Krew, a new and unique DeFi accelerator housed within the Klaytn ecosystem, is starting with a $4 million campaign fund to develop, nurture, and promote Decentralized Finance (DeFi) projects on the EVM-compatible blockchain. The Klaytn-native lend/borrow protocol KLAP (Klaytn Lending Application), the very first project to join the Krew accelerator, just emerged from stealth mode last week and acquired hundreds of thousands of followers.
Krew is founded by seasoned founders and experts from top venture capital companies. Adam Cader, who formerly worked at ParaFi Capital, Hugo Campanella, a product veteran from UBS and Rocket Internet, and Mark Shim and Seth Jeong from ROK Capital and DeSpread are among these individuals. Other contributors include former workers of Citadel, J.P. Morgan, and Fidelity.
Krew will provide liquidity, marketing help, advice on tokenomics, go-to-market approaches, and other crucial parts of a successful launch to Klaytn-based enterprises. The goal of the accelerator is to increase network usage outside of its heartland in Asia. Klaytn is supported by Kakao Corp, which is recognized for KakaoTalk, Korea’s most popular instant messaging network.
An Innovative Non-Custodial Lending Market Mechanism
Krew has secured more than $4 million in a pre-seed round headed by Quantstamp and Ascentive Assets in order to further build the Klaytn DeFi ecosystem. Other prominent investors, such as ROK Capital, Manifold, Krust, and Novis, also participated.
Krew is introducing KLAP, a non-custodial lending market mechanism akin to Compound or Aave, as part of its strategy. On the Klaytn blockchain, customers can both source and retrieve assets, with KLAP and KLAY token prizes for early investors. Due to considerable lessons acquired in tokenomics, the launch optimizes all output, staking, and claiming factors to enhance long-term profitability.
According to Richard Ma, CEO of Quantstamp, “We see Klap in a great spot to leverage Klaytn’s technical architecture enabling high TPS, fast finality, and cheap transactions. We are confident in Klap’s compelling protocol design features and veteran builders to serve the nascent Klaytn DeFi ecosystem and scale it for retail adoption.”
A Global Leader For Blockchain Adoption
The purpose and long-term benefits of KLAP have evidently connected with users, as evidenced by the fact that 30,000 people have joined the project’s social channels on Twitter and Discord, and over 100,000 have pre-registered in the first two days of their kick-off drive.
With over two million active users, Klaytn is ideally positioned to become a global leader in the adoption of blockchain technology. The Klaytn Foundation, a non-profit organization created to expedite worldwide acceptance and ecosystem maturity on Klaytn, has been focused on expanding the Metaverse’s participation. Krew intends to further speed Klaytn’s global expansion by attracting mainstream DeFi users to the network using its competence.
Adam Cader, the head of strategy at Krew, anticipates a significant reorganization between prominent L1s and their users over the next few months. Due to its tight connection with Kakao and general presence in the Korean market, he believes Klaytn to be one of the dark horses in this race. In light of these considerations, he believes that now is the ideal time to give the Klaytn DeFi ecosystem a boost.
Krew is the Klaytn DeFi accelerator, contributing its liquidity and knowledge to the Klaytn network. Krew’s argument is that widespread adoption will determine the final victors of the crypto connectivity arms race, where Klaytn’s support by Kakao provides it with a significant advantage.