XPLA Governance Proposal Approved to Support Individual Holders with $XPLA Still on FTX Exchange

• Proposal unanimously approved with a high voting rate reflecting the common view of Validators to protect individual $XPLA holders
• The relief initiative represents a massive step towards support for $XPLA holders, helping to set a positive precedent throughout the Web3 industry
• A total of 19,600,000 $XPLA to be transferred to a Smart Contract

SEOUL, South Korea, Feb. 3, 2023 /PRNewswire/ --– The XPLA Blockchain, a next generation of Web3 mainnet developed with gamers at the core of its design, today announced that a governance proposal to support individual $XPLA holders related to the FTX incident has been approved with unanimous consent. 

The voting on the Relief Fund Support proposal was conducted for seven days from January 24 until January 31, 2023, at 13:00 UTC. The vote was unanimous in favor of the proposal with three-quarters of eligible voters participating. Individual $XPLA holders could exercise their voting rights by delegating via proxy to Validators who were able to cast votes on their behalf. The voting process was fully transparent, and viewable through the XPLA Vault and XPLA Explorer advanced middleware based on the XPLA mainnet.

The high participation rate and unanimous voting outcome are interpreted as a strong reflection of the Validators' desire to support the individual $XPLA holders. The XPLA Team and XPLA Chain ecosystem participants have opened unprecedented possibilities for practical support which could give an example to the digital asset industry.

"The support for the XPLA community is phenomenal and we could not be happier that our ecosystem has approved this relief fund. These have been unprecedented times and our community has supported each other through it," stated XPLA CEO Paul Kim. "This is in stark contrast to the rejection of holder support votes that were attempted in other blockchain projects after the FTX incident. We are looking forward to starting the process of making our holders whole again."

The relief proposal includes a total of 19,600,000 $XPLA which will be transferred to the Relief Fund Support Contract assigned from the Reserve Wallet. XPLA Chain ecosystem participants will be able to check the status since the transferred $XPLA will be stored on the Contract. The transfer process is expected to be completed in March and the details will be announced through the official community channel of XPLA.

Claims for $XPLA from the Relief Fund will be when the $XPLA is claimable through a legal process with objective proof of ownership. XPLA team is also considering preemptively supporting individual $XPLA holders who have secured their proof of ownership if court proceedings are delayed. XPLA is the first blockchain to develop and approve a Relief Fund for individual holders concerning the FTX incident.

About XPLA

XPLA is the next generation of Web3 mainnet, developed with gamers at the core of its design. Based on the idea of "Explore and Play", XPLA is the newest innovation in the Web3 gaming space, using COSMOS SDK for optimization in partnerships with Animoca Brands, Xterio, YGG, Cosmostation, and Everstake. This new infrastructure serves as the bridge between Web2 and Web3 services and will feature games, art, music, and Dapps based on community-driven feedback from users. XPLA places heavy emphasis on User Experience and accessibility to craft the standard in game-centric Web3 services, opening up limitless possibilities for blockchain gaming.

For more information, please visit https://xpla.io

MEDIA CONTACT:

M Group Strategic Communications
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SOURCE XPLA