Users can deposit bitcoin and borrow stablecoins using the non-custodial KLAP (Klaytn Lending Application). Users are able to use borrowed assets for staking or trading as they see fit, as long as their position is adequately collateralized.
After the original DEX KlaySwap, KLAP is already the second-largest dApp on Klaytn. Klaytn Lending Application, which was introduced on June 24, has already accrued $102 million in total value locked (TVL), and its team hopes to take first place in the Klaytn dApp rankings.
Curve and Aave, two market leaders whose protocols are available via numerous EVM networks, serve as the basis for Klaytn Lending Application.
Klaytn Lending Application is well-positioned to take advantage of Klaytn’s technical design, which will enable high TPS, quick finality, and affordable transactions. Although the layer-one network is also compatible with the Ethereum Virtual Machine, neither has yet released a version of their protocols that is Klaytn-compatible.
Klaytn Lending Application has stepped in to develop a platform that imitates the ve-tokens made popular by Curve and is combined with a loan interface designed in the style of Aave.
KLAP is currently by far the largest loan platform on Klatyn, and if it can surpass KlaySwap DEX for TVL, it would formally surpass KlaySwap as the biggest dApp on Klaytn.
KLAP is the first initiative to receive funding from Krew, a venture fund dedicated to expanding the Klaytn ecosystem. Its mission is to aid innovative initiatives that strengthen the network’s decentralized financial system.
Despite the turbulent market conditions that led to a decline in Bitcoin’s market share, decentralized finance (DeFi) on the Bitcoin network is gaining ground. Layer-2 and Layer-3 DeFi initiatives like Portal and DeFiChain have gained traction on the network.
The network is now significantly more competitive as a result of the expansion of DeFi on Bitcoin. It is based on private distributed ledgers comparable to those used by cryptocurrencies. It is a hard fork of the Bitcoin network.
DeFi is a technology that uses the blockchain to give people access to financial tools without the use of middlemen.
Users of DeFiChain have access to DeFi services along with Bitcoin’s security and provenance. Through customized transactions, this enables more sophisticated DeFi applications.
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