South Korea has its own version of the metaverse – Klaytn. This popular blockchain platform is gearing up to get lots of benefits by working with a new DeFi protocol. Aka 1inch Network, this protocol is expected to help boost token swaps and make life easier for Klaytn. This network has integrated two features – limit order protocols and aggregation which are expected to support the Klaytn mainnet.
Klaytn has been very popular in South Korea as NFTs and GameFi use rises. Tech giant Kakao is the creator of Klaytn, with a staggering user base of more that 50 million. Klaytn gets its blockchain technology from the EVM and offers a range of AAA and P2E games. Not just that, Klaytn users have access to different Metaverses and NFT marketplaces. With a growing user base, the platform wanted to improve efficiency, scalability and affordability.
Per available information, Klaytn already has 50 or more provides of DeFi services as well as DEXs. These are available for enterprise level use and the latest addition of 1inch opens up another 250+ sources of liquidity. According to information, Klaytn can process 4000 transactions a second. It is also working on implementing a mechanism for dynamic gas fees. This is being done to access and exploit something similar to previous gas prices which were low and fixed.
This integration of L2 service chains will improve Klaytn’s oracle and token management in the metaverse. Klaytn has reported that its total value locked is $2.5 billion as of March 2022. The merge process of multiple DeFi platforms will offer higher interoperability among its various protocols.