The Klaytn public blockchain, launched in June 2019, has become a rising star within the web3 space. The many advantages the Klaytn blockchain offers to users include increased throughput for transaction processing, dynamic B’App deployment, and seamless integrations across the board. So much so that the South Korean Central Bank Digital Currency (CBDC) project is hosted on the Klaytn blockchain. The blockchain’s growth to the 42nd rank at an available supply of 2.63 Billion KLAY, and a market capitalization of $3.17 Billion has made it a favorite for members of the web3 industry.
Developed by Kakao Corp, the internet company that owns South Korea’s largest mobile platform, Klaytn has grown exponentially. It has increased use-case scenarios as developers onboard new projects within and beyond the Korean peninsula. The blockchain is fast becoming a favorite within the web3 industry, paving the way for its ascendancy to the top.
Several projects worthy of mention have taken their place within the Klaytn ecosystem. These projects have called Klaytn home as its developer ecosystem wows the world with new ideas. Here are a few of them.
EverdreamSoft (EDS) Enables Digital Asset Interactivity
One of the earliest blockchain technology development companies, EverdreamSoft (EDS), has pushed the bar for the web3 space. Their products range from the first blockchain mobile game, Spells of Genesis, to its Crystal Spark open-source suite of tools for blockchain and digital asset integration. EverdreamSoft (EDS) also developed the first multichain wallet, Casa Tookan, giving the company a clear advantage in its niche and the web3 industry.
Its contributions to the Klaytn blockchain have enabled developers, users, and fans to have improved and unique interactions across the board. EverdreamSoft (EDS) has also positioned itself as the “go-to” ecosystem on the Klaytn blockchain for plug-and-play tools and platforms for developers needing to focus on individual projects.
This approach has created multi-faceted solutions to the ever-growing and diverse needs web3 participants face all the time.
Kai Protocol Enables The First Algorithmic Stablecoin on the Klaytn Blockchain
The Kai Protocol is an algorithmic stablecoin that has extended the realms of the decentralized finance (DeFi) space even further. Algorithmic stablecoins are a relatively new idea within the web3 industry. They provide adequate supply and demand within ecosystems, thus creating equilibrium within digital ecosystems permissionlessly.
The Kai protocol extends its liquidity into all kinds of B’Apps on the Klaytn blockchain. They range from gaming ecosystems and metaverses to Non-Fungible Token (NFT) marketplaces. The platform exists beyond its immediate ecosystem with the introduction of synthetic assets that derive their value from all kinds of assets, including several stocks.
Kai Protocol staking pools give users the chance to earn yields from different staking rewards. Annual percentage yields (APYs) go beyond the 200% threshold, giving users optimal returns for staking their assets.
KLAYswap Enables Immediate Decentralized Digital Asset Exchange
The KLAYswap Protocol is a decentralized exchange (Dex) protocol that has enabled the real-time transfer of assets across the Klaytn blockchain and beyond. KLAYswap’s on-chain liquidity pool is driven by automated market-making (AMM) protocols, keeping the exchange from growing illiquid or insolvent.
Assets exchanged include native assets and wrapped ones. The Orbit Bridge enables digital asset transfers between the Ethereum and Klaytn ecosystems. KSP, the native token, enables governance and gives token holders all kinds of flexibility within the KLAYswap ecosystem. They get to partake in decision-making activities that involve just about everything. Liquidity mining activities within KLAYswap allow holders to receive KCT tokens as a reward from the genes blocks of mining pools.
As the KLAYswap ecosystem grows and expands, the foundation already in place will provide Kalytn blockchain with an all-in-one Dex that provides users with the ultimate trading experience.
Kronos DAO Enables Decentralized Reserve Currency Treasuries
As a decentralized currency reserve protocol, Kronos DAO creates all kinds of opportunities for automated wealth creation for DAO members via the value increase of its token holdings. By holding the KRNO token against a basket of other tokens, this approach maintains the exchange rate stability of KRNO.
Through staking and minting, token holders earn more tokens and increase their holdings. A unique concept for a DAO, the Kronos development team aims to create community-driven financial models that improve lives and increase the wealth of its members within a transparent framework.
What Are The Future Prospects of The Klaytn Blockchain?
So far, the Klaytn blockchain has proven to be versatile in every use-case deployed. From banking to gaming, the ledger it seems provides benefits not yet seen in the web3 space. Klaytn will hold its own against the older ledgers As a third-generation blockchain. This ecosystem will be the driving force for the greater adoption of web3 technologies.
Its current expansion and foray into new spaces provide proof of this as the world enters a new phase of usage and deployment of web3 technologies. Klaytn has a place in this new phase, and in the future, the blockchain will rule its niche within the industry.
David is a crypto enthusiast and an expert in personal finance. He has created numerous publications for different platforms. He loves to explore new things, and that’s how he discovered blockchain in the first place.