Klaytn is a public blockchain developed by Ground X, the blockchain arm of Korea’s internet giant Kakao with 50 million users worldwide. Kakao built a proprietary blockchain platform to avoid any bottlenecks that the online and mobile-first services could face due to performance limitations of existing blockchain technology.
The Klaytn protocol is governed by the Governance Council, which consists of ecosystem builders and service providers that will contribute towards the long-term development of the protocol. The governance council is one of the largest blockchain consortia consisting of global enterprises such as Kakao, Binance, MakerDao, Hashkey, Worldpay, LG Electronics, among others.
Klaytn aims to be the de-facto platform of NFTs, Decentralized Finance (DeFi), and beyond in Asia. Klaytn is also working with global leading institutions to develop a base software platform for Central Bank Digital Currencies (CBDC).
KLAY is the native utility token of the Klaytn Network, and has the following use cases:
Klaytn Mainnet Cypress can provide a high throughput of up to 4,000 transactions per second with one-second block generation interval and immediate transaction finality. Klaytn uses an optimized version of Istanbul BFT, which implements PBFT with modifications to deal with blockchain network's characteristics.
At the time of mainnet launch, 9.6 KLAY will be minted per block. This implies a 3% annual inflation (approximately 300 million KLAY) against the 10 billion KLAY issued at genesis (the annual inflation rate is subject to change through the Klaytn Governance Process).
As at 24th June 2021, the total supply of KLAY is 10,602,731,555 (10bn KLAY at Genesis+ inflation) and the current circulating supply is 2,476,554,233 KLAY (~23.36% of the total token supply).
|Total Token Supply||10,602,731,555 KLAY|
|Initial Circ. Supply When Listed on Binance||2,476,554,233 KLAY (~23.36% of total token supply)|
|Binance Launchpool Allocation||1,327,433 KLAY|
|Binance Launchpool Start Date||June 25th 2021|
Klaytn was built with the aim of offering enterprise-grade scalability and performance with EVM and solidity compatibility. By utilizing a hybrid governance structure and an optimized PBFT consensus mechanism, the Klaytn network supports up to 4,000 transactions per second (TPS) in conjunction with 1 second block generation times and immediate finality.
The network is secured by a group of trusted entities - The Klaytn Governance Council, comprising of 32 global conglomerates encompassing key industries such as consumer products (LG Electronics, Amore Pacific), finance (Worldpay, Shinhan Bank), media (Korean Economic Daily) and blockchain (Binance, Hashed).
Klaytn’s ecosystem is actively developing with over 70 third-party services on the platform and an estimated combined user base of 11 million. Moving forward, the Klaytn and Ground X teams aim to expand to global markets beyond Korea. The project aims to secure partnerships across the blockchain stack, ranging from custody and liquidity infrastructure providers to retail-facing DeFi and NFT services.
KLAYswap is the largest DeFi protocol on Klaytn, which exceeded 2 billion in Total Value Locked (TVL) on 30th April 2021 with ~100 million USD in average daily trading volume. Klaytn also has partnerships with global DeFi protocols (Injective, Definix and more) to expand their footprint. Klaytn’s proprietary digital assets platform Klip has more than 1,000,000 active users and is integrated with KakaoTalk.
Beginning with the OpenSea partnership, Klaytn aims to develop a stronger presence in the NFT market, by integrating with existing marketplaces, and working with content creators and asset providers to produce NFTs that reflect consumers’ real-world needs; from digital collectibles to asset-backed tokens. In May 2021, Klaytn announced the official launch of Klaytn NFT Marketplace on OpenSea. The integration with OpenSea will allow Klaytn-powered NFTs, ranging from game items and characters to digital arts to be supported with peer-to-peer trading to take place. Users can also sync their OpenSea accounts with Kaikas wallet, the web browser extension wallet that connects to the Klaytn network, and trade Klaytn-based NFTs.
Klaytn also announced the launch of KrafterSpace in May 2021. KrafterSpace allows users to easily create and manage their digital items with minimum effort. Users can instantly mint an NFT on Klaytn by uploading an image or a video file, without incurring any gas fees. Users may choose to display their NFTs on KrafterSpace.
|Private Sale||18.00% of the total token supply|
|Protocol Reserves||53.00% of the total token supply|
|Business Development||16.00% of the total token supply|
|R&D and Technology||8.00% of the total token supply|
|Team||5.00% of the total token supply|
*Note that the chart above does not include the estimated 3% annual inflation of KLAY tokens.
Klaytn aims to be an enterprise-ready and service-centric platform. Klaytn uses an optimized version of Istanbul BFT, which implements PBFT with modifications to deal with the blockchain network's characteristics. The aim is to allow many nodes to participate in the network. Klaytn Mainnet Cypress can provide a throughput of up to 4,000 transactions per second (TPS) with one-second block generation interval. More than 50 consensus nodes can participate in the Consensus Node Network (CNN) at the moment and the number will continuously increase as Klaytn continues to optimize the algorithm.
There are three types of nodes on Klaytn:
Learn more about Klaytn's consensus mechanism here.
As an open-source blockchain, the growth of the developer and retail investor communities are of utmost importance. The Klaytn team will continue to expand its global footprint by leveraging the wider crypto ecosystem, while fostering and building Klaytn communities. With an established user base of 11 million, Klaytn will utilize a phased cascading strategy to grow the current user base further to motivate creators, builders and investors alike.