XRP: KLAYswap’s new liquidity pool
Tags: Ripple, Xrp, Yield Farming, Klayswap, Defi

The KLAYswap team is carefully focusing on building an environment that enables easy swaps and liquidity provisioning for all types of blockchain-based cryptocurrencies. Currently, KLAYswap users are able to access the protocol through various wallets including both web and mobile-based wallets, and they can also easily swap their assets thanks to the liquidity-rich environment of $1.4B TVL.

Despite this successful environment we have built, we would like to leap once more to achieve our ultimate goal, an on-chain liquidity connection point. In this post, we introduce a new liquidity available asset, XRP, and share the completion of the policy update we announced last time.

XRP meets DeFi at KLAYswap.

XRP is in the top tier among cryptocurrencies with a market cap of $64B and a daily trading volume of $17B worldwide. However, despite having a huge ecosystem, the XRP Ledger’s unique technology and long-established ecosystem have led XRP holders to be neglected from the innovative decentralized finance (DeFi) market. KLAYswap intends to encourage and embrace the huge liquidity of XRP and XRP holders into KLAYswap through Orbit Chain’s interoperability technology that supports the free movement of assets between heterogeneous chains.

This means that XRP holders no longer have to leave their XRP inactive in their wallets and centralized exchanges. Instead, they can safely utilize their XRP to experience various decentralized economic activities such as yield farming, token swaps, liquidity providing, and more on KLAYswap.

Transferring XRP via Orbit Bridge

As a decentralized open IBC platform, Orbit Bridge facilitates smooth movement of assets between heterogeneous chains with the advanced and transparent interoperability of Orbit Chain. With Orbit Bridge, KLAYswap can now expand its ecosystem even further by supporting XRP as well as Ethereum-based assets.

Below is a description of how to use Orbit Bridge to move XRP to the Klaytn ecosystem.

1/ Select Coin: XRP

2/ Select Validator Group

3/ From Chain: XRP; To Chain: Klaytn, and enter the Klaytn recipient address

After inputting all the information, start the coin conversion by clicking the ‘Convert Now’ button.

4/ A bridging deposit address is issued. Transfer your XRP stored in centralized exchanges or personal wallets to the newly issued address.

* Be sure to copy and paste both the deposit address and destination tag correctly when you transfer from your wallet/exchange.

* Only XRP can be transferred into the given address. (Non-XRP, KXRP, or others cannot be received)

* Asset loss as a result of incorrectly deposited tokens cannot be recovered as cryptocurrency transactions are irreversible.

5/ When the bridging transaction is complete, you can find the converted KXRP in the wallet inputted as the recipient address.

* KXRP Contract Address: 0x9eaefb09fe4aabfbe6b1ca316a3c36afc83a393f

Please follow the above steps to safely move your XRP to the Klaytn ecosystem and experience the decentralized finance that only KLAYswap can provide.

KLAYswap Update: The Mining Rate Policy

Along with the support of XRP on KLAYswap, the team has finished the update of the mining rate policy that was announced in the previous post. We will explain the details related to the mining rate below, so please be aware of the modified policy when you participate in governance.

1) Adding a KSP Time Lock

After the update (April 28th), a one-day time lock is applied through a snapshot of the turnout (the number of votes) in order to stabilize the policy for a certain period of time, and then a modified time lock will be implemented at a specific time point that will be announced again.

A daily snapshot is taken at 9AM(KST), and on the day of the update, it is based on the time the update is completed.

A snapshot of the pools that have not been whitelisted is also taken.

The determined mining rate is applied and maintained until the next round of voting (snapshot time).

2) The number of Mining eligible pools & Mining Rate Unit

The maximum number of pools that can get mining rate distribution is limited to 100

The minimum mining rate unit is 0.01%

Only vKSP that have voted for whitelisted (mining eligible) pools are included in the total vKSP count, and the mining rate is determined based on this total number of voted vKSP.

vKSP voted for whitelisted pools with a mining rate of less than 0.01% are applied into the top pool and are voted to that pool.

Conclusion

Today we presented the introduction of XRP utilization in KLAYswap in an effective and fully decentralized way. KLAYswap is designed to support all kinds of blockchain-based assets, and this support of XRP will be an opportunity for us to deliver our strengths to the whole decentralized world once again.

We are not content with just this and we will continue to make technological progress so that more heterogeneous chain assets can seamlessly flow into KLAYswap. We are really looking forward to your participation in the decentralized finance world you and the KLAYswap team are creating.