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Klaytn's DeFi KLEX Goes Live in Mainnet: Date Announced

Fri, 08/26/2022 - 14:33
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Vladislav Sopov
Immediately upon launch, traders will be available to swap assets among each other and farm yield on them
Klaytn's DeFi KLEX Goes Live in Mainnet: Date Announced
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Klaytn ecosystem enthusiasts are invited to inject liquidity into all newly-launched pools to take part in KLEX's incentive program. Holders of Klaytn-based coins, large stablecoins and mainstream altcoins can take part in unique initiatives.

KLEX protocol goes live, introduces incentivized liquidity pools to Klaytn's users

According to the official announcement shared by the team of DeFi protocol KLEX Finance, its public version's mainnet release has been live since Aug. 26, 2022 (10:00 a.m. KST).

To motivate crypto holders to lock liquidity into Klaytn-based pools, the KLEX Finance team allocated a total of approximately $680,000 in KLAY and 9,500,000 KLEX to its pre-mining program.

Wrapped KLAY (WKLAY), Wrapped Bitcoin (WBTC), Ethereum (ETH), Binance Coin (BNB), Avalanche (AVAX), U.S. Dollar Tether (USDT), USD Coin (USDC), Dai (DAI) and other cryptocurrencies are taking part in the first KLEX incentives.

Besides profitable yield farming opportunities, KLEX Finance promotes itself as a convenient and low-fee instrument for the noncustodial exchange of Bitcoin (BTC) and major altcoins.

KLEX launches vampire attack on KlaySwap

To strengthen its liquidity ecosystem and make it deeper, KLEX decided to announce a "raid" against its competitor, KlaySwap, a pioneering DeFi ecosystem on Klaytn; SushiSwap (SUSHI) protocol did the same to Uniswap (UNI) two years ago.

KLEX will enable the deposits for oUSDT/KDAI, oUSDT/oUSDC, KLAY/oUSDT, KLAY/oETH and oETH/oUSDT liquidity pool participants. In total, over $2.1 million in equivalent is allocated to the support of this raid.

Last but not least, in the KLEX Lockdrop program, liquidity providers will be rewarded for their contributions to locked asset pools.

KLEX token themselves will be launched through a Liquidity Bootstrapping Pool (LBP) on KLEX in a Copper-like manner by the end of September 2022.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)