Exchange Klaytn

Klaytn is an open-source blockchain network that claims to deliver performance, scalability, decentralization, and interoperability. It focuses on the metaverse, GameFi, and creator economy. Klaytn is an EVM Layer-1 blockchain that is designed to be practical and reliable with a focus on the transformative change that is Web3. 

The blockchain was originally started in 2019 by a South Korean company called Kakao (in particular its blockchain subsidiary GroundX) with the intention to make the world better through technology and people. The project reveals the names of the core team. Most of the members have experience with other crypto projects, including Tezos, Bitcoin, Polytree, Upbit. 

Klaytn Foundation, which was established 2 years after in 2019, is aiming to make blockchain technologies more accessible and to let more people join the Web3 revolution with Klaytn being the platform that connects different people and being the trust layer of the Metaverse. 

Klaytn ecosystem at the moment includes several successful projects. The first of them is MIR4 — P2E game by Wemade released in 170 and attracting over 1.3 million users in 3 months. Another successful game on Klaytn is Pocketful of Quarters, a gaming tournament platform that allows users to move across different ecosystems with Quarters, a universal game agnostic cryptocurrency. The network also has many DeFi projects deployed on it and numerous Klaytn-based NFTs. The platform is one of the three chains linked with OpenSea. 

Klaytn offers an end-to-end Metaverse building package that includes customized L2 solution, SDKs, smart contract libraries, IPFS solutions, wallets, chain explorers, oracles, bridges, and the ecosystem for supporting services including stablecoin integration, NFT marketplaces, TradFi interfaces, etc. 

The project applies an optimized version of Istanbul BFT, which allows transactions to achieve absolute finality within seconds for the responsive user experiences and instant finality when it’s really necessary, for example, in-game drops or real-time minting. The IBFT also allows Klaytn blockchain to provide the reliability and consistency necessary for large-scale projects. It also supports EVM and adopts its specifications.

The network is governed by the Governance Council. The members of this council form a compact validators network. The Klaytn network intends to create the DAO of DAOs, by onboarding smaller decentralized entities to the Governance Council. 

To provide scalability Klaytn applies the hub-and-spoke model, where each spoke (service dApp) can be customized for specific dApp requirements, for example, high throughput, special node configurations, or custom security levels. 

There is also a $1 billion fund to support the growth of the ecosystem. The fund are distributed across a range of grant and program systems, that support the network and its growth. 

The project plans to roll out Klaytn 2.0 which will have several improvements to the existing networks. 

KLAY is the native token of the Klaytn network. It is used for powering and securing the blockchain. 10 billion tokens were established at the genesis of the platform with a little over 3 billion tokens being in the current circulation on September 2022. With each block 9.6 KLAY is issued and the sum of transaction fees of this block is redistributed to the Governance Klaytn Council Rewards (34%), Klaytn Growth Fund (54%), and Klaytn Improvement Reserve (12%)

How Much Is the Average Fee on Klaytn?

The users of the Klaytn network pay minimum fees: on most exchanges, it doesn’t overcome $0.01, but as the others require paying over $2, the average fees are at around $0.14.

There is a formula for calculating the transaction fee for the Virtual Machine: Transaction fee:= (total gas used) x (unit price).

The total gas used is computed by KLVM based on the gas cost of the opcode and the intrinsic gas cost, and the Unit price is the price of gas defined by Klaytn (can be changed only through the Governance Council). The fees are subtracted from the sender’s account balance. 

What are Popular KLAY Wallets?

The Klaytn network has its native wallets, where the tokens can be held. These are Klaytn wallet, Kaikas — a browser-extension wallet, Klip — a wallet embedded in the Kakaotalk messaging app. Many better-known wallets can be used to hold KLAY. For instance, MetaMask, TokenPocket, Crypto.com, Ledger Live, Beetkip, Coinbase, Brave browser, Midas, XDEFI, and others.