Klaytn Protocol KLAP to Launch KLAP Token to Power DeFi Lending

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Seoul, South Korea, 26th July, 2022, Chainwire

KLAP (Klaytn Lending Application), a DeFi protocol operating on the Klaytn blockchain, is set to launch its native token. The KLAP token will be made available for trading on popular decentralized exchange ClaimSwap on July 25th, 10pm ET.

The KLAP token will power a range of use cases within the protocol’s growing ecosystem. A portion of the total supply will be awarded to liquidity providers and early adopters. Since launching in May, the Total Value Locked (TVL) on KLAP has soared to over USD 100m, making it the second most popular Klaytn dApp by this metric.

The Klap team said: “We are truly excited to allow the KLAP token to gain utility within our system and provide additional functionality for users after our protocol launch. As KLAP decentralizes, this is an important next step in community development and growth.”

Their focus on community engagement and long-term evangelism is clear. Impressively, KLAP have already committed 5% of the total token supply to early users, and anyone who participated in their pre-mining or lockdrop initiatives will be able to claim their KLAP tokens upon launch on the 25th. 

The KLAP token has a total supply of 1 billion. 60 million of those tokens, comprising 6% of the supply, will initially be made available, giving KLAP a market cap of USD 75 million upon launch. In addition to orchestrating governance - by empowering token-holders to vote on key decisions, KLAP will be at the heart of the lending protocol’s operations.

Protocol users who elect to lock their KLAP tokens on the platform for a fixed period will be awarded veKLAP, a non-tradable