Klex Finance has become the first native automated portfolio management and swaps protocol on the Klaytn blockchain.
Klex Finance has announced its launch on the Klaytn blockchain. According to a Medium post on Saturday, Klex Finance said it is the first native and efficient automated portfolio management and swaps protocol that supports all types of AMM pools.
KLEX is an implementation of the Balancer v2 Protocol on Klaytn. The team said it intends to differentiate itself from the others by taking advantage of the features of the Klaytn blockchain. The team wrote;
“We intend to focus on metaverse adoption, protocol interactivity, and the broader cohesion of all interactions on Klaytn. With distinct first-mover advantages as the prime portfolio managing and next-level trading protocol on the chain, we expect Klex to take an essential role in fostering adoption and scaling in the very near future.”
Klex comes with a wide range of features that will benefit the users. The weighted pools on Klex contain up to 8 different tokens, and each token is assigned a weight defining what fraction of the pool is made up by each asset.
The protocol also has stable pools designed to accommodate assets that are expected to consistently trade at near parity (e.g. different varieties of stablecoins or synthetics). These pools allow for larger trades of these assets before encountering a significant price impact.
Furthermore, Klex also has Liquidity Bootstrapping Pools, which are useful for launching tokens and swapping large amounts over time.
Klex pointed out that it is the only automated portfolio management protocol on the Klaytn blockchain that can commit to consistently reducing gas fees while simultaneously ensuring maximum capital efficiency on all swaps via its proprietary pool products. The team added that;
“Users who identify with our favorite L1’s community and metaverse vision should use Klex for all their swap and pool needs. We are committed to aligning our vision with Klaytn’s overall needs by providing essential balancing, swapping, and arbitrage services to the community.”
The Klex team added that its testnet would go live before the end of the month, while the mainnet will be in August.
The post Portfolio rebalancer Klex Finance launches on the Klaytn blockchain appeared first on CoinJournal.
Ndasi Tata is a Bitcoin entrepreneur from Cameroon, who holds an M.Sc in Blockchain and Digital Currency from the University of Nicosia. He is an advocate of Bitcoin in Africa and uses various social media platforms to promote his ideas and ventures. Tata has a background in state journalism and has established himself as a significant figure in the Bitcoin community.