South Korea’s most popular Metaverse blockchain, Klaytn, will benefit from deeper liquidity and improved token swapping through a new partnership with decentralized finance (DeFi) protocol 1inch Network.
Clayton has Succeed in Korea As the country continues to see prolific usage of non-fungible tokens (NFTs) and GameFi. Klaytn is a product of tech giant Kakao – it has a user base of around 52 million using its flagship KakaoTalk suite of applications and software products.
Klaytn derives its proprietary blockchain technology from the Ethereum Virtual Machine and powers various games and AAA games, NFT marketplaces and Metaverses.As its user base continues to grow, the platform is seeking to improve its scalability, efficiency and affordability.
Klaytn has aggregated more than 50 enterprise-grade decentralized finance (DeFi) service providers and decentralized exchanges (DEXs), and the addition of 1inch unlocks another 257 liquidity sources. Klaytn’s touts the ability to process 4,000 transactions per second and is implementing a dynamic gas fee mechanism. This is in response to previous exploitation of its fixed low gasoline prices.
Continuous Integration of Layer 2 Service Chains aims to improve token management and oracle services on the Metaverse blockchain. Klaytn reported $2.5 billion in total value locked in its protocols in March 2022, with the continued consolidation of various DeFi platforms creating further interoperability between different protocols.
1inch’s integration with Klaytn provides two user groups with access to the 1inch Limit Order Protocol V2, KokonutSwap, KlaySwap, Klap, and ClaimSwap.
Klaytn via Partnership with NFT marketplace OpenSea In June 2022, its users will have access to a large collection of NFTs and digital collectibles minted on the Ethereum, Polygon and Solana blockchains.
1inch co-founder Sergej Kunz hinted at entering the Asian market The popularity of blockchain-based games is a potential driver of DeFi adoption during Korea Blockchain Week 2022 in Seoul.
The company’s chief communications officer, Sergey Maslennikov, echoed these sentiments in a correspondence with Cointelegraph as the partnership was announced on Aug. 9.
“It’s clear that South Korea’s share of this market is huge. That’s why we have been in thorough and protracted negotiations with Klaytn, as the undisputed leader in South Korea, culminating in today’s partnership.”
Maslennikov also emphasized that interoperability between blockchains has always been a focus for DeFi aggregators, and adding a bridge to the Klaytn ecosystem adds another major blockchain platform to its network.