Swap shop KLAYswap offers 8x staking and Ecopot rewards
KLAYswap’s latest product update introduced attractive staking rewards, which in turn have given the platform a significant boost. The update announced on 17th February includes 8x staking and Ecopot rewards distribution.
Here at DappRadar, we keep ourselves well-apprised of the climbers and fallers on our DappRadar Rankings pages. KLAYswap has been a climber over the past 7 days after it announced to its community its latest set of updates. The platform is now the number one dapp in the Klaytn DappRadar Rankings, and has reached the top 10 in the exchanges category across all protocols.
The Ecopot rewards distribution has been introduced to strengthen compensation for vKSP holders. vKSP is the voting token used in the Klaytn DeFi ecosystem. The Ecopot provides continuous token incentives to holders of the token. This continuous incentivization mechanism works via the inflow of new Ecopot liquidity which will in turn increase KLAYswap’s TVL and trading volumes.
Setting staking rewards at 8x gives holders of vKSP the equivalent of 8 times their usual voting power during the continuous period for which their KSP is locked. KSP is KLAYswap’s native token. Users who stake their KSP also receive staking rewards, cover their full transaction fees, earn drop token rewards, and receive Ecopot token rewards at 8 times the usual rate. For a handy guide to staking, click here.
Following that February 17th update, KLAYswap’s on-chain metrics surged. The number of unique wallets interacting with the platform increased by 389% to 22.43k. Transactions went up by 657% and volume remained about level.