Review of the blockchain project Klaytn (KLAY)
The Klaytn blockchain platform offers a convenient interface and an integrated development environment for users to create their own projects. Discover what the Klaytn project has to offer, including its advantages and disadvantages, and how to buy the KLAY token. Read our overview on Gagarin News.
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The blockchain is compatible with the Ethereum virtual machine, so the network synchronizes well with many other EVM-based networks. On Klaytn, users can create DeFi applications, various dApps, NFTs, and the fees on the network are much lower than on Ethereum.
We have prepared a detailed guide to the Klaytn blockchain and its vast ecosystem.
History of creation
The launch of the Klaytn blockchain project was initiated by the South Korean technology giant, Kakao. The company decided to meet the need for blockchain technology in its products since Kakao dominates 95% of the South Korean market. GroundX, a subsidiary company, was created for Klaytn, and Dr. Han Jae-Sun, a professor of electrical engineering and computer science at the Korea Advanced Institute of Science and Technology (KAIST), became its director. Klaytn was fully launched in June 2019.
Project financing
Crunchbase, an analytical site, reports that Klaytn only raised one round of funding. Through the ICO, Klaytn collected $90 million from Crescendo Equity Partners, IDG Capital, and Translink Capital.
Investment History of Klaytn (Crunchbase)
Network Features
Klaytn seamlessly combines the properties of decentralization and control, without sacrificing scalability and transaction speed. To deploy a program on this blockchain, you don't need to be a blockchain developer or a cryptography expert. Launching a dApp or your own token is easy with the built-in software.
Klaytn took this step to move many South Korean companies, which are part of the Kakao conglomerate, onto the blockchain. According to CEO Han Jae Sun, the total value of companies using Klaytn exceeds $65 billion.
Klaytn allows for the creation of various types of dApps, including interchangeable and non-interchangeable tokens, the ability to collect and trade artwork, develop DEX exchanges, games, credit protocols, and other products.
Tools and guides for creating your own project on Klaytn blockchain (developer.klaytn.foundation)
The KLAY cryptocurrency
The KLAY token is used to pay for network fees, manage the project, and provides the opportunity to earn through the staking tool. The hybrid consensus algorithm, which combines Proof-of-Contribution (PoC) and practical Byzantine Fault Tolerance (pBFT), ensures a universal decentralized environment and guarantees the interest of validators in their work and obligations.
Here are some characteristics of the KLAY coin:
- Market capitalization – $712 million;
- Maximum issuance – unlimited;
- Total in circulation – 3.1 billion;
- Average daily trading volume – $70 million;
- Maximum price – $4.24;
- Minimum price – $0.079;
- Current value – $0.21.
KLAY Token Price Dynamics (CoinMarketCap)
You can buy and trade the KLAY cryptocurrency on major exchanges such as WhiteBIT, OKX, MEXC, Gate, and others. A full list of trading platforms can be found on analytical resources such as CoinGecko and CoinMarketCap under the “Markets” section.
Current Development and Ecosystem
The architecture of Klaytn is quite convenient for integration into many blockchain projects. The largest NFT marketplace, OpenSea, was one of the first to add the ability to trade assets on Klaytn. According to information from the blockchain explorer scope.klaytn.com, there are currently 154 NFT projects running on the network, and the tokens themselves are built on three different standards: ERC-1155, KIP-17, and KIP-37.
The Klaytn ecosystem includes dozens of projects from various fields such as DeFi, Oracles, wallets, cross-chain bridges, development infrastructure, and more. A full list of deployed applications on Klaytn can be found on the klaytn.foundation website under the “Ecosystem” section.
Klaytn ecosystem
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