How to buy and hold KLAY with Wigwam
1. Choose a token number that you want to buy
2. Create a wallet, where to store your crypto
3. Pay with credit card
4. Check your crypto in the created wallet
Why Wigwam is the best crypto wallet for Klaytn (KLAY) storage
Ultimate security, only you have access to your Klaytn tokens
Send, Receive, Store your Klaytn tokens free and without limitations
Check the real-time value of your crypto tokens
Buy, Sell, Exchange Klaytn (KLAY) directly in the wallet
Stake Klaytn (KLAY) by connecting Wigwam to the popular DeFi dApps
No KYC or personal data collected
Klaytn (KLAY) Token Review
KLAY is the native token of the Klaytn network, an EVM-compatible blockchain for developing decentralized applications for the metaverse, gaming, and creator economy.
About Klaytn Network (KLAY)
In 2019, GroundX, a Kakao Corporation subsidiary, introduced the Klaytn network as an enterprise-grade ecosystem empowering developers to create diverse dApps. It integrated private and public blockchain features, including high scalability and a governance model involving a consortium of trusted entities through an efficient hybrid design. Its modular network enabled businesses to connect and operate their customized service-oriented chains as independent subnetworks. That year, the network went public, attracting 40+ Initial Service Partners (ISPs) from diverse industries, selected based on the quality of their blockchain services and existing user base size.
Two years later, the Klaytn network set up a launchpad on Binance to engage the public and boost token adoption. Coin holders use it to pay transaction fees, generate non-fungible tokens, and provide liquidity to various DeFi protocols within the network.
The Klaytn Network (KLAY) Token Use Cases
- Network fees: KLAY token holders use the coin to deploy smart contracts and pay transaction fees on the Network.
- DeFi activities: KLAY holders can engage in the network’s DeFi services by using their coins as collateral to provide liquidity on KLAYstation or KLAYswap, among other DeFi protocols.
- Minting NFTs: KLAY is used to create and manage non-fungible tokens (NFTs) on the Klaytn Network. The network has a partnership with OpenSea for NFTs listing.
- Stake to earn rewards: KLAY token holders can stake their coins to secure the network, ensuring the chain's integrity. The minimum staking requirement is 5 million KLAY, providing an estimated Annual Percentage Rate (APR) of 6%.
The circulating supply of KLAY tokens is currently over 3.48 billion out of a total supply of 5.89 billion, with a live market cap of $673,717,113. At the Klaytn mainnet launch, 10 billion KLAY was issued. To enhance the sustainability of the token economy, the Klaytn Foundation strategically removed and burned 5.28 billion KLAY, unused in the last 3 years and 8 months, from the initial issuance reserve of approximately 7.48 billion KLAY. An additional 2 billion KLAY will be burned in 3 years if no use case is identified in collaboration with Klaytn’s Governance Council (GC).
The current annual supply inflation rate for KLAY tokens is 8.57%, leading to an increase of over 258 million coins in the past year. The initial distribution of KLAY tokens included allocations as follows: Private Sale (18%), Protocol Reserves (53%), Business Development (16%), R&D and Technology (8%), and Team (5%).
KLAY token holders can stake their coins to secure the network for rewards, create and manage NFTs in the ecosystem, and participate in the DeFi services and apps by providing liquidity using their coins as collateral. Initially valued at $0.01 per token during the launch of Klay Network, the current coin price is $0.41, shaped by demand, supply, and market dynamics.
The Klaytn network has encountered stability issues in its first three years, highlighted by two significant incidents: the Consensus Delay in March 2020 and a Transaction bug in November 2021. These issues may affect the coin's ongoing relevance, value, and functionality, as they depend on the platform's performance and success.
This article is for informational purposes only and should not be interpreted as financial or investment advice. The views expressed herein represent solely the opinion of the author and are not intended to provide specific trading or investment recommendations. We do not guarantee the accuracy, completeness, or reliability of the information contained in this article. The cryptocurrency market is known for its high volatility and unpredictable fluctuations. Investors, traders, and anyone engaging with cryptocurrency are advised to conduct thorough research, consider a variety of perspectives, and acquaint themselves with applicable local regulations prior to making any investment decisions.
Buy KLAY tokens effortlessly in Wigwam Web3 wallet or via crypto exchanges. Visit Binance, HTX (Huobi), or KuCoin, create and fund your account, and purchase the coin. Also, you can explore buying KLAY on the Bybit exchange.
Stake KLAY tokens successfully with the below steps:
- Select a reliable wallet, such as Kaikas, D'CENT Biometric, or MetaMask Wallet, and set it up.
- For Kaikas wallet, download and install the wallet
- Transfer or purchase KLAY tokens from exchanges like Binance or KuCoin and ensure they are visible in your wallet.
- Visit the official Klaystation platform and connect your wallet.
- Delegate your tokens to a Governance Council (GC) member
- When choosing a member, consider factors like performance, commission charges, total stake amount, Expected Annual Percentage Return (APR), and social media presence.
- Review the list of validators, choose your preferred node, and click on staking.
- Enter the desired amount of Klaytn tokens to stake, confirm, and your staking status will be active.
To easily monitor KLAY address activities, use blockchain explorers like Klaytn Scope and Klaytn Finder. Klaytn Scope allows users to check blocks and transaction details, while Klaytn Finder provides in-depth insights into token prices and network information, including blocks and transactions.
To seamlessly add KLAY tokens, use Ethereum mainnet-compatible wallets like Metamask, Kaikas, or D'CENT Biometric Wallet. For Metamask, install the wallet, access settings, and select networks. Add Klaytn Mainnet (KLAY) from the dropdown menu. After connecting, click "Add Token," search for KLAY, and import your assets. If not visible, use the manual process. Select "custom token," enter the KLAY token address (For Ethereum: 0x393126c0653F49E079500cc0f218A27c793136A0). Input "KLAY" for the symbol and "18" for decimals. Confirm details, and your KLAY assets will appear in the wallet.
KLAY, like other cryptocurrencies, can experience significant price fluctuations, which can result in substantial losses. Therefore, it's crucial to learn the current market conditions, potential developments, and understand the moving averages before investing.