Vladislav Sopovi
Klaytn Lending Application (KLAP), the DeFi protocol for the first time on the Klaytn (KLAY) blockchain, will have its own utility token
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The Klaytn Lending Application, a non-custodial cryptocurrency lending/lending protocol, breaks a massive milestone in its adoption and technological development.
- First time Klaytn DeFi issued KLAP token on ClaimSwap exchange on 25 July
- New-gen utility and governance assets for Klaytn’s ecosystem
First time Klaytn DeFi issued KLAP token on ClaimSwap exchange on 25 July
According to the official statement shared by the KLAP DeFi protocol team, its team has launched its token KLAP.The new asset debuted on the mainstream decentralized cryptocurrency exchange (DEX) ClaimSwap. Trading of the major pairs will begin on July 25th at 10PM ET. The KLAP team highlights that this release is particularly important for both community management and token design progress for Klaytn’s DeFi ecosystem:We’ve spent time researching and writing on the latest developments and most important events at Klaytn since the start of 2022.
Introducing: Clayton State! https://t.co/naVO7s3Bk2 — Klap (@klapfinance) 23 July 2022
We are really excited to allow KLAP tokens to gain utility within our system and provide additional functionality for users following our protocol launch. As KLAP is decentralized, it is an important next step in community growth and development.KLAP’s token supply is limited at 1 billion tokens. Initially, 6% (or 60 million tokens) of this total supply will be available to claim. That said, KLAP is estimated to reach around $75 million at launch.
New-gen utility and governance assets for Klaytn’s ecosystem
Of this supply, 5% will be distributed among early adopters and active community enthusiasts. The KLAP token will underline the economics of the Klaytn lending application as its key utility and governance digital asset. For betting on KLAP, Klaytn enthusiasts will be awarded veKLAP rewards. KLAP-KLAY lending providers will receive veNFTs for their participation. veNFT owners will be able to get exclusive rights. For example, they will be able to decide on further KLAP emissions for lending/borrowing pools. In addition, VENFT will act as a liquidity mining reward booster for various liquidity programs on KLAP. Quantstamp CEO Richard Ma – one of KLAP’s early investors – is impressed with the protocol’s vision and mission:We see Klap in a great position to leverage Clayton’s technological architecture to enable higher TPS, faster finality and cheaper transactions. We believe in Klaytn’s compelling protocol design features and experienced builders to serve the nascent Klaytn DeFi ecosystem and grow it to drive retail adoption.As previously covered by U.Today, the KLAP protocol is a building block of Klaytn’s DeFi ecosystem.