The 1inch Network expands to Klaytn
The expansion to Klaytn, metaverse and GameFi-friendly blockchain, steps 1inch closer to driving DeFi mass adoption, enabling users to get access to even deeper liquidity and instant yet efficient swapping.
“Klaytn is a dominant blockchain in Asia and beyond, built to support metaverse use cases and enable a flourishing virtual economy,” says Sergej Kunz, 1inch Network co-founder. “The 1inch launch on Klaytn will offer users instant transaction speed and more diversity in the blockchains choice.”
Kakao, South Korean leading Internet company and platform for messaging, games, advertising, e-commerce and music, unveiled Klaytn in 2019. Since then, it has become one of the most popular networks in South Korea, and is currently pursuing rapid global expansion. Klaytn public blockchain currently serves as a cutting-edge platform for popular dApps, metaverses, games and marketplaces, with a mission of bridging Web2 businesses into Web3.
As an aggregator of enterprise-level DeFi service providers, Klaytn offers multiple tools that enable businesses and users to join the metaverse.
Klaytn is Ethereum-equivalent since the Klaytn Virtual Machine derives from the EVM. It supports P2E games, AAA games and NFTs as well as a common feature set similar to Ethereum.
1inch users will take advantage of the Klaytn transaction speed since actual processing time takes only about 1 second with no additional confirmations required. The blockchain stands out for its ability to handle up to 4,000 transactions per second (TPS).
Klaytn is currently implementing a dynamic gas fee mechanism to prevent network abuse caused by its previously fixed low gas prices.
The blockchain intends to continue increasing scalability through leveraging L2 service chains, improving token management tools and the oracle function.
According to Klaylabs, Klaytn reached a TVL of $2,55 bln in late March 2022. Protocols operating on Klaytn extend its DeFi ecosystem through liquidity pool-based KLAY and all major tokens. The protocols immediately available via 1inch on Klaytn include:
You can visit the 1inch Help Center for detailed guides on how to use 1inch on different networks.
Stay tuned for more exciting news and updates from the 1inch Network!