shaping the future of the EOS ecosystem. La Rose highlighted that the proposal gained approval from at least 15 of the 21 EOS block producers, signifying consensus within the community.

In an X post, La Rose stated, “The EOS Network has reached consensus to approve the tokenomics proposal,” underscoring the collaborative effort behind this decision. The implementation of the initial update is slated for the coming months.

Currently, EOS boasts a circulating supply of 1.15 billion tokens, accounting for 54% of the total planned supply. Additionally, La Rose outlined plans for minting 950 million EOS tokens to support ecosystem growth, rewarding stakers, and incentivizing block producers.

Under the stewardship of Yves La Rose, the EOS Network Foundation, established in August 2021 as a community-backed entity, has been instrumental in driving the evolution of the EOS ecosystem. La Rose’s leadership has steered the foundation toward fostering a vibrant and sustainable EOS community.

EOS, originally developed by Block.one, gained substantial attention during its initial coin offering (ICO) from 2017 to 2018, raising $4 billion. The establishment of the EOS Network Foundation under La Rose’s leadership marked a significant shift in governance and community involvement within the EOS ecosystem.

However, disputes between the foundation and Block.one have arisen, with allegations of Block.one failing to reinvest significant ICO funds back into the EOS Network as promised. Despite these challenges, the EOS Network Foundation remains committed to supporting the EOS Network and its community as a non-profit organization dedicated to advancing the interests of EOS stakeholders.