Klaytn is an open-source blockchain protocol with the goal to become the blockchain of choice for the metaverse, Play-to-Earn (P2E) games, non-fungible tokens (NFTs), and the creator economy. KLAY is the native utility token of the Klaytn blockchain. It's used for paying transaction fees on the network and has great utility among the other blockchain applications that run within the Klaytn network.
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Read on to learn everything you need to know about the Klaytn network and the KLAY token.
What Is KLAY Coin
Klaytn is a metaverse-focused public blockchain built by the leading South Korean internet company Kakao in 2019. Klaytn brings together the features of public and private blockchains to provide scale and speed for those who build, work, or play in the metaverse. It allows quickly developing and deploying blockchain applications (BApps) with reduced fees.
With the release of Klaytn 2.0 in February 2022, the company started another era of its evolution, aiming to become the one-stop chain for metaverse builders. The protocol offers an open-source, public blockchain that is designed to be the trust layer for the metaverse, allowing everyone to participate and contribute to the development. It's also the blockchain network for the Bank of Korea’s digital won project.
KLAY is the native token of the Klaytn blockchain, and all transactions occurring across the Klaytn ecosystem can be paid in KLAY. It also serves as a means of payment for other blockchain applications that run within the Klaytn network. Users can earn rewards via staking their Klay in the Klip wallet. KLAY is also used in over 60 successful BApps (blockchain applications) and DeFi protocols such as KLAYswap, Kaikas browser extension, and KLAYstation dashboard.
Klaytn Founders
Klaytn was founded in 2019 by GroundX, a blockchain company owned by one of the largest tech companies in South Korea, Kakao. Kakao launched the Singapore-headquartered non-profit organization Klaytn Foundation; an independent organization focused only on the Klaytn protocol. Since August 2021, Klaytn Foundation has been the central committee overseeing the scaling of operations and the worldwide expansion of the Klaytn blockchain. It also manages the Klaytn Growth Fund and operates along with Krust Universe, its main sponsor, and another Kakao subsidiary that invests in Klaytn-based projects.
Sangmin Seo is the Klaytn Foundation’s director. He has a Ph.D. degree in electrical engineering and computer science. Before joining GroundX, Seo worked as a lecturer, developer, and senior engineer at various companies.
How Does Klaytn Work
Klaytn provides a complete package designed to help builders of the metaverse enter the blockchain space as smoothly as possible. Among the solutions that Klaytn delivers are; software development kits and smart contract libraries, bridges, oracle support, customized layer 2 solutions, stablecoin integrations, and beyond.
Klaytn is compatible with Ethereum, which means developers can access the complete stack of Ethereum development tools. The network enables users to make fast transactions secured by nodes that process transactions after checking their validity. The Klaytn node network is led by the Klaytn Governance Council, ensuring that consensus is reached for each transaction. The Council consists of international businesses and organizations, including Kakao, LG, Shinhan Bank, Binance, etc. Council members can vote on proposals to make changes to the platform, including the development of layer 2 solutions, transaction fee policies, and other structural adjustments.
Klaytn aims to switch to a stake-based governance model and fully decentralized governance with the community of DAOs (Decentralized Autonomous Organization), the members of which will be able to vote on proposals along with the Council members.
KLAY Token Economy
Klaytn's token economy aims to create sustainable funding structures for empowering its ecosystem, growth initiatives, and strategic investments. The KLAY token is used as a medium of exchange in blockchain applications operating across Klaytn. To earn interest, KLAY token holders can stake their assets via Klaytn Network's official staking tool, KLAYSTATION.
Klaytn uses a gas fee burn mechanism which means that the network eliminates a percentage of the amount paid for conducting transactions. The total supply of KLAY is 10,782,297,981 coins; its market cap stands at above $3 billion, and, as of March 7, 2022, its circulating supply is around 2.64 billion tokens. The network reinvests 66% of newly created coins in the ecosystem; 12% goes to Klaytn's open grant program called Klaytn Improvement Reserve (KIR), and 54% goes to Klaytn Growth Fund, which invests in early-stage projects. The KLAY price is volatile. KLAY's current price is around 1900% up from its all-time low of $0.05 and 73% down from its all-time high of $4.38.
According to DeFi data aggregator, DeFi Llama Total Value Locked in the Klaytn blockchain currently stands at above $1 bln, the largest share of which, around $749 million, belongs to the instant swap protocol, KLAYswap.
Klaytn Partners
Klaytn aims to achieve global expansion by partnering with various organizations in different countries. According to the company's roadmap for 2022, the primary purpose of Klaytn is to become the blockchain of choice for gaming and metaverse projects and continue its integration with DeFi further.
Klaytn has become the dominant blockchain protocol in Korea, partnering with various companies. Along with Ethereum software company ConsenSys, Klaytn has been working on the Bank of Korea's national digital currency development project. The company also built a partnership with Samsung to launch the Klaytn platform-specialized smartphone.
After its global launch in August 2021, Klaytn signed five partnerships with the following companies:
- Japanese tech giant GMO Internet Group
- Indonesia’s Innovation Factory
- Asian NFT marketplace East NFT
- US-based software company Animal Concerts
- Singapore-based fintech accelerator F10.
Where Can I Buy KLAY
KLAY tokens can be purchased on several crypto exchanges, including Bybit, OKEX, Binance, HitBTC, Fmfw, Mexc, Coinone, Hoolgd, Bithumb, Xt, BigOne, Kucoin, Crypto.com, etc.
