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HomeDeFiDeFi protocol KLEX Finance announces liquidity attack on its rival KlaySwap

DeFi protocol KLEX Finance announces liquidity attack on its rival KlaySwap

A newly-launched DeFi protocol, KLEX Finance, on kakao-backed smart contract platform Klaytn, announced the attack on its rival, KlaySwap on August 30.

As per the information shared by the team of KLEX Finance in a blog, a liquidity raid has started against KlaySwap.

Moreover, all the Klaytn’s DeFi ecosystem users are welcome to transfer their liquidity (as LP tokens) from KlaySwap’s biggest pools like Klay/oUSDT, oUSDT/oUSDC, oUSDT/KDAI, KLAY/oETH and oETH/USDT.

After depositing the LP tokens, clients can withdraw their principal from KLEX as KLEX LP tokens during the deposit window of one month (31 days). As calculated by the KLEX team the APRs (annualised yield rates) will fluctuate from 70% to 127% in new liquidity pools.

The team of KLEX Finance highlighted that such amazing APRs are determined on a basis of $0.1 per KLEX price assumptions, while real yield measurements might be different.

Moreover, the significance of this mission is not only for the users of the platform and KLEX holders but also for the whole DeFi ecosystem of Klaytn blockchain, as highlighted by the KLEX Finance team.

The KLEX Finance team states, “We believe that the campaign will benefit in numerous ways to the Klaytn ecosystem. We can draw in new clients to the DeFi ecosystem through highly incentivized pools. More yields, more TVL!.”

KLEX team also stated the fact that as compared to KlaySwap’s pools, our liquidity management mechanisms are undeniably more capital productive. Even during times of extreme trading activity, Pools of KlaySwap worked with no cost slippages.

KLEX Finance targets to be the go-to DeFi ecosystem for all supporters of Klaytn’s with no regard to the volume of their deposits.

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