The 1inch Network platform announced the deployment of liquidity-aggregation and order-routing protocols in the metaverses-oriented and GameFi network of Klaytn. This is stated in a press release.
“Launching on Klaytn will offer users instant transaction speeds and greater variety in the choice of blockchains,” — said Sergey Kunz, co-founder of 1inch.
The Klaytn project is led by the South Korean internet giant Kakao which launched its mainnet in 2019. The blockchain is based on an EVM-compatible hybrid technology built on a BFT-consensus.
According to the press release, Klaytn’s throughput is 4000 TPS, and finality takes no more than one second.
The development team is implementing a dynamic gas-fee mechanism and aims to boost scalability through second-layer solutions, improvements to token-management tools and oracle functionality.
In recent years, Klaytn has become one of the most popular platforms in South Korea for apps, NFTs, metaverses, games and marketplaces.
According to DeFi Llama, the value of assets locked in DeFi protocols on the network amounts to $416.8 million. By this metric, Klaytn ranks 14th in the dapps ranking.
Initially, the 1inch DEX will support the following projects:
In March, the 1inch team launched the third version of the liquidity-aggregation protocol.
In April, the project unveiled the 1inch Network ecosystem, which includes the 1inch Aggregation Protocol and the 1inch Liquidity Protocol. It is governed by a decentralised autonomous organisation that allows users to vote on key protocol parameters and participate in network governance.
In June, developers unveiled an updated voting system for the 1inch Network Governance.
For more on the liquidity aggregator with the DEX 1Inch, read the educational cards.
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