On August 29, Kakao and LINE, two major Asian messaging platforms, officially launched their joint Layer 1 blockchain, Kaia, marking a significant milestone in the blockchain world. This development is expected to have a big impact on the rapidly evolving crypto space, particularly in Asia.
🟢⚫️ Exciting news! We are thrilled to share that Kaia Mainnet is now live, introducing the world’s fastest and most efficient EVM-based blockchain.
Kaia delivers processing speeds of approximately one second and remarkably low gas fees. With strong backing from Web3 leaders… pic.twitter.com/VZDZO6LR7I
— Kaia (prev. Klaytn & Finschia) (@KaiaChain) August 29, 2024
Kakao and LINE are prominent players in the tech industry. Kakao’s messaging app is used by 96% of South Korean users, while LINE dominates the messaging market in Japan and Thailand, together reaching nearly 300 million users. This collaboration signifies a major step forward for both companies, as they leverage their massive user base to introduce blockchain technology to a wider audience.
Kaia, a result of collaboration between Kakao’s Klaytn and LINE’s Finschia blockchains, promises to be the world’s fastest EVM (Ethereum Virtual Machine) compatible blockchain, with a transaction confirmation time of just one second, extremely low gas fees, and support from leading Web3 partners across Asia. This positions Kaia as a strong contender in the blockchain space, especially in regions where Kakao and LINE have a strong foothold.
Kaia also introduces the ability for developers to build mini app-style applications using the NEXT WEB SDK provided by Kaia. The platform focuses on decentralized finance (DeFi), gaming, and real-world assets (RWA). With low transaction latency, the Account Abstraction (AA) feature, and an innovative fee delegation mechanism, Kaia aims to provide developers with the tools they need to create products that can reach millions of users across Asia.
In conjunction with the mainnet release, Kaia will launch the Kaia Wave Program to support development teams. Eligible projects will receive a comprehensive support package worth up to $1.2 million, including marketing, technology, and business assistance, as well as token launch support (TGE) and future liquidity provision.
On August 28, crypto exchange HashKey Global announced the listing schedule for Kaia’s Layer 1 KLAY token, set to begin trading on August 29. Traders participating in the launch will have the chance to earn rewards from a pool of up to 75,000 KLAY tokens. KLAY, listed on Binance since June 2021, is currently trading around $0.172, reflecting a more than 6% increase on August 29, indicating growing interest and confidence in the Kaia blockchain ahead of its mainnet launch.
The launch of Kaia represents a significant leap forward in the blockchain industry, especially within Asia. With the backing of tech giants Kakao and LINE and the promise of cutting-edge technology, Kaia is poised to become a major player in the global blockchain ecosystem. The impact of Kaia on decentralized applications and the broader crypto market will be closely watched as the mainnet goes live and developers begin to explore its capabilities.
