KLEX Finance Launches Raid on Klayswap to Siphon Liquidity

KLEX Finance, a newly-launched decentralized finance (DeFi) protocol on Kakao-backed smart contracts platform Klaytn, has started a raid against its rival, KlaySwap

KLEX Finance invites KlaySwap’s LPs to move their liquidity

According to an official statement shared by the KLEX Finance team on its Medium blog, a liquidity attack on KlaySwap, one of the first DeFis on Klaytn, has been initiated.

KLEX IS HYPED TO ANNOUNCE THE KLEX RAID IS LIVE ⚔️

Move your liquidity (LP tokens) from Klayswap on select pools and boost your APR massively.

Join the KLEX raid now!

Read more on Raid, APR, and Pool details: https://t.co/DAFI9VSXuY pic.twitter.com/Zr691rTvVj

— 🚀 Klex 🚀 (@klexfinance) August 30, 2022

All users of Klaytn’s DeFi ecosystem are invited to move their liquidity (in the form of LP tokens) from KlaySwap’s largest pools such as oUSDT/KDAI, oUSDT/oUSDC, KLAY/oUSDT, KLAY/oETH and oETH/oUSDT.

During the so-called “deposit window” (of 30 days), users will be able to withdraw their principal from KLEX in the form of KLEX LP tokens. As estimated by KLEX Finance’s team, the annualized yield rates (APRs) of new liquidity pools will vary between 70% and 127%.

The KLEX Finance team highlights that such impressive APRs are calculated based on $0.1 per KLEX price assumptions, while actual yield statistics might be different.

Incentivizing largest value migration on Klaytn

KLEX Finance team highlights the importance of this campaign not only for KLEX holders and the users of the platform but also for the entire DeFi ecosystem of Klaytn blockchain:

We believe that this will be beneficial to the Klaytn ecosystem in many ways. We can attract new users to the DeFi ecosystem through highly incentivized pools. More yields, more TVL!

Also, KLEX Finance team highlights that its liquidity management mechanisms are far more capital efficient: unlike KlaySwap’s pools, they work with no price slippages even during periods of maximum trading activity.

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