The 1inch Network has integrated its aggregation and limit order protocols with South Korea’s most popular metaverse blockchain Klaytn, this is in a bid to increase liquidity and improve token exchanges for the latter.
Due to South Korea’s continued widespread use of nonfungible tokens (NFT) and GameFi, Klaytn has experienced success there. The internet giant Kakao, which has a user base of some 52 million people who use its flagship KakaoTalk application and suite of software products, is the maker of Klaytn.
Klaytn’s in-house blockchain technology, which supports a variety of play-to-earn and AAA games, NFT markets, and Metaverses, was derived from the Ethereum Virtual Machine. The platform is working to increase its scalability, effectiveness, and affordability as its user base expands.
With the inclusion of 1inch, Klaytn, which already brings together over 50 enterprise-level decentralized finance (DeFi) service providers and decentralized exchanges (DEXs), gains access to an additional 257 liquidity sources.
Klaytn’s has the capacity to handle 4,000 transactions per second and is currently putting its dynamic gas fee mechanism into place. This is in retaliation for earlier abuses of its guaranteed cheap gas prices.
Token management and oracle services on the metaverse blockchain are expected to improve as layer two service chains continue to be integrated. In March 2022, Klaytn reported having $2.5 billion in total value locked on their protocol.
Additionally, as various DeFi systems continue to combine, more protocols will be able to communicate with one another. Through their integration, 1inch and Klaytn give their respective userbases access to the KokonutSwap, KlaySwap, Klap, and ClaimSwap.
Through cooperation with NFT exchange OpenSea, Klaytn entered the larger NFT ecosystem in June 2022, granting its customers access to a variety of NFTs and digital collectibles produced on the Ethereum, Polygon, and Solana blockchains.
1inch Network at KBW 2022
During the Korean Blockchain Week 2022 in Seoul, 1inch co-founder Sergej Kunz made a suggestion that the company might enter the Asian market. He cited the appeal of blockchain-based gaming as a potential catalyst for DeFi adoption.
When the agreement was announced on August 9, the company’s chief communications officer Sergey Maslennikov shared these thoughts in a letter.
“It is quite obvious that Korean share of this market is huge. That’s why we’ve been in thorough and lasting negotiations with Klaytn as an undisputed leader in Korea which ended up in today’s partnership.”
Maslennikov also emphasized that the DeFi aggregator has focused on fostering interoperability between blockchains and that the installation of a bridge into the Klaytn ecosystem expands the network of key blockchain platforms.