Krew Project Klex Finance Launches Klaytn Testnet as Mainnet Looms

Klex Finance, the sophomore project to be incubated by Krew DeFi, has deployed its testnet ahead of an imminent mainnet launch. The testnet went live on August 2, with Klex Finance inviting community members to assist in putting the protocol through its paces. Klex aims to become the leading portfolio rebalancing platform on Klaytn.

Krew DeFi, an accelerator for web3 projects on Klaytn, is best known for KLAP, the lending platform. Market aggregatorDefiLlama currently records the TVL of KLAP at $47 million.

According to the information provided to CQ, Klex Finance will have its own token scheduled to launch following the platform’s mainnet release. The team states that the KLEX token will be used to reward LPs on Klex Finance and can be used for governance, among other things. Although not confirmed, it is expected that initial LPs on Klex will be airdropped tokens proportionate to the liquidity they provide.

Speaking on the topic, the team says:

Klex Finance will naturally have its own token, which is expected to launch following the platform’s mainnet release. It will also utilize the aToken format popularized by Aave and then emulated by KLAP, with aUSDC, aDAI, and aUSDT pools being created, with each of these aTokens forming interest-bearing KLAP stablecoins.

There’s no confirmation of how long the testnet period will last, but it is expected that the Klex Finance platform will launch within a matter of weeks, giving Klaytn users a new way to execute swaps and earn yield.

“Decentralized finance has advanced in leaps and bounds on Klaytn in recent months, with a slew of new platforms launching that have extended its core functions,” say representatives of the team. “Users of the EVM network can now access the same primitives that are available on the likes of Ethereum and Avalanche. KlaySwap remains the leading DEX on the network, but the arrival of Klex will provide an alternative option for executing trades.”