Cryptocurrency swapping platform ClaimSwap is having an impressive week since launching in mid-December. Active wallets on the token swapping platform grew over 150% week over week, placing ClaimSwap atop the pile of Klaytn dapps at the time of writing.
The success of ClaimSwap isn’t a total surprise, because it’s directly inspired by SushiSwap. As Klaytn is still a relatively small ecosystem, ClaimSwap is one of the first DeFi dapps in the ecosystem. Over the past 7 days, active wallets surged by over 150% to reach 4,200. Those connected wallets completed almost 53,000 transactions, driving over $63 million in volume through the dapps smart contracts.
ClaimSwap is a Klaytn DEX based on the standard AMM (Automated Market Maker) model. KLAYswap, which already provides a similar service, has expanded the Klaytn DeFi ecosystem. However, no other DEX had matured in the ecosystem, leaving users with limited options. The ClaimSwap team aims to provide a more user-friendly protocol. Just as the Uniswap-Sushiswap case.
Like Uniswap versions 1 and 2, all ClaimSwap’s code will be made public after an audit. Allowing anyone to build a DeFi dapp on Klaytn utilizing the ClaimSwap code. As observed on the Polygon network, multiple dapps arriving that offer similar services can bring competition and users to a network. ClaimSwap believes the growth of the overall Klaytn ecosystem of dapps will eventually lead to further usage and development of ClaimSwap.
Farming & Rewards
The platform claims over $298 million in total value locked to date, with farms offering some juicy APRs ranging from 4% to over 1900%. As usual, staking native Klaytn tokens such as KLAY rewards the higher returns in CLA tokens. Furthermore, these CLA tokens act as governance tokens in the decentralized autonomous organization (DAO) that runs ClaimSwap. Users who own CLA or are staking the token for passive income, get to contribute to the platform’s growth through voting mechanics.
Interestingly we see that ClaimSwap is not the only platform on Klaytn receiving a user boost this week. Bluewhale Protocol, a similar DeFi service, has increased its active users by over 48%, while Pala is making a noticeable dent in the rankings having attracted just under 1000 active wallets in the last seven days.
What is Klaytn?
Klaytn is a public blockchain focused on GameFi and creative content. Founded by Kakao, the creators of KakaoTalk, South Korea’s free and leading messaging service, boasting over 220 million registered users and 47 million active monthly users. Since its launch in June 2019, Klaytn has leveraged Kakao’s existing user base to drive user adoption and is currently the leading blockchain in Korea. It supports a vibrant ecosystem of dapps, such as the cryptocurrency wallet Klip, which is linked to the KakaoTalk messenger app.
Klaytn’s aims to put the user at the heart of everything they do, with a plan to deliver blockchain usability completely indistinguishable from current technologies. They effectively render the blockchain invisible, removing friction points in the user journey. To that end, Samsung, in collaboration with Kaytn, launched the Klayton Phone, a variant of the Galaxy Note 10.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds ETH, BTC, AGIX, HEX, LINK, GRT, CRO, OMI, IMMUTABLE X, ENS, GALA, AVASTR, GMEE, CUBE, RADAR, FLOW, FTM, BNB, SPS, WRLD, and ADA.
