A Klaytn-specific implementation of the major AMM Protocol Balancer v2 is expected to go live on the mainnet in August
- KLEX goes live to introduce AMMs to Klaytn
- KLEX Token Release Expected in August
KLEX, a decentralized finance protocol with an automated market-making engine, goes live on the Klaytn blockchain with the synonym utility and giverance token KLEX.
KLEX goes live to introduce AMMs to Klaytn
According to the official announcement shared by the KLEX team on their social media channels, the DeFi protocol along with AMM is going to be launched on the Klaytn (KLAY) blockchain for the first time.
Introducing KLEX, a portfolio rebalancer and AMM on Klaytn. https://t.co/z4VSKoOaeS— klex (@klexfinance) 8 July 2022
In their introductory post, the team shared that the new protocol will reflect the design of Balancer v2, one of Web3’s most sophisticated DeFis.
Since its launch, the KLEX ecosystem is set to feature three types of liquidity pools, i.e., weighted pools, stable pools and liquidity bootstrapping pools. The weighted pool will allow crypto holders to yield on various assets in a Uniswap-like manner.
Unlike Curve’s StableSwap AMM, KLEX’s stable pool will allow users to generate yields on stablecoins and token indexes, while a liquidity bootstrapping pool will be essential to the newly launched tokens and their liquidity ecosystem.
KLEX Token Release Expected in August
The KLEX protocol also released its first roadmap for Q3-Q4, 2022. At the end of July, 2022, the protocol is ready to activate its testnet. In July-August, KLEX will undergo two security audits before the release of its mainnet version.
The KLEX token, which will outline the economics of the protocol, will also go live at the end of August. KLEX will spin aUSDC, aDAI and aUSDT pools to ensure maximum rewards for users.
Last but not least, in September, the protocol will launch ROM, a convex fork for Klaytn and KLAP, its decentralized application ecosystem.