Klaytn
KLAYThe cryptocurrency and metaverse industries are still relatively in their early stages, and it can sometimes be difficult to choose the right tools to build a particular system that leverages the two. Considering the complex nature of the technology involved, Klaytn is an easy solution built to handle these problems.
Klaytn Exchange Rate
KLAYWhat is Klaytn (KLAY)?
Klaytn is an open-source blockchain project which utilizes leading blockchain technology to power business frameworks in different sectors, from the creative industry to the metaverse. Klaytn focuses on integrating as many business-oriented blockchain solutions as possible, regardless of the underlying technologies these solutions run on. Thus, it helps foster interoperability between blockchain enterprises.
How Does Klaytn Work?
The KLAY token powers the entire Klaytn ecosystem. Indeed, Klaytn works by combining the decentralized nature of public blockchains with the high scalability of private blockchains. It is for this reason that the Klaytn project is hailed as a hybrid ecosystem. It does this through a combination of several unique and customized features and frameworks, such as the Istanbul Byzantine Fault Tolerance (IBFT) framework. The IBFT is a type of consensus algorithm which allows for the completion of any transaction initiated on the network within one second.
Moreso, the Klaytn project boasts full compatibility with Ethereum-based software, a complete set of tools that developers can easily use to build metaverse infrastructure. It achieves these using cutting-edge blockchain technology, which includes a sophisticated customized layer 2 solution, SDKs and smart contracts, wallets, chain explorers, bridges, and oracle support.
Due to its easy flexibility and interoperability, Klaytn also allows for the exchange of crypto assets between blockchain networks.
In addition, the protocol boasts a unique governance system. The network does not allocate voting privileges to users who hold its native KLAY cryptocurrency token. Instead, the network is run by a governance council, which consists of decentralized autonomous organizations (DAOs), builders, and enterprises. The network does plan on implementing more DAOs in the future.
Advantages and Disadvantages of Klaytn
Klaytn is a useful tool for the creation and seamless operation of metaverse infrastructure, however, the project is not without its drawbacks.
Pros
The Klaytn project makes it incredibly easy to create and build complex software using blockchain technology. Play-to-earn games, cryptocurrency wallets, and cryptocurrency exchanges are among the blockchain platforms that can benefit from Klaytn's extensive tool kit. Examples of projects that are currently linked to Klaytn include MiR4, Metamask, Binance, and Opensea.
Klaytn also helps foster innovative ideas, as its comprehensive tool kit makes the creation of the software much easier.
Cons
The major disadvantage that comes with Klaytn is the heavy competition it faces. The Klaytn network is still a relatively new project, and developers might opt for much more familiar names, such as Decentraland.
Who Created Klaytn?
Klaytn was founded by Ground X, a subsidiary of South Korean Kakao Group, in 2019. Kakao is predominantly a mobile platform corporation, however, they began to wade in Web3 waters in 2017 and finally launched Klaytn in July 2019.
Why Does Klaytn (KLAY) Have Value?
The Klaytn network and its native token, the KLAY crypto, could provide useful solutions to emerging blockchain-related challenges. For one, the Klaytn model is equivalent to Ethereum's EVM layer 1 protocol, which makes it possible for Ethereum-based networks to integrate with the blockchain without any modifications. The protocol is also highly customizable and can be tweaked to fit user requirements, whatever they may be.
Price of Klaytn
According to the data from Coin Market Cap, the Klaytn (KLAY) is currently changing hands for approximately 0.2 USD. The token is the 47th largest cryptocurrency by market cap, with a circulating supply of 2.64 billion tokens. The crypto asset reached an all-time high price of 4.24 USD in March 2021.
Why Use Klaytn?
The KLAY token is a crypto asset native to the Klaytn blockchain. The token does have value, as it is used in various transactions both on and off the Klaytn blockchain. It can be bought, sold, traded, or staked, just like any other crypto asset, and is used to facilitate transactions carried out in the metaverse. These transactions could include the sale or purchase of NFTs, and virtual assets. Users can even receive rewards in the form of KLAY tokens.
Klaytn dApp Ecosystem
Unlike most blockchain protocols which refer to their hosted networks as decentralized apps (dApps), Klaytn addresses their hosted networks as blockchain apps (bApps) instead. This is because these networks do not necessarily have to run decentralized web services on their service chains.
The bApps are networks that partner with the Klaytn network to provide top-tier blockchain services. As of 2019, Klaytn boasted 51 bApps linked to its mainnet, which include Rayon, Blockpet, Pibble, and others.
Does Klaytn Have Staking?
Klaytn does allow staking of the KLAY token. The token can be staked on a cryptocurrency exchange, such as Binance, or on Klaytn's official staking tool, dubbed the Klaystation.
KLAY’s staking rewards also differ from exchange to exchange. For example, staking KLAY on Gate.io can get you token returns as high as 10%, while Binance offers slightly lesser.
Alternatively, you can also stake KLAY on the Klaytn platform in return for DeFi staking rewards. Although you’d need a web 3.0 wallet compatible with the Klaytn blockchain.
How to Swap Klaytn
- Go to Swapzone.io
- Visit Swapzone’s Klaytn Swap Page Head down to the swap page and settle on a coin to exchange for KLAY tokens. Your options include Ethereum (ETH), Bitcoin (BTC), and Tether (USDT), among others. For this guide, we’ll use USDT as an example.
- How Much KLAY Do You Want? After selecting a swap pair, you can decide on the amount of KLAY you’d like. Swapzone has two slots on the exchange page, the send box where you enter the USDT you are willing to send and the get box, which shows the estimated Klaytn you will get in return.
- Select a Crypto Exchange Swapzone will aggregate a list of the right platforms for you, ranking them by speed, rates and ratings. Choose an offer that best suits your need.
- Put in Your Wallet Details You will be required to drop your Klaytn wallet address, a USDT refund address, and, optionally, your email. After confirming the details, hit the blue proceed to exchange button.
- Transfer the USDT Transfer the USDT you agreed to in step 3 to the wallet address on your screen. Confirm that all the digits are correct, so you do not lose your funds.
- Swap Completed Done! All you need to do now is wait for your KLAY tokens to arrive. Once it appears on your wallet,, congratulations, you have swapped Klaytn!
Frequently asked questions
What is the Klaytn exchange rate?
An exchange rate is the rate at which one cryptocurrency can be exchanged for another through a certain crypto exchange provider. Cryptocurrency exchange rates on Swapzone reflect current prices of crypto assets and are updated every 30 seconds for you to keep track of any market changes and fluctuations to profit when buying the dip or going with the best exchange rate and the lowest exchange fees. All cryptocurrency exchange providers have their own rates, which depends on supply and demand, mining rewards, costs and so on. See what else might affect the rate in our article on prices.
There are two types of exchange rates aggregated by Swapzone – fixed rates and floating rates. To receive the exact amount of crypto that is displayed at the beginning of the exchange and shield yourself against the market's volatility, opt for fixed-rate offers. If you're ready to take a risk and receive less or more than the sum displayed, go with floating-rate offers but bear in mind that floating rates may drastically change any second. You can refresh your memory on how to get the best exchange rate here.
Where to find the lowest transaction fees?
Crypto transaction fees may vary depending on the network (Ethereum transaction fees tend to spike during the congestion on the network), your chosen cryptocurrency, an instant exchange provider as well as its transaction processing speed and internal policy. These fees may be relatively low but it’s crucial to know they may be imposed in the first place.
If you want to exchange cryptocurrency with the lowest fees, beware of the offers with a grey-colored “Transaction fees are not included” label displayed under the exchange rate. To avoid having to pay an unexpected amount of fees during the exchange, opt for those that do not have that label. Read our articles to learn more about how to exchange cryptocurrency with the lowest fees and find out which assets have the lowest transaction fees.
What is average transaction time?
Transactions usually take from 5 to 30 minutes to be processed, especially if you choose currencies with speedy networks. However, there are several factors that may affect and slow down the exchange process, i.e. transaction volume, blockchain capacity, network updates, cryptocurrency itself and the capacity or chosen exchange platforms.
The processing may take longer due to the large transaction volume, congestion of the network, blockchain overload and market overload, technical issues or system failures, lack of liquidity or network maintenance.
The transaction may be also stuck if you forget to add a required Extra ID, mistake networks or use the wrong wallet for a chosen crypto asset. If you worry that the exchange processing is taking too long, please, contact us at [email protected] or via our live chat on the landing page.
How to choose a cryptocurrency wallet to store Klaytn?
To exchange, buy, sell or trade cryptocurrency and store your crypto keys safely and securely, you need a crypto wallet. Choosing the best cryptocurrency wallet is a question of preference and need. To learn more, read our guide on how to choose the best cryptocurrency wallet for your needs.
There are several types of wallets for different crypto assets and tasks. Software wallets, or hot storage wallets, are connected to the Internet and come in many forms: Web, Desktop, Mobile or Browser Extensions. If you want to build a large crypto portfolio, you might want to look at multi currency wallets like Exodus, MetaMask, TrustWallet, Atomic or Guarda. If a coin or a token of your choice isn’t available there, you can always opt for a single-currency wallet that is usually designed by the project that launched the asset.
If you take safety and security matters seriously, go for hardware wallets, or cold storage wallets, like Ledger or Trezor, or even paper wallets. We strongly recommend you to do your research before creating a wallet: read the reviews to see what the community thinks, learn about the fees a particular wallet imposes for performing transactions, check out supported currencies and networks and see its security policy.
What is the best cryptocurrency exchange for beginners?
There are loads of different crypto exchange services, with new platforms emerging every month. Exchange providers differ by supported currencies, liquidity providers, fees, customer support, user interface, level of privacy and anonymity and customer support, which makes it hard for beginners to understand which one to choose. To learn more about what these exchanges offer and how you can assess them, read our guide on how to choose the best exchange platform.
To navigate them through the field full of services, we conduct research and thorough analysis of the market & list both prominent and promising exchange providers, keeping in touch with their teams 24/7. We give you all the necessary data on the offers they provide as well as their brief history, KYC/AML policies, reliability and advantages, while also indicating their downsides so that you don’t have to do that yourself.
What is Swapzone?
Swapzone is an instant non-custodial cryptocurrency exchange aggregator that helps users make an informed choice when exchanging crypto assets. To make this possible, we gather the information on the exchange providers, select the parameters for comparison, aggregate and sort available deals & give an option to make a swap through providers' APIs in the same interface with a common user flow for every exchange. Still have doubts? Here's 9 reasons why you should use Swapzone to exchange crypto.
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