- Klaytn is taking bold steps to boost adoption rates amid a general upswing in the market.
- The network recently launched its second iteration while its growth fund has taken off to advance the cause of the project.
- The wave of innovations swirling around the network has led to the asset, KLAY, gaining a staggering 51% in less than a week.
- The project announced its desire to extend its reach, making inroads in CBDC developments among others.
Klaytn has a market dominance of 0.23% and is seeking to take hold of a larger slice of the pie, while still providing full value for its users. The hybrid nature of the project, through its combination of public and private blockchains, has endeared it to users.
Not satisfied with its achievement, the project launched the Klaytn 2.0 ecosystem that cuts across virtually all aspects of cryptocurrencies. In line with the drive for expansion, the Klaytn Foundation took office in Singapore seeking to propel the growth of the ecosystem.
Klaytn Recent Developments
The Klaytn Growth Fund (KGF) was launched less than a week ago to provide KLAY with activities and projects that will be beneficial for the ecosystem.
The bulwark of the fund is the fact that it creates a level playing field for the disbursement of funds equitably and transparently. The fund has since grown to over $300 million, which makes it one of the largest funds in the ecosystem.
The second iteration of the project, known as Klaytn 2.0, is now live with tendrils cutting across several areas including dApps, DeFi, and NFTs. The project is presently forging key partnerships with other players in the market.
The Klaytn Foundation has been chosen to be the leading facilitator for the aggressive expansion of Klaytn 2.0. The Foundation, which is based in Singapore, takes the baton from Ground X, which served as the core facilitator of Klaytn 1.0.
The project has lined up several events for the attainment of its goals. Armed with $300 million, the Klaytn Growth Fund will stimulate the launch of more applications that will help the space to flourish.
The Investment Program of the KGF will invest in promising blockchain products around the world, while open source developers will be actively supported.
On The Flipside
- Klaytn’s decision to terminate the individual partnerships under Klaytn 1.0 caused slight murmurs.
- It is hoped that with the Klaytn Foundation’s guidance, new partnerships can be forged.
In terms of price, Klaytn is seemingly headed for the moon after gaining well over 50% in the space of one week. The asset is currently trading at $1.81 as its march has been halted by a brief correction. The coin faces down a 5% drop over the last 24 hours.
Price Chart for Klaytn over the past week. Source – Coinmarketcap
The project’s market capitalization has ballooned to $4.6 billion, while its 24-hour trading volume stands at $132,000,000. The combination of these metrics places the asset just outside the top 30 top cryptos, as it knocks on the door.
Klaytn has an active community of users, developers, and investors that center on Twitter and a global telegram channel.
After being launched on the Binance Launchpool, the community can now farm KLAY tokens by staking their BNB and BUSD. Developer teams forming part of the community can benefit from project grants from anywhere in the world.
Why You Should Care?
Klaytn launched the KGF to aid in the development of projects that will be beneficial to the ecosystem. If it continues to go well we could see more crypto projects from the Klaytn ecosystem soon.