Značka: Klaytn

1inch plugs into Klaytn as Asia continues to climb aboard

South Korea’s most popular metaverse blockchain Klaytn is set to benefit from deeper liquidity and improved token swaps through a new partnership with decentralized finance (DeFi) protocol 1inch Network.Klaytn has enjoyed success in South Korea as the country continues to see prolific nonfungible token (NFT) and GameFi use. Klaytn is a product of tech behemoth Kakao – which commands a user base of some 52 million people that use its flagship KakaoTalk application and suite of software products.Klaytn derived its proprietary blockchain technology off the Ethereum Virtual Machine and powers various play-to-earn and AAA games, NFT marketplaces and Metaverses. As its user base continues to grow, the platform is looking to improve its scalability, efficiency and affordability.Klaytn already aggregates over 50 enterprise-level Decentralized Finance (DeFi) service providers and Decentralized Exchanges (DEXs) and the addition of 1inch unlocks a further 257 liquidity sources. Klaytn’s touts the ability to process 4,000 transactions per second and is in the process of implementing a dynamic gas fee mechanism. This is in response to previous exploits of its fixed low gas prices.The ongoing integration of layer two service chains is set to improve token management and oracle services on the metaverse blockchain. Klaytn reported $2.5 billion of total value locked on its protocol in March 2022 and the ongoing merge of various DeFi platforms creates further interoperability between different protocols.Related: DeFi market has room for growth in Korea: 1inch co-founder — KBW 20221inch’s integration with Klaytn provides both userbases access to the 1inch Limit Order Protocol V2, KokonutSwap, KlaySwap, Klap and ClaimSwap. Klaytn plugged into the wider NFT ecosystem through a partnership with NFT marketplace OpenSea in June 2022, giving its users access to a host of NFTs and digital collectibles minted on the Ethereum, Polygon and Solana blockchains.1inch co-founder Sergej Kunz hinted at a move into the Asian market during the Korean Blockchain Week 2022 in Seoul, citing the popularity of blockchain-based games as a potential driver for DeFi adoption. The company’s chief communications officer Sergey Maslennikov echoed these sentiments in correspondence with Cointelegraph as the partnership was unveiled on Aug. 9.“It is quite obvious that Korean share of this market is huge. That’s why we’ve been in thorough and lasting negotiations with Klaytn as an undisputed leader in Korea which ended up in today’s partnership.”Maslennikov also stressed that interoperability between blockchains has been a focus of the DeFi aggregator and the addition of a bridge into the Klaytn ecosystem adds another major blockchain platform to its network.

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Solana Ventures sets up $100M fund for GameFi and DeFi in South Korea

Solana Ventures and the Solana Foundation have formed a $100 million fund to help support the growth of nonfungible token (NFT), blockchain gaming and decentralized finance (DeFi) projects in South Korea.In addition to supporting projects built on Solana (SOL), the fund will help keep some Terra-based projects afloat following the collapse of that ecosystem last month.The Solana Foundation believes the developers from Terra should not be held responsible for what happened on the blockchain network. In an interview reported by Bloomberg on June 8, general manager for games at the Solana Foundation Johnny B. Lee said: “The developers did nothing really wrong, but they’re left in the lurch.”The new fund helps solidify Solana’s aim to become an ideal blockchain for gaming. Solana Ventures launched a similar $100 million gaming fund with crypto exchange FTX and Lightspeed Ventures last November. It also has a $150 million fund with game-focused firms Forte and Griffin Gaming Partners.South Korea is expected to become a hotbed of NFT and Metaverse development this decade with the government pledging $187 million to build its own metaverse ecosystem. The Korean metaverse will mainly focus on the growth of digital content and digital corporations within the country.The Solana Foundation is banking on interest in gaming finance (GameFi) and decentralized finance (DeFi) to increase in the country as companies begin to vie for grant money. Competition to build the best platforms quickly is underway with several South Korean platforms already offering NFTs or access to DeFi, such as the Klaytn layer-1 blockchain and Upbit exchange. Klaytn’s biggest DeFi platform is KlaySwap which has $274 million in total value locked (TVL) according to DeFi ecosystem tracker DeFi Llama. Upbit, the country’s largest exchange, has its own NFT marketplace.However it may be difficult for domestic companies to launch their blockchain-based games in South Korea. The law currently prohibits games from giving monetary rewards, including crypto. This law led Korean officials to demand Apple and Google remove play-to-earn (P2E) games from their Korean stores last December.NFT trading and DeFi activity on Solana have been on the rise in recent months. Solana’s top NFT marketplace Magic Eden is the second largest in the world with 35,526 daily traders and $7.31 million in daily volume behind OpenSea according to decentralized app (Dapp) tracker DappRadar.Related: Metaverse tokens up 400% year on year despite altcoin bloodbathBy providing funding for ecosystem growth, Solana may also be able to address the infrequent network instability that has halted operations on the network since last year.SOL price is currently flat, only down 0.5% over the past 24 hours trading at $39.05 according to data from CoinGecko.

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Webtoon platform Kakao Piccoma buys 50% of Japan's Sakura Exchange

Kakao Piccoma, a Japanese digital comics’ subscription service and subsidiary of the Korean internet company Kakao, has purchased a 50% controlling stake in the Japanese cryptocurrency exchange, Sakura Exchange Bitcoin (SEBC).That makes Kakao its largest shareholder and the deal is also expected to help Kakao offer cryptocurrency services on its Piccoma webtoon platform, and expand aggresively into Web3, according to local media reports. Piccoma is the largest webtoon platform in Japan, and in 2021 its app marked $1 billion in consumer spend after six years in the Japanese market.The amount Kakao paid for its stake in the exchange has not been disclosed.SEBC is one of only 30 crypto-asset exchanges registered in Japan with the Financial Services Agency (FSA) and lists 11 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), XRP, and Litecoin (LTC).Related: Japan plans to tighten crypto exchange regulation to enforce sanctionsIn mid-March, Kakao’s founder Kim Beom-soo, also known as Brian Kim, stepped down from the board of directors to focus on the company’s affiliate brands, especially on the Kakao Piccoma brand in Japan. The acquisition of SEBC is the first merger and acquisition move from Kakao since Kim resigned.Kakao has showed interest in the crypto space before. In August last year Kakao launched two blockchain companies in Singapore, the Klaytn Foundation, a non-profit organization and Krust, a global accelerator for blockchain technology adoption.Kakao also runs a specialized blockchain subsidiary called Ground X, which won a central bank digital currency (CBDC) tender from the Bank of Korea in July 2021, becoming the chief technology supplier for blockchain-based digital won simulations.Prior, the company also was an early investor in the Upbit exchange, the first crypto exchange to file with South Korea’s financial regulators.

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Klaytn token down 15% in a month, but network's TVL shows resilience

Klaytn (KLAY) had a promising start in March 2021, reaching an impressive $11 billion market capitalization following its debut. However, investors have exaggerated their expectations as the token’s current total value stands at $3 billion, down roughly 70%.KLAY/USD on Binance. Source: TradingViewAlthough not as well known as the leading smart contract blockchains, Klaytn remains a top-35 token by capitalization rank. Moreover, the network holds $1.2 billion worth of deposits locked on smart contracts. Capital locked on smart contracts is known in the industry as total value locked, or TVL.Real use cases and strong backingKlaytn is a flexible modular network architecture created by Kakao, a publicly-traded South Korean internet giant. The Asian tech group’s shares are valued at $36 billion, backed by diverse applications in traditional markets, including games, chat, taxi and rides, financial services, and a venture arm.Businesses can customize and operate their own service-oriented blockchains built atop Klaytn architecture. These autonomously operated subnetworks are called Service Chains and are fully customizable. The network is fully functional, offering decentralized applications (dApp) ranging from DEX exchanges, nonfungible token (NFT) marketplaces, social networks, collateralized loans, and games. For instance, KlaySwap, Klaytn’s leading dApp, holds $746 million in TVL and 19,840 active addresses over the past week.According to Klaytn’s blog, the network is gearing up its infrastructure to provide services for the gaming and metaverse sectors. Initiatives include launching an open-source tools developer package that incorporates layer-2 solutions and adding direct support to Ethereum Virtual Machine (EVM) applications. Additional services include providing management and financial support for projects with high potential.Klaytn’s roadmap includes higher scalability by leveraging layer-2 service chains, additional interoperability bridges with other blockchains, and integrating an Interplanetary File System (IPFS) gateway for decentralized storage.Klaytn smart contracts deposits jumped 24%Despite KLAY’s negative 15% performance over the last 30 days, the network’s TVL increased by 24% in the same period. As a comparison, Arbitrum scaling solution stalled at $1.7 billion, and Polygon decreased to $3.35 billion from $4.65 billion on Feb. 15.Klaytn Total Value Locked, USD. Source: DefiLlamaIn dollar terms, Klaytn’s current TVL of $1.2 billion is 13% below its $1.35 billion peak in January 2022. Yet, these figures represent less than 2% of the aggregate TVL (excluding Ethereum), according to DeFi Llama data.In terms of recent developments, on Feb. 17, Klaytn joined the Blockchain Game Alliance, which encourages the development of standards and sharing of best practices in the decentralizing gaming sector. The initiative also aims to increase the public understanding and awareness of blockchain games.Related: Cointelegraph Research report analyzes GameFi’s bumper 2021 and trends for 2022To confirm whether Klaytn’s TVL growth is backed by increased adoption, one should analyze DApp usage metrics. Some DApps, such as games and collectibles, do not require large deposits, so the TVL metric is irrelevant in those cases.Klaytn DApps 30-day usage metrics. Source: DappRadarAs shown by DappRadar, on March 15 the number of Klaytn network addresses interacting with decentralized applications decreased by 5% versus the previous month.Even though Klaytn’s TVL has increased by 24%, the network lacks a more substantial user base growth to support further KLAY token price momentum. Still, KLAYswap, the leading Dapp, presented a decent 39,090 active addresses over the past 30 days.The above data suggests that Klaytn has found a niche within the decentralized application segment. If the project’s proposed features come to fruition, KLAY’s token price will likely hold $1.05 as medium-term support and present a decent upside.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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KB Bank to launch South Korea’s first crypto investment fund

Kookmin Bank is preparing to become the first bank in South Korea to offer crypto investment products to retail investors. KB announced on Feb. 21 that it had formed a Digital Asset Management Preparatory Committee to determine product and strategy capabilities regarding digital assets and artificial intelligence investment funds. The bank expects to launch crypto exchange-traded funds (ETFs) and futures products. The committee will also assess risk and compliance issues for the investment funds.The plans were confirmed by KB’s Head of Index Quant Management Honggun Kim in the official release from the bank. He said, “We will launch a virtual asset-themed equity fund, etc. We plan to publish periodicals as well.” KB Financial Group, the country’s largest by net profit, had about $520 billion in total assets as of September 2021 according to the research platform MacroTrends.The current plans are to launch a crypto investment index fund and a fund that utilizes an Outsourced Chief Investment Officer (OCIO), also referred to as outsourced investment management, in order to provide guarantees on principal investments. The OCIO fund may also be used in retirement pensions. Such OCIO that may be considered includes Grayscale and Fidelity Asset Management, each of which offers crypto investment funds. Fidelity Canada launched a spot Bitcoin ETF last December though such a product has yet to be approved in the U.S. In launching a new investment fund for its customers, KB is responding to a market that has become increasingly receptive to crypto and nonfungible token (NFT) investments. Close competitor, Shinhan Bank, has dedicated an entire section of its mobile banking app to help customers manage their NFT collections on Klaytn, the country’s leading blockchain. Related: SEC chair hints at no spot Bitcoin ETFs yet, but cites ‘careful consideration’ for futureKB is now following Singaporean megabank DBS by announcing new retail crypto investment products. DBS Bank CEO Piyush Gupta stated on Feb. 14 that the bank would work to scale its crypto operations in 2022.

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Top 5 cryptocurrencies to watch this week: BTC, LEO, MANA, KLAY, XTZ

Russia’s massive build-up of soldiers, warplanes, equipment and extended military drills near Ukraine’s borders increased fears of a possible invasion within the next few days. That could have renewed selling in Bitcoin (BTC), which plummeted below the strong support at $39,600.Among the gloom and doom, there is a ray of hope for crypto investors because data from Glassnode shows that more than 60% of Bitcoin supply has not been used in any transaction for more than a year. This suggests that long-term hodlers are not dumping their positions in the downtrend. Crypto market data daily view. Source: Coin360Mike McGlone, chief commodity strategist at Bloomberg Intelligence, warned that Bitcoin could be in for a “rough week ahead” and cautioned that “inflation is unlikely to drop unless risk assets do.” However, McGlone expects Bitcoin to emerge stronger this year.Could Bitcoin and altcoins stage a recovery and trap the aggressive bears? Let’s study the charts of the top-5 cryptocurrencies that may participate in a relief rally.BTC/USDTThe failure of the buyers to defend the strong support at $39,600 indicates that Bitcoin continues to face strong selling by the bears. The 20-day exponential moving average ($41,193) has started to turn down and the relative strength index (RSI) has slipped into the negative territory, suggesting that bears have the upper hand.BTC/USDT daily chart. Source: TradingViewIf the price sustains below $39,600, the selling could pick up momentum and the BTC/USDT pair could drop to the immediate support zone between $36,250 and $35,507.01. The bulls are expected to defend this zone aggressively because a break below it could clear the path for a retest of the Jan. 24 intraday low at $32,917.17. The longer the price sustains below $39,600, the greater the possibility of the downward move.Contrary to this assumption, if the price rebounds off the current level and quickly rises above $39,600, it will suggest strong accumulation at lower levels. The bulls will then try to push the price above the 20-day EMA. The bulls will have to clear the overhead hurdle at $45,821 to indicate the start of a new up-move.BTC/USDT 4-hour chart. Source: TradingViewThe failure of the bulls to achieve a strong rebound off the $39,600 support indicates a lack of demand at higher levels. This may have emboldened the bears who pulled the price below $39,600. The RSI has dipped deep into the oversold territory, indicating that the selling may have been overdone in the short term. This suggests a minor relief rally or consolidation in the near term.If bears successfully defend the retest of the breakdown level during the next bounce, the selling may intensify and the pair could plummet to $36,000. This negative view will invalidate in the short term if bulls drive the pair above $41,000.LEO/USDUNUS SED LEO (LEO) has been correcting since making a new all-time high at $8.14 on Feb. 8. The bears pulled the price below the 50% Fibonacci retracement level at $5.74 but the bulls are aggressively defending the 20-day EMA ($5.45).LEO/USD daily chart. Source: TradingViewThe rising 20-day EMA and the RSI in the positive territory indicate that bulls have a slight edge. If buyers drive the price above $6.24, the LEO/USD pair could attempt to resume the up-move. The pair could then rise to $7.Conversely, if bulls fail to sustain the current rebound, the bears will sense an opportunity and try to pull the pair below the 20-day EMA. If they manage to do that, the sentiment could turn bearish and the pair may slide to the 61.8% retracement level at $5.18.LEO/USD 4-hour chart. Source: TradingViewThe 4-hour chart shows that the pair is range-bound between $5.52 and $6.24. The 20-EMA and 50-simple moving average have flattened out and the RSI is near the midpoint, indicating a balance between supply and demand.This balance will shift in favor of the bears if they pull and sustain the price below $5.52. The pair could then drop toward the 200-SMA.Conversely, if buyers push and sustain the price above the 50-SMA, the pair could rally to $6.24. The bulls will have to clear this hurdle to signal that they are back in the driver’s seat.MANA/USDTDecentraland (MANA) turned down from the downtrend line on Feb. 16, indicating that the sentiment remains bearish and traders are selling on rallies to stiff resistance levels.MANA/USDT daily chart. Source: TradingViewThe bears have pulled the price below the 50-day SMA ($2.83), which opens the door for a possible downside to the strong support zone between $2.44 and the 200-day SMA ($2.20). If the price rebounds off this zone, the bulls will again attempt to push the MANA/USDT pair to the downtrend line. The bulls will have to clear this hurdle to indicate the start of a new up-move.Conversely, if bears sink and sustain the price below the 200-day SMA, the selling could intensify and the pair could slide further to $1.70.MANA/USDT 4-hour chart. Source: TradingViewThe bears have pulled the price below the 200-SMA. If the price sustains below this level, the pair could drop to the support line of the descending channel. A break and close below the channel could sink the pair to $2.44.If the price turns up from the current level, the bulls will try to push the pair above the 200-SMA. Such a move will be the first sign that bulls are attempting a comeback. A break and close above the 20-EMA will increase the possibility of a rally to the resistance line of the channel.Related: Can Bitcoin break out vs. tech stocks again? Nasdaq decoupling paints $100K targetKLAY/USDTKlaytn’s native cryptocurrency KLAY turned down from the downtrend line on Feb. 16, indicating that bears continue to sell on rallies. KLAY/USDT daily chart. Source: TradingViewHowever, a minor positive is that bulls have not allowed the price to break below the 20-day EMA ($1.23). This indicates that traders are buying on dips to this support. If the price rises and sustains above the 50-day SMA ($1.27), the bulls will again try to clear the overhead hurdle at the downtrend line. If they manage to do that, it will indicate a possible change in trend. The KLAY/USDT pair could then rally to $1.50.Alternatively, a break and close below the 20-day EMA will indicate that bears have overpowered the buyers. That could pull the price down to $1.10.KLAY/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the bears are aggressively defending the overhead resistance at $1.36. The pair turned down from this resistance but the bulls have not allowed the price to break and sustain below the 50-SMA.If the price turns up from the current level, the buyers will attempt to clear the immediate resistance at $1.31 and challenge the hurdle at $1.36. A break and close above this level could open the doors for a possible rally to $1.50. This positive view will be negated on a break and close below the 200-SMA. That could pull the pair down to $1.15.XTZ/USDTTezos (XTZ) turned down from the downtrend line on Feb. 10, indicating that bears continue to sell on rallies. The bears will now attempt to pull the price to the uptrend line.XTZ/USDT daily chart. Source: TradingViewThe uptrend line has been acting as a strong support since March 2020. Hence, the bulls are likely to defend the uptrend line aggressively. If the price rebounds off this support, the buyers will try to push the XTZ/USDT pair above the downtrend line.If they succeed, the pair could signal a possible change in trend. This positive view could invalidate if the price breaks and sustains below the uptrend line. Such a move could open the doors for further downside. XTZ/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows the pair is in a firm bear grip. The price has dropped to the 61.8% Fibonacci retracement level at $3.32, which is an important level for the bulls to defend. A break and close below this support will increase the possibility of a drop to the 78.6% Fibonacci retracement level at $2.98 and later to the uptrend line.The first sign of strength will be a break and close above the 20-EMA. Such a move will indicate that the selling pressure could be reducing. A possible short-term trend change will be signaled on a break and close above the 50-SMA.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Animal Concerts partners with Korea’s Klaytn: K-pop in the Metaverse?

Metaverse concert organizer Animal Concerts has partnered with South Korean unicorn Kakao’s Klaytn network to increase its exposure to the Korean entertainment industry and facilitate Klaytn’s global expansion plans.The Jan. 10 announcement from Klaytn explains that the partnership between Klaytn and Animal Concerts is expected to help Klaytn increase the number of NFTs that are traded on the platform. Klaytn is one of just three blockchains with native support on OpenSea, the largest NFT marketplace, but has the lowest trading volume. Klaytn’s parent company Kakao is also planning an NFT and Metaverse platform called Kakao Games.Animal Concerts will organize and promote concerts in the Metaverse and plans on issuing a cryptocurrency, nonfungible tokens (NFT), and merchandise for top recording artists. The US-based brand has already entered into a relationship with Alicia Keys to promote her album KEYS.CEO of Animal Concerts Colin Fitzpatrick believes that NFTs could be a way for the music industry to boost revenues that have been lost since the beginning of the Covid-19 pandemic. Artists experiencing show and tour cancellations lose out on revenue and the ability to connect with fans in a live setting. Holding concerts in the pandemic free Metaverse could drastically change the way concerts are experienced and prevent the disappointment of a cancelled show, while cutting down on touring cos. Fitzpatrick told Cointelegraph that working with Klaytn is a natural fit since “Klaytn’s major goals are NFTs and Metaverse.” He also hopes to gain greater access to the $6 billion South Korean music entertainment market: “Korean entertainment will be a huge thing for Animal Concerts.”Fitzpatrick noted that while “technical limitations prohibit how many people can actually attend a concert in the Metaverse” due to current scalability issues, he hopes to build a network of virtual venues across existing and new Metaverse platforms to host concerts in a fashion similar to tour. “It’s hard to get the first few going but eventually they’ll start coming to us,” he said. Klatyn is a large corporate-backed blockchain but Fitzpatrick is nonplussed by concerns about decentralization. Klaytn governance council includes 30 mostly corporate entities including Shinhan Bank, LG Electronics, Netmarble, and the crypto-based entities Maker and Binance.Related: eToro rolls out smart portfolios for new metaverse investorsFrom Fitzpatrick’s point of view, there may be some making criticisms about decentralization, but “there are a lot of blockchains that are not as decentralized as advertised.”He also feels that there are also advantages to corporate entities being involved in the blockchain space:“I don’t think people fully appreciate how things will work with a blockchain backed by such a behemoth.”

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