South Korea’s most widely used metaverse blockchain Klaytn is placed to profit from much deeper liquidity and improved token swaps via a lindsey stirling with decentralized finance (DeFi) protocol 1inch Network.
Klaytn has enjoyed success in Columbia because the country is constantly on the see prolific nonfungible token (NFT) and GameFi use. Klaytn is really a product of tech behemoth Kakao, which instructions a person base of some 52 million people who use its flagship KakaoTalk application and suite of software products.
Klaytn derived its proprietary blockchain technology in the Ethereum Virtual Machine and forces various play-to-earn and AAA games, NFT marketplaces and Metaverses. Since it’s users list keeps growing, the woking platform is searching to enhance its scalability, efficiency and affordability.
Klaytn already aggregates 50 plus enterprise-level decentralized finance (DeFi) providers and decentralized exchanges (DEXs) and adding 1inch unlocks an additional 257 liquidity sources. Klaytn’s touts the opportunity to process 4,000 transactions per second and it is while applying an engaged gas fee mechanism. This really is as a result of previous exploits of their fixed low gas prices.
The continuing integration of layer two service chains is placed to enhance token management and oracle services around the metaverse blockchain. Klaytn reported $2.5 billion of total value locked on its protocol in March 2022 and also the ongoing merge of numerous DeFi platforms creates further interoperability between different protocols.
Related: DeFi market has room for development in Korea: 1inch co-founder — KBW 2022
1inch’s integration with Klaytn provides both userbases accessibility 1inch Limit Order Protocol v2, KokonutSwap, KlaySwap, Klap and ClaimSwap.
Klaytn connected to the broader NFT ecosystem via a partnership with NFT marketplace OpenSea in June 2022, giving its users use of a number of NFTs and digital collectibles minted on the Ethereum, Polygon and Solana blockchains.
1inch co-founder Sergej Kunz hinted in a transfer to the Asian market during the Korean Blockchain Week 2022 in Seoul, citing the recognition of blockchain-based games like a potential driver for DeFi adoption.
The company’s chief communications officer Sergey Maslennikov echoed these sentiments in correspondence with Cointelegraph because the partnership was unveiled on August. 9.
“It is very apparent that Korean share of the marketplace is huge. That is why we’ve experienced thorough and lasting negotiations with Klaytn being an undisputed leader in Korea which wound up in the current partnership.”
Maslennikov also stressed that interoperability between blockchains is a focus from the DeFi aggregator and adding a bridge in to the Klaytn ecosystem adds another major blockchain platform to the network.
