Kaia Blockchain Debuts as Asia’s TON Competitor: KLAY Price Sinks to $0.15
Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.
Despite the Kaia Blockchain’s launch as a replacement for the Klaytn network, Asia’s answer to Telegram’s The Open Network (TON), the KLAY price has suffered a significant 9.04% in the 24 hours post-launch.
Today’s lapse has contributed to much of KLAY’s decline since last Thursday, down 8.52%—making it one of the most affected among other notable altcoins over this period.
Indeed, with this significant decline, trader interest in KLAY has taken a hit. The altcoin’s trading volume has plummeted 16.67% to $27.1 million over the past 24 hours.
On August 29th, Kaia launched it’s Layer 1 network following a merger between Finschia, the blockchain from Line, a popular Japanese messaging app, and Klaytn, a network backed by Kakao, a Korean messaging platform.
Kaia’s launch is described as the “critical first step in expanding the Asian Web3 ecosystem,” focusing on facilitating mini-decentralized applications (DApps) on both the Line and KakaoTalk platforms.
In a Klaytn press release Aidan Kwon, head of the Klaytn Foundation, emphasised the magnitude of the merger. It combines Klaytn’s DeFi and gaming services with Finschia’s NFT, payment, and AI services, creating a massive ecosystem of over 420 DApps and services.
The project draws inspiration from The Open Network (TON), which became 2024’s fastest-growing blockchain after integrating with Telegram.
Kwon emphasized that Kaia aims to replicate this success by integrating with messenger platforms first, leveraging their extensive user bases as “super apps.”
However, Kaia’s post-launch reception seems
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