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Prominent metaverse blockchain –Klaytn – partnered with 1inch Network, a popular decentralized finance (defi) protocol. The collaboration of both the crypto entities came in the wake of South Korean blockchain’s efforts towards providing deeper liquidity and improved token swaps like benefits. Coming together with 1inch, Klaytn is expected to fulfill its anticipation to benefit their users.
When non-fungible token and GameFi trends were at their peak in South Korea, Klaytn was among some of the most successful ventures since then. The metaverse blockchain uses Ethereum Virtual Machine for its blockchain technology capabilities. Using these capabilities it offers support to many NFT marketplaces, Metaverses and play-to-earn and AAA games.
South Korean telecommunication giant, Kakao, is the parent company of Klaytn. Currently the metaverse blockchain holds nearly 52 million people in its user base. The users on the platform utilize KakaoTalk applications and other flagship software products. Given the increasing users on the platform, Klaytn is looking towards being more scalable, efficient and affordable.
Now when Klaytn partnered with 1inch, users on both the platforms will have access to each other’s different offerings. This includes Limit Order Protocol v2 of 1inch, KoknutSwap, Klap, KlaySwap and ClainSwap.
By the time, the number of enterprise-level service providers for decentralized finance (defi) and exchange (DEXs) on Klaytn crossed 50. Now after tying knot with 1inch, about 257 liquidity sources are also expected to get unlocked for the blockchain.
In March, 2022, total value locked on the metaverse blockchain platform reported about 2.5 billion USD. Further integration like the ongoing one with 1inch, are expected to create interoperability across various protocols.
In June 2022, Klaytn partnered with the popular NFT marketplace, OpenSea. The decision came in the wake of efforts to enable their users exposure to the non-fungible tokens and alike digital collectibles across different networks including Etheruem, Solana and Polygon, etc.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
