Klaytn, one of the most-popular metaverse blockchain platforms from South Korea, recently announced its partnership with decentralized finance (DeFi) protocol 1inch. With this partnership, Klaytn seeks to benefit from improved token swaps as well as stronger liquidity.
Klaytn has emerged as one of the most popular metaverse platforms in South Korea amid the rapid growth of GameFi and non-fungible tokens (NFTs). Klaytn is a product of tech behemoth Kakao having a user base of more than 52 million people. Kakao offers its users a suite of software products along with its flagship KakaoTalk application.
The Klaytn platform powers several Metaverse, NFT marketplaces and play-to-earn AAA games. It derives the proprietary blockchain technology from the Ethereum Virtual Machine (EVM). With its improving user base, Klaytn is also looking to improve its efficiency, scalability, and affordability.
The Klaytn platform has already aggregated more than 50 enterprise-grade decentralized exchanges (DEXs) as well as decentralized finance (DeFi) service providers. However, the addition of 1inch will unlock an additional 257 liquidity sources. The Klaytn platform hosts the ability to process more than 4000 transactions per second. Besides, it’s also in the process of implementing a dynamic gas fee mechanism.
Klaytn’s integration with other Layer-2 service chains will improve token management as well as oracle services on the metaverse blockchain. By March 2022, Klaytn had more than $2.5 billion in total value locked on the platform.
Plugging the 1inch DeFi Platform into Klaytn
The integration of 1inch DeFi platform into Klaytn will also lead to greater userbase access to the 1inch Limit Order Protocol v2, KlaySwap, KokonutSwap, Klap and ClaimSwap.
Sergej Kunz, founder of 1inch had already hinted at a move into the Asian markets during the Korean Blockchain Week 2022 in Seoul. The Asian market has witnessed the growing popularity of blockchain-based games as a key driver for DeFi adoption. Speaking to CoinTelegraph on Tuesday, 1inch’s chief communications officer Sergey Maslennikov said:
“It is quite obvious that Korean share of this market is huge. That’s why we’ve been in thorough and lasting negotiations with Klaytn as an undisputed leader in Korea which ended up in today’s partnership.”
He also stressed that 1inch has been putting greater focus on interoperability between blockchains. The addition of a bridge to Klaytn will further strengthen its goal.
Bhushan Akolkar(2022.08.10) “South Korea’s Klaytn Announces Its Partnership with DeFi Protocol 1inch”
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