Klaytn Collaboration With 1INCH, This Is The Goal!

JAKARTA – Klaytn, a public blockchain focused on metaverse and gamefi development, recently announced a partnership with a 1inch decentralized exchange aggregator (DEX).

With the partnership, Klaytn will benefit from a better token exchange as well as stronger liquidity. This partnership will help Klaytn unlock 257 additional liquidity sources.

Launching CoinSpeaker, Klaytn has emerged as one of the most popular metaverse platforms in South Korea amid the rapid growth of GameFi and non-fungible tokens (NFT). Klaytn is a product of technology giant Cocoa which has a user base of more than 52 million people. Kakao offers its users a range of software products along with its flagship KakaoTalk application.

The Klaytn platform supports multiple Metaverses, NFT marketplaces, and play-to-earn AAA games. It is derived from the proprietary blockchain technology of the Ethereum Virtual Machine (EVM). With its user base growing, Klaytn also wants to increase its efficiency, scalability, and affordability.

The Klaytn platform has assembled more than 50 enterprise-grade decentralized exchanges (DEXs) as well as decentralized financial services (DeFi) providers. However, the addition of 1inch will open up 257 additional sources of liquidity. The Klaytn platform has the ability to process more than 4000 transactions per second. In addition, KLAY is also in the process of implementing a dynamic transaction fee mechanism.

Klaytn's integration with other Layer-2 service chains will improve token management as well as oracle services in the metaverse blockchain. As of March 2022, Klaytn has a total value of over $2.5 billion locked in the platform.

The integration of the 1inch DeFi platform into Klaytn will also result in a larger user base access to 1inch v2, KlaySwap, KokonutSwap, Klap, and ClaimSwap.

Sergej Kunz, founder of 1inch has hinted at moving to the Asian market during Korean Blockchain Week 2022 in Seoul. Asian markets have seen the growing popularity of blockchain-based games as a key driver for DeFi adoption.

“It is very clear that the Korean market share is very large. That's why we have had thorough and lasting negotiations with Klaytn as the undisputed leader in Korea which ended with today's partnership,” Sergey Maslennikov, 1inch head of communications told Cointelegraph.

He also emphasized that 1inch has placed a greater focus on interoperability between blockchains. Adding a bridge to Klaytn will further strengthen 1INCH.