Klaytn on Belt
Belt is available on Klaytn! Read below for general details
An enterprise-grade, service-centric blockchain platform designed by Kakao’s global project team, Klaytn has been at the forefront of blockchain technology in South Korea, growing in the number of users and DeFi services available on the platform. As many of our users are already aware, the team behind Belt Finance is also behind the biggest DeFi service available on the Klaytn platform — KLAYswap. Suffice to say, we are more than familiar with the ecosystem and the resources available on Klaytn.
The BELT token is already actively in use on KLAYswap in its bridged form KBELT, and it was only logical for us to launch Belt.fi on Klaytn as to have our popular multi-strategy yield aggregator technology available on Klaytn. While Klaytn does not yet have many strategies for us to utilize in terms of yield optimization, we believe that this is the first of many meaningful steps to come in the future.
Here's a closer look at what Klaytn Belt entails.
KBELT, bridged through Orbit Bridge, has already had significant liquidity and volume on the Klaytn network. Although this update will not include any BELT liquidity mining distribution, users will still be able to use and trade BELT on Klaytn by bridging it over via Orbit Bridge.
The main feature of this Klaytn update is the beltSKLAY vault. Essentially, this is a multi-strategy vault for staking KLAY tokens, the native token of the Klaytn chain. beltSKLAY will have the same structure as the beltTokens on BSC and HECO where deposits will be split over multiple strategies or staking nodes in this case.
Staking KLAY can be a confusing process without many public options for staking nodes. On top of this, there is a wait time for unstaking, with withdrawals having to go through a 7 day unstaking period. This makes it hard for users to shift to and from different staking nodes to get the highest return on their KLAY tokens.
beltSKLAY takes away the headache and allows users to simply deposit into Belt Finance and have us do the work of getting the highest yield possible by automatically finding the best ratio to split your deposit into different nodes and getting rewards from all of them simultaneously.
As with other beltTokens, the value of beltSKLAY will increase over time as yield is added onto it from the strategy staking nodes. As with all KLAY staking, there will be a 7 day unstaking period for withdrawals. Once the 7-day unstaking period is finished, the withdrawn balance will be sent to your wallet. More details will be provided next week.
Klaytn Belt Finance Launch and UI overhaul: 6AM UTC, Tuesday, September 7, 2021
What’s coming next? Belt Finance v3.
As we announced, the next big update to Belt Finance, our v3, will include cross-chain swap functionality and cross-chain pools. This will allow for a true cross-chain protocol in which users will be able to go to any connected chain and get that chain’s best yield through Belt Finance’s Belt’s innovative multi-strategy yielding vault system.