- KAYEN Protocol has launched a community-driven DEX designed specifically for Chiliz Chain, offering users the ability to bridge, swap, wrap, and provide liquidity all in one place.
- With a total of $10.6 million in Total Value Locked (TVL) prior to launch and over 250k testnet swaps recorded, the protocol has attracted significant market interest and confidence in its potential.
London, 13 Aug 2024:— The Chiliz Group is thrilled to announce the successful integration of the fully non-custodial KAYEN Protocol’s decentralized exchange (DEX) into the Chiliz Chain ecosystem, the leading blockchain for the sports and entertainment industry. This landmark development marks a significant step towards decentralization and enhanced user empowerment within the SportFi space.
KAYEN Protocol, which launched its mainnet DEX and testnet Launchpad on August 8, 2024, at 08:08 UTC, brings a suite of innovative features designed specifically for Chiliz Chain. KAYEN offers users the ability to bridge, swap, wrap, and provide liquidity all in one place. KAYEN’s wrapping capability allows for the trading of Fan Tokens in smaller units; wrapped tokens are pegged to the value of the original token and are fully exchangeable, and they can be redeemed for the underlying original token at any time.
The strong initial traction of KAYEN is evident in its impressive launch metrics. Prior to launch on July 28th, the Total Value Locked (TVL) reached $10.6M for the protocol’s ecosystem. Additionally, the testnet saw over 250,000 cumulative swaps, while the pre-launch attracted over 7,000 participants in the last testnet week, demonstrating immediate market interest and confidence.
KAYEN’s sophisticated Automated Market Maker (AMM) offers a range of advanced features. It incorporates a dual AMM system, supporting both volatile (UniV2-style) and stable (Curve-inspired) swaps. The protocol also introduces Dynamic Directional Fees (DDF) for trading pairs, allowing for different fees based on swap direction. Additionally, KAYEN provides customized pool configurations, tailoring liquidity solutions to the specific needs of various trading pairs.
The launch of KAYEN Protocol on Chiliz Chain complements the existing offerings of centralized exchanges in the ecosystem, which have played a crucial role in the growth of the Fan Token market. While centralized exchanges will continue to be important, the addition of community-led projects like KAYEN demonstrates the strength and diversity of its ecosystem, offering users more choices.
As Chiliz Chain continues to lead in the web3 sports space, with the integration of leading validators this year such as PSG, K League, Animoca, OKX, Exaion and others, alongside the launch of new tokenomics, staking and projects on the Chiliz Chain, the integration of KAYEN Protocol is set to further accelerate growth and innovation in the sector.
Alexandre Dreyfus, CEO of Chiliz Group, commented on the launch: “The integration of KAYEN Protocol marks an important moment in our ecosystem’s evolution. KAYEN’s innovative features empower users while creating opportunities for partners and developers. This community-driven approach aligns with our SportFi vision, fostering collaboration between teams, brands, and innovators to deliver cutting-edge blockchain solutions in sports and entertainment.”
Auxili, Co-Founder of KAYEN Protocol, added: “We’re pumped to be part of this spicy SportFi ecosystem and really appreciate the support from the Chiliz community. Our community is our biggest asset, and we’ll always keep that front and center. We’re grinding to build a state-of-art platform where everyone can dive into sports and crypto together. Stay tuned and stay spicy!.”
DISCLAIMER: The Chiliz Group does not operate or control the Chiliz Chain or the KAYEN Protocol. Both the Chiliz Chain and the KAYEN Protocol are decentralized, sovereign protocols managed independently by their respective communities and developers. The KAYEN Protocol has been developed and is maintained by independent third parties. The information provided in this press release is for informational purposes only and should not be construed as an endorsement or guarantee of the services provided by the KAYEN Protocol or any other third-party applications operating on the Chiliz Chain, nor as an offer to sell or a solicitation to buy any digital assets or services related to the Chiliz Chain or KAYEN Protocol. Digital assets and cryptocurrencies are highly volatile, and you are at risk of losing your entire investment.
