Kaia to Start Burning Unpaid CR Rewards on Oct. 21, Confirm 4.9 Million KAIA Burn and Add JPYC
The Kaia DLT Foundation said on Oct. 14 that it will begin burning unpaid rewards under its Contribution Reward, or CR, program on Oct. 21 and add Japanese yen stablecoin JPYC to the list of eligible reward assets.Kaia has confirmed that it will burn a total of 4,905,146 KAIA that went unpaid in the first two settlement rounds. Of that amount, 2,463,579 KAIA from the first settlement round will be burned on Oct. 21, while 2,441,567 KAIA from the second round is set to be burned in November.CR is a system that pays differentiated rewards based on contributions to the network and was introduced in July. Previously, 10% of block rewards was distributed in a lump sum to the Governance Council, or GC. Rewards are now paid based on actual contribution performance. The monthly reward budget is 2.5 million KAIA, and any undistributed amount is burned rather than reverting to the foundation.Starting Oct. 21, JPYC will also be included among eligible reward assets. Until now, only Tether's USDT had qualified, but JPYC deposited in the Unifi wallet will also count toward contribution performance. JPYC deposits will be converted into a USDT value using oracle prices, and the existing standard will remain in place, requiring 10 KAIA to be staked for every $1 in stablecoins.Kaia said it plans to confirm the amount of unpaid rewards and proceed with burns whenever an Epoch, its settlement cycle, ends. Related transaction records and the cumulative amount burned will be disclosed through the governance forum's monthly operations report."The contribution reward system is structured so that rewards go to participants who actually contribute to the network, while unused rewards do not enter circulation," Kaia DLT Foundation Chairman Seo Sang-min said. "We will expand an ecosystem in which stablecoins from Asian countries, including Japan's JPYC, are used on Kaia and their contributions are fairly rewarded."