Klaytn Protocol KLAP Decides to Launch KLAP Token to Power DeFi Crediting
Author:- – The Klaytn blockchain-based DeFi technology known as KLAP (Klaytn Lending Application) is almost ready to introduce its native coin. On July 25, at 10 p.m. ET, the KLAP token will become tradeable on the well-known decentralized exchange ClaimSwap.
- – The expanding ecosystem of the protocol will be powered by the KLAP token in several use cases. Liquidity providers and early adopters will be awarded a percentage of the entire supply. Total Locked Value (TVL) on KLAP has increased to over $100M since its May launch, making it the second-most popular Klaytn dApp by this criteria.
The Klap group stated: “After the launch of our protocol, we are eager to let the KLAP token benefit our system and offer users more functionality. This is a critical next step in the growth and development of the community as KLAP becomes decentralized.”
Their emphasis on long-term evangelism and community involvement is evident. Impressively, KLAP has already given early adopters 5% of its whole token supply. Anyone who took part in pre-mining or lock drop campaigns will be able to get their hands on KLAP tokens once they go live on April 25.
About Information
The KLAP cryptocurrency has a 1 billion token supply overall. The first 60 million of these tokens, which make up 6% of the total supply, will be made available, giving KLAP a US$75 million market cap at launch. KLAP will be essential to the functioning of the loan protocol in addition to managing governance by enticing token holders to vote on important issues.
Protocol users will receive veKLAP, a non-tradable representation of their shares, and have access to several new services if they opt to lock their KLAP tokens on the platform for a predetermined amount of time. By doing this, KLAP holders can lock their tokens and earn vesters, KLAP-KLAY LPs, and NFTs. These confer several rights, such as:
- Voting rights for each KLAP token’s lending/borrowing pools to decide on KLAP emissions
- Liquidity mining rewards yield boosters for lending/borrowing and Pool 2
In addition to voting on proposals to create new public services, veKLAP holders can also cast ballots on more general protocol-level choices including the deployment of Treasury monies. Holders of KLAP tokens may also offer liquidity for a variety of KLAP matches on ClaimSwap.
KLAP is the company’s initial product, and in June, Krew raised $4 million in a pre-seed round that was co-founded by Quantstamp and Ascentive Assets. Along with Novis, ROK Capital, Manifold, and Krust are additional investors.
Quantstamp CEO Richard Ma said, “We believe Klap is in a fantastic position to take advantage of the technical design of Klaytn, which offers high TPS, quick precision, and affordable transactions. serve the developing Klaytn DeFi ecosystem of Klap and expand for retail acceptance. We rely on the skillful builders and appealing protocol design capabilities of Klap.”
Concerning Klaytn Lending App
Users may engage as depositors or borrowers in the decentralized non-custodial liquidity market protocol known as KLAP (Klaytn Lending Application). Borrowers have the option of borrowing in an over-collateralized (perpetual) or under-collateralized (single-block liquidity) way, while depositors give liquidity to the market to produce a passive income.