Dear Patrons,
We hope you had a good experience using our platform and continue growing with us as we progress. You chose us from a market full of choices, as a token of thanks for the trust you have placed in us, we strive to provide you with the best and simplified experience as you navigate through the Web3 and DeFi space.
Growth Metrics -
Despite a relatively bearish market momentum for the quarter, we saw favourable user activity in our DeFi platform. Compared to last quarter, we saw 22.8% growth in overall swap count, over 22% increase in new users based on unique wallet count and 21.4% growth in our trading volume — a clear sign of continued organic growth to date.
Product Development Updates -
While the second quarter of 2023 was as eventful as its predecessor, a greater part of our activities were focused on the B2C product side. In particular, we had two clear targets
- Expanding our services into the GameFi industry and adding support for more dApps/blockchain networks to our multi-chain cross-chain DeFi ecosystem.
- Creating proprietary smart wallet solutions.
Smart Wallet Solutions -
The general market trend is now leaning towards increasing the mass adoption of blockchain tech and simplified onboarding as various Web2 entities across the globe are gearing up to deploy themselves into Web3 space. We at Kana Labs have always looked to make DeFI & Web3 easily accessible for all and hence Smart Wallet service was the obvious choice for our next new major product offering.
We wished to capitalise on our existing unique products and services to create a truly game-changing smart wallet service. The only one of its kind in the market — a smart wallet that caters to both Non-EVM and EVM chains under a single roof and one with the largest number of user-friendly account abstraction features amongst its peers in today’s market.
We achieved what we set about to do within just these three months. We now have a proprietary smart wallet solution which can be used by various third parties in the form of SDK to connect with nearly 11 EVM chains and 1 Non-EVM chain(Aptos). To know more about our smart wallet offering please visit → https://docs.kanalabs.io/products-and-features/kana-wallet-sdk
Initially, we started developing both EVM and Non-EVM smart wallets as standalone SDKs and the wallets have now been tested and approved by the core team that specialises in development and testing in the Ethereum & Aptos community.
We have now started to combine these two smart wallets into one unit so that our users (traders from the retail side) and our clients (other dApps & retail businesses adopting Kana Labs cross-chain and smart wallet offerings for DeFi & Payments services) get the best of everything in a simplified and easy to use UI under a single roof.
GameFi Market Expansion -
Primarily, our efforts were focused towards aggressively expanding our presence in the Asia-Pacific region with greater attention to the South Korean market. Our partnership with these GameFi giants is focused on improving their user onboarding and overall UI/UX using our smart wallet solutions. Both the GameFi giants and our team at Kana Labs believe UI & UX are the key points to revolutionising and bringing about a massive wave of new user adoption and onboarding from Web2 to Web3 space.
Given that NFTs make up the core of the GameFi industry, we are also working on bringing about more token utility and other options in which NFTs could be used to create a better interactive experience and maximise the value extraction for users from their NFTs.
Partnership Deals & Roadmap Achievements -
We achieved several key milestones and partnered with several huge giants from the GameFi space this quarter. Here is a list of some of our significant milestone achievements.
- Build and release smart wallet across 12 blockchain networks.
- Expand our smart wallet offering to Klayton & Aptos blockchain ecosystems.
- Added support for token swaps from Ethereum and Binance smart chain and staking in Polygon chain to our B2C DeFi platform.
Here is a list of our new partnerships from the quarter -
- GameFi — We have partnered with several GameFi blockchains and dApps such as Marblex, Bifrost, Undefined Labs, Werewolf and Witch War Game.
- Wallet — We have partnered with Nightly App — a multi-chain wallet with a presence in Near, Aptos, Solana & SUI blockchains as their preferred swap partner. As part of this partnership, the Nightly app has integrated our cross-chain swap service into their wallet UI so that their clients can directly make cross-chain swaps from their wallets.
- Brick & Mortar Retail Firms — Tom N Toms Coffee, a South Korea-based multinational coffee chain has partnered with us to explore token utility and marketing opportunities for their official token “TomTom coin”.
We thank you for your continued support and patronage. Do keep a look out for more exciting updates from us. We look forward to working together with you in the future.
Thanks & Regards,
Team Kana Labs
