Klaytn ($KLAY) is a hybrid blockchain project from KaKao, a major South Korean tech conglomerate. It aims to be the base layer for Web3 and the metaverse. Klaytn focuses on enterprise-level solutions for companies seeking to enter the Web3 space.
History of Klaytn
GroundX, KaKao’s blockchain division, launched Klaytn in 2018. Its first whitepaper described the network as an optimized public blockchain with in-built Byzantine Fault Tolerance. Its goal was to become a blockchain network offering enterprise-level user reliability.
In 2021, version 2.0 of the network launched. The new iteration of the project added the goal of being the base layer for the metaverse. Klaytn aims to be at the center of the fast-evolving concepts of DeFi, NFT, DAO, and the metaverse. The project has been working in international partnerships to achieve its objectives. At one point, it collaborated with Binance to boost public participation and adoption.
Partnership with CoinMarketCap Labs (CMC Labs)
As part of its ongoing effort to boost global adoption, the Klaytn Foundation recently collaborated with CoinMarketCap Labs (CMC Labs). The deal will see Klaytn become one of the official partners of the CMC Labs accelerator program. CMC Labs is an incubator program that helps Web3 startups get on their feet.
In exchange, CoinMarketCap will collaborate with Ignite On Klaytn (IOK), a program that supports promising developers in South Korea and internationally. IOK aims to bring dApps to market, helping to grow the Klaytn ecosystem.
How Klaytn Works
Klaytn is an enterprise-focused network that utilizes a modular network design. Its design allows businesses to customize and operate service-based blockchains built on Klaytn. The subnets, called service chains, are at the heart of Klaytn’s enterprise-oriented ecosystem. Service Chains are highly customizable, which ensures that any web service can run on the mainnet. However, the platform limits projects related to financial speculation and gambling.
To date, its partners have launched nearly 300 BApps on their service chain. BApps refers to dApps on Klaytn. The term BApps is used since Kalytn’s partners do not have to run them as decentralized web services. They can launch centralized BApps that interact with the Klaytn mainnet and benefit from its transparency and security.
Klaytn Coin (KLAY)
KLAY is the Klaytn ecosystem’s native coin. It is a utility token to pay gas fees when executing or creating smart contracts and transferring KLAY. Gas fees are go to paying consensus nodes that secure the network.
KLAY is inflationary, with each new block produced generating 9.6 KLAY. In April 2023, the Klaytn Foundation burned nearly half of the tokens. The total supply of KLAY is 5,852,664,299, with 3,271,285,781 KLAY in circulation. Over 2 billion KLAY are in reserve.
KLAY Coin Performance
The price of KLAY is $0.2176 as of November 23, 2023. In the past 24 hours, the token’s price has risen 12.08%. KLAY has performed exceptionally well in 2023, and the coin is up 20.73% in the past year. The current Bull Run began at the tail end of September when the price rose from $0.1112 to $0.1758 by November 20, 2023. Since then, it has been on the rise. Despite the huge gains, KLAY is currently trading at a 95.05% discount on its all-time high price of $4.38, achieved on April 2, 2021.
KLAY’s trading volume has risen by 31.07% in the past 24 hours, currently at $75,144,268. Most of the trading volume is on Binance and Bithumb, which collectively account for 54.53%.
KLAY Price Forecast
The current price prediction for KLAY is that it will rise by 1.41% to achieve a price of $0.2282 by November 28. This prediction is based on the current run of the coins. The Fear & Greed Index is currently at 66 (Greed) for KLAY. Additionally, sentiment around KLAY is Bullish. In the past 30 days, KLAY has been trending upward for 63% of the time, with a 12.17% price volatility.
Should You Buy KLAY?
Based on the metrics above, now is a good time to buy KLAY. With the current crypto bull market predicted to last until the April 2024 Bitcoin halving event, holding KLAY now could lead to positive gains. Klaytns’ future also looks bright as a tech conglomerate committed to its success, backs it. However, as with any crypto investment, the market is highly volatile, and the metrics could change quickly.
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