Klaytn token down 15% in a month, but network's TVL shows resilience

cointelegraph.com:

Klaytn (KLAY) had a promising start in March 2021, reaching an impressive $11 billion market capitalization following its debut. However, investors have exaggerated their expectations as the token's current total value stands at $3 billion, down roughly 70%.

Although not as well known as the leading smart contract blockchains, Klaytn remains a top-35 token by capitalization rank. Moreover, the network holds $1.2 billion worth of deposits locked on smart contracts. Capital locked on smart contracts is known in the industry as total value locked, or TVL.

Klaytn is a flexible modular network architecture created by Kakao, a publicly-traded South Korean internet giant. The Asian tech group's shares are valued at $36 billion, backed by diverse applications in traditional markets, including games, chat, taxi and rides, financial services, and a venture arm.

Businesses can customize and operate their own service-oriented blockchains built atop Klaytn architecture. These autonomously operated subnetworks are called Service Chains and are fully customizable.

The network is fully functional, offering decentralized applications (dApp) ranging from DEX exchanges, nonfungible token (NFT) marketplaces, social networks, collateralized loans, and games. For instance, KlaySwap, Klaytn's leading dApp, holds $746 million in TVL and 19,840 active addresses over the past week.

According to Klaytn's blog, the network is gearing up its infrastructure to provide services for the gaming and metaverse sectors. Initiatives include launching an open-source tools developer package that incorporates layer-2 solutions and adding direct support to Ethereum Virtual Machine (EVM) applications. Additional services include providing management and financial