Shibuya-ku, Tokyo, Japan
Wednesday , March 30, 2022

SORAMITSU and Klaytn Collaboration: An Open-Source Decentralized Exchange

SORAMITSU has initiated a collaboration with the Klaytn foundation to build the backbone architecture and design for the first open-source decentralized exchange on the Klaytn blockchain.

Beginning in April, SORAMITSU is partnering with the Klaytn Foundation to develop the backbone architecture and design for the first open-source decentralized exchange on the Klaytn blockchain. This technical collaboration seeks to promote decentralization and open source technologies that will allow Klaytn to be at the forefront of innovation through the implementation of future-proof decentralized exchange infrastructure.

The SORAMITSU team will develop the open-source decentralized exchange in close collaboration with the Klaytn Foundation, with each milestone documented for the Klaytn Improvement Reserve. This collaboration is the first in many that seek to promote open source technologies and decentralization on the Klaytn chain by implementing a backbone architecture that is future-proof and scalable.

The decentralized exchange built on the Klaytn blockchain will feature fungible token swapping, staking and liquidity provision, token-based governance, and token minting within a UI. The decentralized exchange will also feature dashboards and graph API for data visualization, and more functionalities will be considered down the pipeline.

"We are delighted to be working with Klaytn to deliver on the promises and possibilities of Web3 and the ongoing globalization of the Klaytn eco-system. Both SORAMITSU and Klaytn share the vision of building decentralized systems and empowering participation and opportunity for all. We're excited to be supporting David and his team in building for that future"

Andrew Wong

David Shin
Head of Global Adoption, Klaytn Foundation
"Next-generation financial applications are set to be an immense force in the future of Web3 and the metaverse. As such, Klaytn is excited to welcome SORAMITSU as a valuable strategic partner to build the first open-source decentralized exchange on our blockchain. The project is simply a preview to more brilliant and scalable technologies to come."

About Klaytn

Klaytn is a global public blockchain platform developed by Ground X, the blockchain subsidiary of the leading South Korean Internet company, Kakao. Klaytn is a service-centric blockchain platform providing an intuitive development environment and friendly end-user experience. It is built upon solid reliability and significant stability with substantial service development for mass adoption. The platform allows real world applications of large scale to be produced right away so that our end-users can make full use of services without much expertise in blockchain or cryptocurrency. Learn more about Klaytn on their website.

SORAMITSU is a Japanese fintech company with expertise in developing blockchain-based solutions for digital asset and identity management. Our mission is to use blockchain to promote innovation and solve pressing societal challenges.

SORAMITSU is the developer of and major contributor to the open-source blockchain platform Hyperledger Iroha, which is tailored for enterprise and public-sector use. Part of the Linux Foundation's Hyperledger Project, the Iroha blockchain's flexible permissions system and scalable, performant architecture suit it to digital asset and identity management in high-traffic, multi-stakeholder environments.

Utilizing blockchain, SORAMITSU has developed a digital currency for the National Bank of Cambodia, a closed-loop payment system for the University of Aizu in Japan, an identity verification system prototype for Bank Central Asia in Indonesia, we were finalists in the Monetary Authority of Singapore CBDC Challenge, and are currently participating in Asia-Pacific's first proof-of-concept test of a cross-border, multi-currency security settlement system using distributed ledger technology with the Asian Development Bank. We have also conducted proof-of-concept tests for several major Japanese enterprises, and are active contributors to open source projects, such as the SORA cryptoeconomic system, the Polkaswap DEX, and the DeFi wallet, Fearless Wallet.

Based on these experiences, SORAMITSU aims to deploy cutting-edge technology on a global level in order to expedite financial inclusion and health, mitigate economic inefficiencies, and contribute to the fulfillment of the Sustainable Development Goals.