Klaytn and 1inch Network Join Forces in South Korea’s DeFi Landscape

Partnership Overview

South Korea’s most beloved metaverse blockchain, Klaytn, has kicked off an exciting collaboration with the decentralized finance (DeFi) powerhouse, 1inch Network. This partnership is set to enhance liquidity and streamline token swaps, making waves in the DeFi arena. It’s like Klaytn and 1inch are merging their superpowers to create a blockchain Avengers team.

Klaytn’s Growing Footprint

With a user base stretching over 52 million via the KakaoTalk app, Klaytn has aggressively staked its claim in the realms of nonfungible tokens (NFTs) and gaming finance (GameFi). Crafted by tech titan Kakao, Klaytn’s blockchain technology entirely draws from the Ethereum Virtual Machine, paving the way for captivating play-to-earn opportunities, AAA games, and vibrant NFT marketplaces.

Boosting Scalability and Efficiency

As Klaytn’s popularity surges, it’s keen on amplifying its scalability, efficiency, and cost-effectiveness. The platform has already harnessed over 50 enterprise-level DeFi service providers and decentralized exchanges (DEXs). The cherry on top? The addition of 1inch, which brings access to a whopping 257 more liquidity sources. That’s like finding out your favorite buffet has added even more dishes!

Transaction Fever

With a striking capability of processing up to 4,000 transactions per second, Klaytn is not just flexing its technological muscles but is also revamping its gas fee structure. Gone are the days of fixed low gas prices that proved vulnerable to exploitation. Instead, the metaverse blockchain is ushering in a dynamic gas fee mechanism, ensuring a safer and smoother transaction environment.

Expanding Interoperability

As the integration of layer two service chains unfolds, Klaytn is solidifying its position as a key player in efficient token management and oracle services. With reported total value locked reaching $2.5 billion in March 2022, the platform is fostering interoperability between various DeFi platforms and emphasizing its commitment to building bridges—with actual bridges, not just metaphorical ones.

Strategic Moves in the Asian Market

During the bustling Korean Blockchain Week 2022, 1inch co-founder Sergej Kunz hinted at the company’s ambition to tap into the Asian market. He underscored the surge of popularity surrounding blockchain-based games as a potential catalyst for deeper DeFi acceptance in the region.

“It is quite obvious that Korean share of this market is huge,” remarked Sergey Maslennikov, 1inch’s chief communications officer, during the partnership announcement on August 9. “That’s why we’ve been in thorough and lasting negotiations with Klaytn as an undisputed leader in Korea.”

This dynamic partnership not only links two formidable platforms but also signifies a noteworthy step forward for DeFi as a whole in South Korea.