Klaytns DeFi KLAP to Launch Native Crypto Token

Klaytn Lending Application, a non-custodial lending/borrowing protocol for cryptocurrency, is hitting a huge milestone in its adoption and technology development.

The first time Klaytn DeFi releases the KLAP token on the ClaimSwap exchange on July 25

According to the official statement shared by the team of the KLAP DeFi protocol, the team is launching its own token, KLAP.

We have spent time researching and writing a comprehensive piece on the latest developments and the most important event of Klaytn since the start of 2022.

Presenting: The State of Klaytn! 🌏🌎🌍

— 👏 Klap 👏 (@klapfinance) 23 July 2022

The new asset debuts on mainstream decentralized cryptocurrency exchange (DEX) ClaimSwap. Trading with major pairs starts on 25 July at 10 p.m. ET.

The KLAP team highlights that this release is of particular importance to both the community management and tokenomic design progress of Klaytn’s DeFi ecosystem:

We are really excited to allow the KLAP token to benefit our system and provide additional functionality for users after our protocol launch. As KLAP decentralises, this is an important next step in community development and growth.

KLAP’s token supply is limited to 1 billion tokens. Initially, 6% of this total supply (or 60 million tokens) will be available for claim. That said, KLAP is estimated to reach around $75 million at launch.

New generation utility and management resource for Klaytn’s ecosystem

Out of this offer, 5% will be distributed between early adopters and active community enthusiasts.

The KLAP token will underpin the economics of the Klaytn Lending Application as its main utility and governance digital asset. For staking KLAP, Klaytn’s enthusiasts will be awarded veKLAP rewards. KLAP-KLAY lending providers will receive veNFTs for their participation.

veNFT owners will be able to obtain exclusive rights. For example, they will be able to decide on further KLAP emissions for lending/loan pools.

In addition, veNFTs will act as reward boosters for liquidity extraction for various liquidity programs at KLAP.

Richard Ma, CEO of Quantstamp – one of the early investors in KLAP – is fascinated by the protocol’s vision and mission:

We see Klap in a great place to leverage Klaytn’s technical architecture that enables high TPS, fast finality and cheap transactions. We are confident in Klap’s compelling protocol design capabilities and veteran builders to serve the nascent Klaytn DeFi ecosystem and scale it for retail.

As covered by U.Today previously, the KLAP protocol is a building block of Klaytn’s DeFi ecosystem.