Klaytn Foundation and CREDER Launch Game-Changing $GPC Gold DeFi Platform on Klaytn Blockchain

  • According to a press release, a collaboration between the Klaytn Foundation and Creder has introduced GPC, the first tokenized gold found on a DeFi outside Ethereum.
  • Users are reported to mint GPC by using their gold NFT as collateral.

Klaytn Foundation has announced that Creder, a member of the Klaytn Governance Council (GC) has launched a $GPC (Gold-Pegged Coin). According to the report, GPC is pegged to the real-time market price of gold. Goldstation is reported to be the decentralized finance (DeFi) platform for $GPC on Klaytn. It has currently recorded its first-ever gold real-world asset (RWA) token DeFi platform backed by a public mainnet other than Ethereum.

GPC, on the other hand, has become the first tokenized gold found on a DeFi outside Ethereum. It also does not charge percentage-based commissions for transactions, the first to do that. These features, coupled with the low gas fees of Klaytn enable small investors to add gold to their portfolio. Users would have to convert their gold into NFTs using The Mining Club, to mint GPC. The Mining Club is a platform operated by CREDER that ensures that the unique digital ownership of real gold assets of users is proved using blockchain technology.

After the gold-to-NFT conversion is done, users can be able to issue GPC at Goldstation using their gold NFT as collateral. It is important to note that Goldstation is only available to South Korean residents for now. The whole process is reported to be user-friendly as users can achieve the goal with a few clicks. They would just have to connect their crypto wallets that support Klaytn. These include Kaikas, Metamask, and Kakao KLIP.

More on the Klaytn Foundation’s Development

Goldstation’s services including the staking of GPC would start on January 24, 2024. This implies that gold investment depending only on market profits would be transformed into “DeFi interest revenue generation opportunities.” On top of that, it will operate as a hyper-efficient and more profitable gold investment destination.

James Lim, CEO of CREDER commented:

Gold NFTs and $GPC can be ledgered on-chain for anyone through Oracle Network’s Proof of Reserve (POR). We will create a new standard for RWA with Klaytn based on the power of transparency and trust that Web 3.0 finance will deliver.

According to reports, Klaytn Foundation worked with Creder before the launch. It is important to note that Klaytn has integrated support for the ERC-3643 tokenization standard. In the future, the collaboration is expected to expand the precious metals RWA tokenization beyond gold.

Sam Seo, Representative Director of Klaytn Foundation commented on this collaboration:

We are very pleased that Klaytn is the mainnet of choice for CREDER’s Goldstation, the first gold RWA token DeFi platform outside of the Ethereum ecosystem. Klaytn Foundation has been working together with CREDER’s meticulous preparation for $GPC and Goldstation. Moving forward, we will closely cooperate with them to deliver more diverse metal RWA tokenization projects for the domestic and global markets.

Klaytn has operated as a global Layer 1 blockchain platform and has ensured that new technologies are adopted and developed as part of the plans to make it “an open, trusted, and sustainable blockchain platform for developers and users alike.”

Sourced from cryptonews.net.

Leave a Reply
Previous Post

Flamingo Swap integration and voting management added to nDapp.org

Next Post

Keep getting liquidated? DeFi newcomer Passage wants to help

Related Posts