[KGP-26] Dragon DeFi Initiative (D2I): Crafting the Core of Project Dragon’s DeFi Ecosystem

[Closed] Klaytn Governance Proposal (KGP)
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After a rigorous selection process by the Grant Committee, we are proud to announce the selection of three grantees from over 20 candidates: Dragonswap, iZUMi Finance, and Wombat Exchange. Each team underwent an interview round, showcasing their unique strengths.

Dragonswap was selected for its:

  • Strong connections within the industry, capable of attracting numerous partners to the ecosystem.

  • Impressive early achievements, including attracting over $6M in TVL and generating the highest trading volume among DEXes.

Key Highlights:

  • A collective of anons with extensive experience in traditional finance, cryptocurrency exchanges, and blockchain projects, deeply involved in the Klaytn mainnet.

  • Specializes in digital asset trading, and holds influential roles in both traditional financial institutions and crypto ventures.

  • As active participants in the Klaytn ecosystem, they have a proven track record in generating trading volume

  • Exceptionally well-connected, Dragonswap has the potential to attract prominent figures and entities to the ecosystem.

  • Less than a month after its release, DragonSwap has attracted more than $6M in TVL, and ranked 2nd within Klaytn’s DEX hierarchy. It has also reached a cumulative $50M in trading volumes within this short period of time.

iZUMi Finance was chosen for its:

  • Extensive launch history across multiple chains, showcasing robust operational capabilities and over 3+ years of experience.

  • Unique DL-AMM features and innovative offerings, distinguishing it from standard DEXes.

  • Support from major industry players, indicating its competence and reliability.

Key Highlights:

  • A multi-chain DEX utilizing a Discretized-Liquidity-AMM model, maintaining a $40M TVL with stable operations for over 670 days across multiple chains (Mantle, Manta, zkSync Era, Linea, Scroll, Zeta, BSC, etc.).

  • Known for innovative features like iZiSwap, iZiSwap Pro, CL-Farm, and iPoints, all scheduled for Klaytn integration:

    • iZiSwap : DL-AMM model with LIMIT ORDER on-chain
    • iZiSwap Pro : On-chain orderbook with in-depth liquidity
    • CL-Farm : Non-custodial solution for programmable liquidity mining
    • iPoints : Point-based system designed to reward users with additional airdrop benefits.

  • Backed by VCs such as Mirana, HASHKEY, IOSG, BIXIN Ventures, etc.

Wombat Exchange was selected for its:

  • Proven operation of a capital-efficient AMM DEX for over 3+ years, demonstrating real operational capability.

  • Strong backing by leading names in the industry, affirming its competence and delivery capability.

  • Excellent synergy with the Klaytn ecosystem, particularly with GameFi products, complemented by its single-sided AMM and gamified bribe market.

Key Highlights:

  • Introduces a Crosschain Coverage Ratio AMM with a hyper-capital-efficient algorithm, enabling single-sided liquidity provision and significantly reducing impermanent loss (IL), thus simplifying the user experience for DEXes. Wombat Exchange is the only multichain and crosschain single-sided DEX in all of crypto, making it truly one of the unique DEXes in DeFi.

  • Wombat’s algorithms are the invention of the Wombat team, which signals the teams dedication to push the envelope and add new technology and research to a difficult space

  • Wombat is available on 7 chains and growing, will be paramount in connecting the DeFi world together in a simple-to-use DeFi experience. Chains supported currently are: BNB Chain, Optimism, Arbitrum, Ethereum, Avalance, Scroll, Base, and more coming

  • Integrated with all the largest aggregators such as 1inch, ParaSwap, Kyber Network, Open Ocean, Odos, 0x, to name a few.

  • During the USDT depeg, Wombat has shown extreme capital efficiency in doing >300M volume with only 40m in TVL and only on BNB Chain at the time.

  • Demonstrates robust trading volume management, ranking:

    • 7th on Optimism (7d)
    • 10th on BSC (7d)
    • 10th on Avalanche (7d)
    • 14th on Arbitrum (7d)
    • 13th on Optimism all-time cumulative volume
    • 11th on BNB Chain all-time cumulative volume
    • 13th on Avalanche all-time cumulative volume
    • 10th on Arbitrum all-time cumulative volume

  • Achieved a Cumulative Trading Volume of over $3.3B, which is 5 times that of the biggest DEX on Klaytn.

  • Set to introduce a gamified Bribe Market with a point system to Klaytn, aligning well with GameFi partners.

  • Backed by industry leaders such as Animoca Brands, Jump, Wormhole, GSR, Binance Labs, and Pyth, among others.

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