Ontology to reduce ONG total supply to 800 million after unanimous vote

Layer-1 blockchain project Ontology (ONT) has announced that a proposal to adjust its Ontology Gas (ONG) tokenomics was unanimously approved in an on-chain vote. The decision will reduce the total supply cap of ONG from one billion to 800 million tokens. Additionally, ONT and ONG assets equivalent to 100 million ONG will be permanently locked. Ontology stated that the adjustment aims to enhance the liquidity and sustainability of ONG while providing a more predictable value structure for ONT stakers and developers. The changes are set to be implemented on Dec. 1, coinciding with the Ontology mainnet v3.0.0 upgrade.