Wormhole Chains — Klaytn
Welcome to the latest edition of our series “Wormhole Chains”, in which we present new chains that have been added to the Wormhole network. This time, we are looking into Klaytn.
1. What is Klaytn?
In 2019, Kakao — one of South Korea’s leading software enterprises — created Klaytn, a highly optimized, BFT(Byzantine Fault Tolerance)-based, and EVM(Ethereum Virtual Machine)-compatible L1 blockchain that aims to meet enterprise-grade reliability.
In 2022, Klaytn announced a transition towards Klaytn 2.0 — the metaverse of choice for all. This will be achieved by creating a comprehensive Metaverse package that streamlines development, enhancements in scalability, performance, interoperability, and user/developer experiences, support for Ethereum-equivalence, decentralized strategy through creating a DAO of DAOs, and provision of ecosystem fund to support growth of the ecosystem.
Klaytn is built to be the fundamental trust layer for the metaverse, helping pioneers build applications easily and organize communities in a scaleable way.
Klaytn launched its mainnet, Cypress, on Jun 27th, 2019, on the following premises:
a) High Performance
The Klaytn community can benefit from the chain’s immediate finality, 1-second block generation and confirmation time and high throughput with 4,000 transactions per second.
Klaytn is also able to scale easily through:
⚬ Easy technological adoption process for the industry
⚬ Low entry barriers for end-users
⚬ EVM (Ethereum Virtual Machine) compatibility and support for Solidity contracts
⚬ Other scalability solutions will be available in the near future, such as sharding and rollups
The so-called “Service Chain” is the customizable and easily deployable default L2 solution for Klaytn 2.0. The service chain can have its own governance and connect to the Klaytn main chain to anchor data or transfer assets. Enterprises or large networks often want to have their own dedicated execution environment. With the service chain, they can maintain an isolated high-performing execution environment that is not affected by other blockchain applications.
b) Low Cost
Klaytn has low gas fees that are almost one-tenth of Ethereum network fees.
c) Rapid Development
As Klaytn is Ethereum equivalent, developers are able to utilize the following features to build quicker with:
⚬ Development Tools — Any tooling that can run on Ethereum will run seamlessly within the Klaytn ecosystem by making Klaytn’s technical stack equivalent (from an interfacing and execution perspective) to the existing Ethereum stack.
⚬ EVM and API — By building on top of existing Ethereum stacks, Klaytn inherits any improvements made to the open-source codebases of EVM and supporting libraries.
⚬ Core Development Contribution — Supporting Ethereum equivalence translates most to the mutual benefit to both the Klaytn and Ethereum ecosystems. The majority of Ethereum Improvement Proposals (EIPs) could be migrated and adapted to the Klaytn core development agenda, and in turn, Klaytn Improvement Proposals (KIPs) could contribute to the advancement of Ethereum and EVM. Thus, when the development community contributes to one ecosystem, they are indeed contributing to both.
Developers are able to leverage Klaytn’s open source infrastructure and package, including:
⚬ Primary Infrastructure: tool sets for end-to-end blockchain integration and building. It includes SDKs and smart contract libraries, wallets and chain explorers, distributed storage solutions, oracle support and bridges.
⚬ Secondary Infrastructure: an ecosystem for supporting products and services. It includes Integration/abstraction services, Stablecoin integrations, DAOs, NFT Marketplaces, DEX, DeFi and Traditional Finance interfaces. To delve deeper, check out projects building on their ecosystem!
d) Enhanced User Experience
Protocols also have the option to transfer the user’s transaction fee to the application. The application operator can adjust the amount of subsidy for each transaction and implement more flexible business models such as freemium or subscription. Fee delegation will effectively lower user acquisition barriers.
e) A full-suite, protocol-level Eco Fund
Klaytn is the first, and the largest example in which the incentives supporting the ecosystem are encoded in an on-chain protocol tokenomics. 66% of the newly minted tokens are reinvested in the ecosystem.
In addition to the protocol design, Klaytn will expand its territory through community co-building; it includes communities such as game guilds, investment DAOs, community DAOs, alliance with global players and more!
Klaytn can be partitioned into three logical subnetworks based on their roles and purposes. The below figure displays the high-level view.
Core Cell Network (CCN)
CCN consists of Core Cells (CCs) that verify and execute transactions submitted through Endpoint Nodes (ENs). CCN is responsible for creating and propagating blocks throughout the network.
Endpoint Node Network (ENN)
ENN consists of Endpoint Nodes (ENs) that mainly create transactions, handle RPC API requests, and process data requests from service chains.
Service Chain Network (SCN)
SCNs are Klaytn subnetworks composed of auxiliary blockchains independently operated by dApps (Decentralized Applications). Service chains are connected to the main chain via ENs.
Core Cell Network and Endpoint Node Network form a Klaytn main chain or mainnet. Blockchain Applications can run on the Klaytn main chain, Cypress, or can operate on their own blockchains called Service Chains.
Klaytn’s premier lending protocol, Klap Finance provides liquid markets for the following Portal-wrapped tokens:
⚬ WETH — 0x98A8345bB9D3DDa9D808Ca1c9142a28F6b0430E1
⚬ WBTC — 0x981846be8d2d697f4dfef6689a161a25ffbab8f9
⚬ WBNB — 0xaC9C1E4787139aF4c751B1C0fadfb513C44Ed833
⚬ WSOL — 0xfAA03A2AC2d1B8481Ec3fF44A0152eA818340e6d
⚬ WAVAX — 0x45830b92443a8f750247da2A76C85c70d0f1EBF3
⚬ USDC (from ETH) — 0x608792Deb376CCE1c9FA4D0E6B7b44f507CfFa6A
⚬ USDT (from ETH) — 0x5C13E303a62Fc5DEdf5B52D66873f2E59fEdADC2
⚬ DAI (from ETH) — 0xCB2C7998696Ef7a582dFD0aAFadCd008D03E791A
⚬ BUSD (from BSC) — 0xE2765F3721dab5f080Cf14ACe661529e1ab9adE7
Klaytn aims to be the ‘One-Stop’ Chain for Metaverse Builders by providing developers with integrated solutions, that utilize Klaytn as the trust layer for their metaverse applications.
Check out Klaytn’s roadmap for more details.
5. Contact & Docs
Stay up to date with Klaytn by following their social channels or dive into their Docs!
6. Wormhole noob? No problem.
If you’re new to Wormhole, here’s what you need to know:
- The protocol’s total volume stands at over $50B, with over 800,000 transactions completed.
- Currently, several thousand messages are submitted each day.
Check out Chase M., a Wormhole contributor, explaining more about Wormhole below:
7. Wormhole’s supported networks
Wormhole and its integrations allows users to send assets to and from any of the nine supported chains, without double-wrapping the asset, and enables seamless access to each network’s vibrant DeFi and NFT ecosystems!
- Terra 2.0 & Terra Classic
- Binance Smart Chain
- Klaytn (NEW)
8. Join the ever-growing Wormhole community
If you have questions, need support, or just want to connect, join the Wormhole community, and keep up to date with our up-and-coming announcements. We’re always happy to hear feedback. Join our discord, and drop us a comment!