Klaytn, the leading blockchain platform in South Korea announced the successful conclusion of the decentralized exchange testnet in February 2023. The Klaytn community came together to test the newly built infrastructure and its features while providing feedback for necessary improvements.

This was only possible due to the support of the Klaytn Foundation and the Klaytn Governance Council, who worked tirelessly with the community to design and implement the necessary infrastructure for decentralization and inclusivity in the network.

One of the most significant challenges in the current market is funding projects to increase network value, given the elevated cost of development and the lack of trust in technology providers. However, the Klaytn Foundation and the community trusted SORAMITSU, a Japanese fintech company, as a trusted technology partner due to its commitment to fulfilling deadlines and submitting reports on time. SORAMITSU’s alignment with Klaytn’s values led to a successful project that helped achieve trust from the community, which is extremely challenging to build in the current environment.

The Klaytn ecosystem is well-positioned to work with the best technology providers across the board, and SORAMITSU was proud to be included in this list. Working with other world-class companies ensures that everything built meets the network’s standards and is safe enough to support the massive number of daily transactions. SORAMITSU also appreciated the dedication to community safety, working with a Klaytn ecosystem auditor such as Quantstamp.

According to Viktor Vanichkov, SORAMITSU Engineering Lead in the Klaytn Ecosystem, “Klaytn is a technically advanced blockchain with big support for new projects, ranging from infrastructure to funding. It has a very developer-friendly community, which is oriented toward the principles of decentralization and open-source development. I am very glad that our vision for future evolutions is aligned to Klaytn’s and based on Web3 ideals.”

SORAMITSU strives to develop blockchain software based on the values of decentralization and with the purpose of leaving its mark on the improvement of humanity. With over a hundred years of experience in blockchain, finance, economics, and design, SORAMITSU pioneers technologies that foster inclusivity, promote innovation, and ultimately, improve people’s quality of life. SORAMITSU is an award-winning global fintech company with expertise in developing blockchain-based solutions for digital asset and identity management.

In conclusion, the successful decentralized exchange testnet is an indication of Klaytn’s dedication to fostering a decentralized and inclusive network for the community. The Klaytn Foundation’s attention and support to organize working sessions and proposal reviews, coupled with SORAMITSU’s commitment to delivering a successful project, has made the entire development process a huge success. The Klaytn ecosystem’s utility will be strengthened, and the merits and benefits of decentralized technologies will be advanced, solving pressing societal challenges.

#Klaytn #SORAMITSU #crypto2023 #dyor #azcoinnews

This article was republished from azcoinnews.com

In a momentous development for the Web3 industry, #Injective has successfully integrated #Klaytn , a leading Layer 1 blockchain platform from South Korea. This groundbreaking integration is set to reshape the landscape of cross-chain interoperability, offering a significant leap forward for both communities involved.

Seamless Cross-Chain Utilization

The integration of Klaytn and Injective marks a historic step towards enhancing cross-chain functionality. Native assets from both ecosystems can now be effortlessly utilized across a wide spectrum of cross-chain initiatives. This newfound synergy is poised to create a more composable and versatile ecosystem, bringing added value to both Klaytn and Injective communities.

With this connection, assets such as #KLAY and #INJ gain the ability to seamlessly move and participate in decentralized applications (dApps) built on either network. This expansion of utility is expected to unlock a multitude of use cases, propelling the adoption and utility of both blockchains to new heights.

Unveiling Klaytn: A Snapshot

Klaytn is a public blockchain developed by the esteemed South Korean internet giant, Kakao. Notably, the Kakao superapp boasts an impressive user base of over 50 million individuals, effectively encompassing nearly the entire population of South Korea. This wide-reaching accessibility introduces users to Klip, the app's integrated Klaytn wallet, making KLAY tokens and blockchain functionalities readily available to millions.

Klaytn distinguishes itself by employing an optimized version of the Byzantine Fault Tolerance (BFT) consensus algorithm. This results in near-instant transaction confirmations, boasting an impressive 1-second block time and immediate, absolute finality. Complementing these features are low gas fees and native support for advanced functionalities like account abstraction and gas fee delegation. As a result, Klaytn delivers a blockchain experience reminiscent of Web2 platforms, ensuring a seamless experience for end-users.

The Significance of Integration for Injective

The integration of Klaytn into Injective represents a momentous milestone in the journey of both platforms. For Injective, it solidifies its position as one of the fastest Layer 1 blockchains in the industry. Furthermore, this integration reinforces Injective's pivotal role within the broader blockchain ecosystem, positioning it as a key player in the realm of cross-chain interoperability.

Injective's value proposition as one of the most interoperable networks in the industry is underscored by this integration. It grants access to prominent Layer 1 blockchains and opens up new avenues for development and collaboration. The strengthening of the Inter-Blockchain Communication (IBC) network is an essential part of this process, promising enhanced connectivity between blockchain communities.

The Future of Klaytn and Injective

The integration of Klaytn into the Injective ecosystem represents a new frontier, attracting more users to both platforms. This collaboration serves as a compelling example of how blockchain networks can work in synergy to unlock fresh opportunities and expedite the widespread adoption of decentralized technologies.

As Klaytn and Injective continue to embrace this integration, they set the stage for a future where blockchain platforms collaborate, expand, and collectively shape the future of the decentralized landscape. This partnership not only benefits their respective communities but also contributes to the broader vision of a seamless and interconnected #blockchain ecosystem.

We're happy to inform that Klaytn is now fully supported by #NerveNetwork .

For Klaytn projects to communicate with other blockchains, NerveNetwork will offer cross-chain support. And the #Nerve team is dedicated to expanding Klaytn's blockchain project portfolio in the future.

NerveNetwork now includes the #Klaytn cross-chain module. On Klaytn, the Nerve decentralised cross-chain smart contract is in use. Moreover, we have supported the dApps NerveBridge, NerveSwap, and NerveFarm in Klaytn.

NerveBridge

NerveBridge is the core product of NerveNetwork that has implemented crosschain for 27 blockchains, including: Ethereum/ Klaytn\s/ Base/ Ethereum Classic/ BNBChain/ Polygon/ Heco/ OKC/ Tron/ Avalanche/ Harmony/ KCC/ Cronos/ Arbitrum/ Fantom/ Metis/ Optimism/ IoTex/ smartBSH/ KAVA EVM/ REI Network/ EOS EVM/ Linea/ Polygon zkEVM/ CELO Network, and NULS. Since NerveNetwork's introduction, NerveBridge has let more than 200 tokens circulate on different blockchains.

https://bridge.nerve.network

SwapBox

Developed by Nabox Wallet, SwapBox is a multichain aggregator that collects liquidity from a variety of decentralised exchanges, including NerveSwap. Users will be able to swap/crosschain-swap numerous assets between chains using SwapBox.

https://swapbox.nabox.io/swap

NerveSwap

Due to its multichain friendliness feature, NerveSwap, a DEX developed on the NerveNetwork mainnet, enables the trading of various assets from several blockchains with incredibly cheap transaction costs.

https://nerve.network/swap

NerveFarm

With the help of the Yield farming protocol NerveFarm, NerveSwap liquidity holders can engage in farming. On NerveFarm, any toekns based in Klaytn may construct a farm.

https://nerve.network/farm

The Layer 1 blockchain platform Klaytn offers quick finality, high TPS, and low latency. It is the ideal blockchain for implementing the metaverse and creating games. With the support of Ethereum Equivalence and the full Metaverse Package to ease the experience of establishing a blockchain, Klaytn 2.0 signals Klaytn's switch to a concentration on the metaverse.

About NerveNetwork

By establishing a cross-chain asset trading network and tying together all disconnected blockchains, NerveNetwork seeks to give the DeFi ecosystem all the underlying support it needs. Let each owner of a digital asset benefit from a DeFi service that is genuinely safe, free, and open.

At the outset of the new year, a significant security incident occurred when the bridging service Orbit Chain recorded a cyber attack resulting in the theft of financial assets amounting to $81.7 million.
Hackers Managed to Infiltrate Orbit Bridge
Hackers successfully exploited Orbit Bridge, a key component of the cross-chain communication protocol #Orbit Chain, with reports of the $82 million theft surfacing just three hours before the official arrival of the new year.
 

 
Early Warning of Unauthorized Transactions
An alert came on December 31st via platform X (formerly Twitter), where pseudonymous user Kgjr signaled potential misuse. This user pointed out a series of unusually large withdrawals from the #OrbitChain Bridge. Additional details were provided by online detective Officer CIA and blockchain security firm Cyvers.
 Amount Obtained by Hackers According to Arkham Intelligence
Data from the analytical service Arkham Intelligence indicate that the total amount of funds illegally obtained by hackers is approximately $81.68 million.
 

 
Orbit Chain's Connection with Klaytn
Orbit Chain is closely linked to the #Klaytn (KLAY) blockchain network, which is a modular first-layer blockchain. The eight main assets in the Klaytn network, which constitute the largest market capitalization, are integrated via Orbit Bridge.
 Still Unknown Mechanism of Exploit
Details of the exploit remain unclear. The outlet Cointelegraph attempted to obtain a statement from both Orbit Chain and Klaytn but did not receive an immediate response.
 Background of Orbit Chain
Orbit Chain, established in South Korea in 2018, is a multi-asset blockchain specializing in cross-chain transfers between various decentralized blockchains. It primarily serves for transferring assets between EVM-compatible networks and Klaytn.
Not to Be Confused with Orbiter Finance
👉It's important to note that Orbit Chain is a separate entity from another cross-chain bridging protocol called #OrbiterFinance , which shares a similarly sounding name.
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