Klaytn is an EVM Layer-1 blockchain designed to support scalable metaverse and Web3 projects created by South Korean company Kakao. The metaverse blockchain, as it calls itself, is an open-source, public blockchain built as the fundamental trust layer for the metaverse.
KLAY is the native token of the Klaytn protocol and is used to pay transaction fees during the creation or execution of smart contracts or when users transfer payments on the Klaytn network. It also serves as an incentive token, a reward for network participants who contribute resources to keep the blockchain operational.
The Klaytn blockchain aims to offer high throughput of up to 4,000 TPS (transactions per second) and a transaction finality time of one second to generate new blocks. In addition, the network enjoys meager transaction fees, making it an efficient and cost-effective platform. Klaytn supports EVM and offers an attractive platform to developers for deploying Ethereum-compatible dApps.
The Klaytn ecosystem comprises dApps acrossDeFi,NFTs,gaming,DAOs, enterprise applications, infrastructure, oracles, launchpads, bridges, decentralized storage, and Layer-2 solutions. In addition, Klaytn offers high levels of scalability through support for interoperability with other blockchain ecosystems and Klalytn Layer-2 chains.
