New DeFi accelerator Krew launches in Klaytn ecosystem

Krew, a new DeFi accelerator housed in the Klaytn (KLAY/USD) ecosystem, is launching with funds totaling $4 million, which will be used to create, incubate, and support DeFi projects in the EVM-compatible blockchain, Invezz learned from a press release.

KLAP (Klaytn Lending Application) is the first project to onboard the Krew accelerator. Since coming out last week, it has attracted tens of thousands of followers for the Klaytn-native lend and borrow protocol.

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Liquidity, marketing, and tokenomics advice

Krew will support projects building on Klaytn with advice on tokenomics, liquidity, marketing backing, go-to market strategies, and more. It aims to enhance the adoption of the network outside of its Asia stronghold.

Kakao Corp backs Klaytn. This entity is best known for KakaoTalk, the most popular messenger platform in Korea.

$4m+ raised in pre-seed round

Krew has raised over $4 million in a pre-seed round, which was led by Quantstamp and Ascentive Assets. The funds will be used to further develop the Klaytn DeFi ecosystem.

Krew is also launching KLAP, a non-custodial lending market platform, not unlike Aave (AAVE/USD) and Compound (COMP/USD). With the initial hook of KLAP and KLAY token rewards for early adopters, users can both supply and redeem assets on the Klaytn blockchain.

The launch will adjust all token emission, staking, and claiming parameters to ultimately maximize long-term value. This is possible due to extensive tokenomics lessons.

30k people joined KLAP’s social media

KLAP’s long-term advantages and mission have resonated with users. Thirty thousand people joined the project’s social channels across Twitter and Discord and more than 100,000 pre-registered 48 hours after the campaign started.

2m+ active accounts

Klaytn boasts more than two million active accounts, rendering it well-positioned to grow into a global blockchain adoption leader. Krew will accelerate Klaytn’s global growth, attracting its mainstream DeFi audience to the network.

Adam Cader, Head of Strategy at Krew, said:

The next few months will see a great reshuffle between major L1s and their users. We see Klaytn as being one of the dark horses in this race due to its 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.