Initia releases the first chain upgrade proposal to reduce staking rewards to 12.50 million INIT tokens

Foresight News reports that Initia has released its first chain upgrade proposal aimed at enhancing the network's sustainability and decentralization. This upgrade includes establishing a whitelist mechanism for emergency proposal submitters, adjusting the withdrawal cycle of the OP cross-chain bridge, reducing staking rewards to 12.50 million $INIT tokens, and improving the IBC Hook mechanism. If the proposal is approved, the upgrade is expected to be executed on May 29 at 00:37 at block height 3,180,000.