Klaytn is live on Synapse
We are excited to share that Synapse is integrating Klaytn into its bridge ahead of the Klap Finance launch. This launch will make Klaytn the 16th blockchain connected by Synapse, allowing DeFi users to seamlessly bridge assets between Klaytn and 8 blockchains (and counting!).
Klaytn is one of the 15 largest chains by TVL and offers fast block times, high throughput and low gas fees. Klap Finance is a new lending protocol, supported by ROK and Manifold, that will use exclusively Synapse bridged assets.
Alongside Klap Finance, we are also working with a number of other Klaytn ecosystem projects. With these partnerships, we expect Synapse to become Klaytn’s default ecosystem bridge and wide adoption of Synapse bridged assets on Klaytn, making Synapse xAssets the standard ERC-20 tokens used on Klaytn.
What is Klaytn
Klaytn is an EVM compatible blockchain which boasts some of the fastest throughput, time to finality, and TPS metrics. The native gas token for the Klaytn blockchain is KLAY. As with all of our integrations, Synapse users will receive a KLAY gas drop that will cover their first few transactions.
Klaytn has no official bridge which means that any cross-chain token (for example USDC or ETH) is brought to Klaytn via different bridge protocols. Additionally, while Klaytn benefits from a strong focus on the metaverse and adoption within the Korean crypto community, it has so far lacked many of the essential DeFi building blocks and primitives found on other widely used blockchains.
Enter Synapse, crypto’s most widely used bridge that will connect Klaytn to its extensive liquidity network spanning across 16 different blockchains. In order to offer the best UX to users of the Synapse bridge, Synapse has been partnering with an alliance of builders and funds which will bring new DeFi primitives to Klaytn, built around Synapse bridged assets (Synapse xAssets). This will allow for a widespread adoption of Synapse xAssets, offering the best UX to Synapse users.
Synapse 🤝 Klap Finance
The first project to use Synapse’s xAssets on Klaytn is Klap Finance, a decentralized non-custodial liquidity market protocol. Klap aims to establish itself as the main borrowing & lending marketplace on Klaytn.
Klap launches its liquidity mining campaign for KLAP, the network’s native governance token, on Monday, 20th June and will be using Synapse bridge assets within its protocol.
Synapse will support bridging for the following assets on day 1, that can be used in Klap lending & borrowing markets:
Additionally, for existing Klaytn users who want to migrate their existing Klaytn assets to Synapse assets and use them on Klap Finance but do not want to use a bridge, a stableswap pool will be opened. This pool will include Synapse USDT / o.USDT to facilitate the transition.
We are working closely with different protocols and teams to ensure Synapse continues to provide the best multi-chain experience for its users.
In the coming months, the team behind Klap Finance will launch additional DeFi primitives to Klatyn. This will bring the new money legos into Klaytn, increasing the utility to Synapse xAssets on Klaytn. We will work to expand support for new assets, connect Klaytn to more blockchains and make all cross-chain interactions as seamless as possible.
Synapse is a universal cross-chain liquidity network. Synapse connects blockchains by offering an extensible cross-chain communication protocol that supports assets, smart contract calls, and more. By leveraging Synapse, blockchains can easily and securely interoperate with each other and developers can build truly cross-chain applications including cross-chain DEX, lending platforms, margining systems, derivatives markets, yield aggregators, and much more. The first application built using this cross-chain protocol is the Synapse Bridge, which uses AMMs deployed across 16+ EVM and non-EVM blockchains to help users seamlessly transfer assets between all chains.