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KLEX Finance Launches Raid on Klayswap to Siphon Liquidity

Tue, 08/30/2022 - 16:36
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Vladislav Sopov
The largest community-centric liquidity initiative has just been launched by KLEX Finance team
KLEX Finance Launches Raid on Klayswap to Siphon Liquidity
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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.

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.

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

That is why KLEX Finance aims at being the go-to DeFi ecosystem for all of Klaytn’s supporters with no regard to the volume of their deposits.

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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 (, Monoreto, Attic Lab etc.)