Following the DeFi ecosystem’s rapid pace of expansion, we’re happy to announce support for the Klaytn network on BiFi and Biport.
About Klaytn
Klaytn is a public blockchain focused on GameFi and creative content. Officially launched in June 2019, Klaytn is an affiliate of internet giant Kakao Corp, which operates South Korea’s biggest messaging and social media service. Having experienced success domestically, Klaytn is now undergoing global business expansion from its international base in Singapore.
While Ethereum opened doors to transparent, interoperable, and immutable decentralized protocols, its current state is very much limited due to some of the biggest issues in DeFi: expensive gas fees and slow transactions.
Klaytn combines the best features of both public blockchains (decentralized data & control) and private blockchains (low latency & high scalability), to bring an intuitive development environment and user-friendly blockchain experience.
Supported tokens on Klaytn
These are the initial seven Klaytn Compatible Tokens (KCT) supported on the BiFi — Klaytn network:
- KLAY
- KETH
- KUSDT
- KDAI
- KUSDC
- KWBTC
- KXRP
Biport Wallet also supports the Klaytn network. Users can connect Biport to BiFi to start lending and borrowing Klaytn Compatible Tokens (KIP-7 fungible token standards) instantly, while storing Bitcoin and a wide range of ERC20 / BEP20 / C-Chain / KIP-7 tokens within the wallet.
If you want to use MetaMask instead of Biport, you will need to add the network manually to MetaMask. See guide on how to add the Klaytn network to MetaMask.
BiFi reward allocation for Klaytn
BiFi token rewards for lending and borrowing on Klaytn network is allocated to 4,000,000 BiFi for the first 2 months. This reward allocation is similar to when we first launched the Avalanche network, but we’re allocating 2X more BiFi tokens on Klaytn this time.
This means that users who come in early on Klaytn will receive extra BiFi rewards and benefit from higher APY.
More good news! BiFi is about to get better with Klaytn:
We are proud to announce that BIFROST is officially a Klaytn Growth Fund (KGF) fundee. To that end, Klaytn will provide financial incentives and technical support to BIFROST as we contribute to the growth and expansion of Klaytn and our ecosystem.
The vision for sustainable multichain DeFi
The world of multichain is huge and there’s still a lot to be implemented.
The addition of Klaytn and more cross-EVM and non-EVM networks to our existing ones will foster a far more efficient multichain ecosystem, drawing out the best of each underlying chain and offering a variety of asset and network options to users.
As BiFi progresses to become the foundation of a true multichain DeFi, we will strive to offer the most transparent, scalable, and secure services DeFi has ever seen.
Resources
- Official Website: BIFROST, BiFi, Biport
- Start Lending on BiFi
- See BiFi Guide and Biport Guide
- BFC & BiFi Token Info
Stay Connected
- Telegram: Global | Korea | Vietnam | Indonesia | India | China| Japan
- Ask Us Anything: AMA Global | AMA Korea
- Get Social: Twitter (BIFROST) | Twitter (BiFi) | Twitter (Biport) | Facebook | YouTube | Reddit
