Klaytn Introduction

Real World Assets Intros & Opportunities
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Hi there, everyone! I’m Daniel from Klaytn Foundation :smiley:

Klaytn is delighted to explore strategic collaboration between the Klaytn and Centrifuge. This initiative aims to provide broader accessibility and deepen the integration of our respective ecosystems, leveraging the strengths of each platform to benefit our combined user base.

Klaytn Overview

Klaytn is an open-source EVM compatible public blockchain platform, brought to life by Ground X, the blockchain R&D subsidiary of Kakao, South Korea’s leading tech company. Our platform is designed for high throughput and near-instant finality, making it a perfect match for enterprise-level solutions and Web 2.0 services integration. With an impressive user base of over millions of people worldwide, Klaytn holds a leading position as one of the leading blockchain platforms in Asia.

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Klaytn One Pager (May 2023)

Ecosystem Overview

Klaytn’s expansive and diverse ecosystem focuses on several key areas:

  • DeFi: As of May 19, the Total Value Locked (TVL) in Klaytn stands at approximately $153 million. This puts us in the 17th position among all chains based on data from DeFillama. Our key protocols encompass DeFi Kingdoms, KlaySwap, PangeaSwap, and a multitude of others.

  • RWA: ITCEN, the parent company of South Korea’s biggest gold exchange, in conjunction with BPMG, a blockchain development enterprise, is launching the nation’s inaugural liquidity staking platform for Gold Pegged Coin (GPC) on the Klaytn blockchain. GPC, whose value is tied to gold, represents Klaytn’s significant step into the realm of RWA through Gold.

  • Gaming: We have a strong emphasis on facilitating on-chain gaming. Numerous AAA gaming projects have already integrated blockchain elements using Klaytn’s Mainnet and Service Chains, including MarbleX (Netmarble), NEOPLY(Neowiz), Bora(Kakao Games)

  • NFTs: Klaytn broke new ground in Q2’21 by integrating with OpenSea, becoming the first blockchain outside Ethereum to support the marketplace. We took this collaboration a step further in Q2’22, aiming to boost the NFT ecosystem in Asia. Our top 10 projects have collectively accumulated a staggering volume of 156 million KLAY on OpenSea.

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Tokenomics

Further, in a significant update to our tokenomics plan, the Klaytn Foundation recently made the bold move to burn over 5 billion KLAY from our reserve protocols. This strategy has not only positively affected community sentiment but also contributed significantly to the long-term sustainability of the project.

Asia is witnessing one of the fastest growth in the Web 3.0 space, and we’re confident that Klaytn is poised to serve our ever-expanding community in the region.

Partership Proposal

We desire to form a partnership with Centrifuge in order to deploy Tinlake on Klaytn. This initiative will enable millions of Klaytn users to directly invest in Tinlake’s pools. Depending on our collaborative model, these pools could either be existing ones or new ones developed exclusively for Klaytn. The Klaytn team initially hypothesizes that the existing pools might benefit more, as asset origination would not have to occur solely for Klaytn.

Doability

Given that the Centrifuge community has voted to migrate to Polkadot Parachain and also fully support EVM compatibility, and launch Centrifuge Connectors, we believe there’s a great fit with Klaytn which is a fully EVM compatible. This timing couldn’t be better and we’re excited about what this potential alignment could mean for both our platforms.

Similar to the AAVE RWA Market helping securitization of Tinlake’s tokenized assets, the Klaytn Foundation can support a similar strategy. Our commitment involves bringing the Centrifuge team together with the key players and protocols in the Klaytn DeFi ecosystem.

The Klaytn Foundation also has the capacity to offer tailored marketing support for Tinlake, utilizing both our proprietary channels and those of our partners.

Benefit to Centrifuge community

Connecting millions of Klaytn users (e.g. Registered users of Klip Wallet exceeds two millions) and their liquidity to Tinlake: The primary goal of this proposal is to grant Klaytn’s extensive user base access to the investment opportunities currently available through Tinlake on Ethereum. By doing so, we aim to diversify the investment options for Klaytn users, increase engagement, and promote activities across the Tinlake platform.

Contact Information

We believe that this collaboration holds significant potential to enhance the user experience on both platforms, drive increased engagement, and ultimately lead to the success of our shared vision. We welcome your thoughts, feedback, and questions regarding this proposal and look forward to fostering a constructive and productive discussion.

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Hi @dkkim, thank you for your proposal and welcome to our community!

I can see that you have been doing some research on our recent development (EVM compatibility and Centrifuge Connectors) so just wanted to add some context to that.

Both of these proposals have indeed passed a community vote to build them (here and here) but are not implemented yet.

The Centrifuge App is going to play a key role in this process and there will be some news about this next week in our governance call so I would like to invite you to come and hear more about it.

Also tagging some people this could be interesting for.

@ctcunning @akhan @jeroen

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Thanks @Rhano for the reply !

  • Yes - we have been following closely the Centrifuge community and really excited to see the active community voting.

  • Yes - we are aware of the ongoing implementation on EVM compatibility and Centrifuge Connectors. We’ll be stay tuned for further updates.

  • More than happy to join the governance call and hear !

  • @ctcunning @akhan @jeroen Great to be introduced team. Would be more than happy to connect if you have any questions or explore potential opportunities to enrich the community together.

  • Link to open telegram chatroom for communication Telegram: Contact @klaytn_centrifuge_open

Thanks.

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Thanks for the tag team, this is an awesome proposal to see so I’m more than glad to share my thoughts!

First, this type of partnership is exactly what the Centrifuge multichain strategy is tailored towards. The goal is to see Centrifuge deployed on many chains, providing unique opportunities tailored to each of those networks, and allowing Centrifuge to partner with other ecosystem participants.

From a contributing team perspective, whether we move forward or not comes down to timeline and priority.

For timeline, some of the devleopment work, such as EVM compatibility, is still ongoing and certain milestones would need to be achieved here to fully deploy to a network like Klaytn. And since every deployment requires time and attention of key resources, the community and contributing team needs to consider how we prioritize these deployments and allocate resources effectively, especially as there are many networks and chains to deploy too.

I can share some of the immediate considerations and follow-ups I have. These all need to be explored and worked on together, but it would be great to hear some initial thoughts from the Klaytn team on these topics.

  • What is the investor appetite for RWAs in the Klaytn ecosystem? What types of assets are these investors most interested in?
  • Who are the relevant issuers and assets for the network? Are there any issuers in South Korea or Asia who would be interested in a Klatyn deployment?
  • Are there any Klaytn community participants that we should consider partnering with to make this deployment successful?

Generally speaking, I believe Asia will be one of the stronger markets and ecosystems for crypto and web3 products. I know the Klaytn network has a good reputation and a great backing team. From that alone, this partnership is compelling to me, but there are quite a few other networks that are worth considering for Centrifuge.

The more we can learn from the Klaytn team, the better informed our community can be on why this partnership should be prioritized!

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Hello @akhan! Thank you for your insightful input. We appreciate your support and understanding of our project.

  • Your point regarding the compatibility of our EVM is well-taken. We understand that the integration of Centrifuge with Klaytn, or any other chain for that matter, requires thorough planning and development. We are committed to tackling the necessary steps to serve both our communities together efficiently.
  • Addressing your questions:

    • The investor appetite for RWAs in the Klaytn ecosystem is steadily growing. A significant tailwind is the planned initiative by the South Korean government to open the Security Tokens Market by issuing a regulatory guideline within 2023. This development places STOs and RWAs within the context of regulation, making it a legally accessible investment for both institutions and retail investors. Here is a report on the various RWA initiatives in South Korea, which are driven by the rich ecosystem.

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    • Our community has shown considerable interest in diversified asset classes, with a focus on real estate, gold, and corporate accounts receivable. As a testimony to this, CREDER-ITCEN, the largest gold exchange in Korea, has joined the Klaytn Governance Council to support our community’s needs with gold-backed RWA assets. Additionally, given our longstanding relationship and credibility as a Kakao-built blockchain, we are also working closely with major Korean financial institutions to prepare for the imminent RWA/STO market.

    • Klaytn also has numerous potential partners within South Korea and broader Asia who have expressed interest in deploying their assets onto Klaytn, including Ships Assets and Emerging Market Bonds.

    • In the case of a Centrifuge-Klaytn integration, our broad Klaytn ecosystem participants such as Klayswap, Kokoa Finance, Pangea Swap, Swapscanner in DeFi, and DeFi Kingdoms in GameFi could be valuable partners to support the growth of our community. We would be more than happy to facilitate introductions to help establish partnerships and build a robust Centrifuge ecosystem within Klaytn. Once we have a clearer picture of mutual needs, we can better suggest potential partners.

We concur with your vision of Asia’s importance as a strong market for crypto and web3 products. Klaytn indeed has a solid backing team and reputation, and we believe this partnership will only augment these strengths. Thank you for opening this discussion, and we look forward to collaborating to make this project a success.

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@akhan @Rhano It was great to see you in the governance call last night (in my time zone). It was fun! Should you have any questions or feedback, please let me know. Cheers.

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@dkkim

Thank you so much for taking the time to write up this proposal!!

What excites me the most about the Klaytn ecosystem is its sheer scale.

Having your user base and the stickiness of Kakao can be a strong moat for the Centrifuge ecosystem.

Look out for my email - happy to connect on this.

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Just replied :slight_smile: Thank you for the follow-up !

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Greetings, Centrifuge Community!

Klaytn, a prominent leader in the Asian blockchain industry, has recently unveiled an important announcement pertaining to its strategic emphasis on Real-World Applications (RWAs) within the Asian market.

Looking forward to your feedback !