Klaytn-Based DeFi Accelerator Krew Nurtures New Wave of DeFi Startups

A new Klaytn ecosystem-based DeFi accelerator is launched, titled Krew, to support DeFi projects in the EVM-compatible blockchain. This was followed by last week’s launch of a non-custodial lending market protocol named KLAP (Klaytn Lending Application), which was the first project Krew onboarded. The lending platform has since attracted a pool of followers for the Klaytn-native lend/borrow protocol.

To further develop the Klaytn DeFi ecosystem, Krew has raised $4 million through a pre-seed funding round that was led by Quantstamp and Ascentive Assets, followed by ROK Capital, Manifold, Krust, and Novis. Moreover, Krew enables users to both supply and redeem assets on the Klaytn blockchain, with the initial hook of KLAP and KLAY token rewards for early adopters.

With the launch of Krew, KLAP tunes all KLAY token’s emission, staking, and claiming parameters to optimize long-term value. Besides, the accelerator also enables other projects building on Klaytn with liquidity, marketing backing, advice on tokenomics, go-to-market strategies, and other crucial aspects required for launch activities.

With around 30,000 people joining the KLAP’s social channels across Twitter and Discord, and more than 100,000 pre-registration entries within 48 hours into the kick-off campaign, Krew envisions to scale for retail adoption and leveraging Klaytn’s technical architecture enabling high TPS, fast finality, and cheap transactions.

Speaking on the occasion of this launch, Adam Cader, the Head of Strategy at Krew expressed his belief that “The next few months will see a great reshuffle between major L1s and their users” while he further added:

We see Klaytn as being one of the dark horses in this race due to their tight integration with Kakao and overall presence in the Korean market. With these factors combined, we feel now is the perfect time to give the extra push to bootstrap the Klaytn DeFi ecosystem.

With over 2 million active accounts in Klaytn, it is focused on nurturing support for the metaverse and revolutionizing blockchain adoption. Thereby, Krew aims to further accelerate Klaytn’s growth globally by employing its expertise to attract mainstream DeFi audiences to the network.

Klaytn is backed by Kakao Corp, known for KakaoTalk, the most popular messenger platform in Korea. However, the accelerator aims to expand the network’s adoption outside its Asia stronghold.