Our weekly crypto derivatives analytics report delves into macro events, the current state of crypto and trading signals from spot trading volume, as well as futures, options and perpetual contracts.

With fewer macroeconomic releases in early 2025, the crypto market has experienced lower volatility and stagnant spot prices. This has led to decreased implied volatility in derivatives, a steepening term structure and stable open interest. 

However, ETH options still anticipate continued price volatility. Historically, such sideways movements have seen altcoins underperform, reflected in disappointing funding rates in the derivatives market.

Please check out the report’s highlights.

Without clear narratives or volatile spot price movements, open interest in perpetual swap contracts has remained flat over the past two weeks, with trade volumes also subdued in this low-volatility environment. Notably, SOL's perpetual positioning hasn’t significantly changed, even with its spot price 35% below its all-time high from late January.

On February 17, ETH’s spot price surged 6%, contrasting with the sideways movement of other crypto assets, but those gains were nearly reversed within 24 hours. This led to higher realized volatility in derivatives, and a flatter term structure as compared to BTC. Traders continue to assign a premium to short-dated ETH options, whose volatility has been higher than that of BTC for some time. Additionally, ETH option trade volumes have spiked, with calls reaching $0.25 billion on Feb 15, 2025.

Since reaching its all-time high in late January 2025, Solana's spot price has declined, leading to muted options markets with low activity in both calls and puts. Open interest is balanced between upside and downside, and is primarily focused on longer-dated positions, reflecting a lack of interest in short-term trades amidst disappointing spot market activity.

Advanced

block-scholes-x-bybit-report.jpeg

Bybit X Block Scholes Crypto Derivatives Analytics Report (Feb 19, 2025): Crypto Remains Silent as ETH Sees Volatility

Across Protocol (ACX) enables seamless, low-cost cross-chain transfers with intent-based transactions, enhancing DeFi accessibility and security.

Transferring crypto assets from one blockchain network to another is still cumbersome, costly and inconvenient for many users, particularly those without a deep technical understanding of the technology. Numerous 

 solutions have emerged to facilitate the process, but the costs and complexity of crypto transfers are still an issue limiting the adoption of cross-chain 

Across Protocol (ACX) is a blockchain project that aims to tackle this problem by offering highly efficient, low-cost and secure cross-chain transactions based on intent technology. 

Intents — transaction requests with prespecified conditions — have seen rapid adoption in the blockchain industry. Across Protocol has focused its service offerings on using this promising technology. Begun in 2021 as a solution to facilitate token transfers between 

 networks linked to the blockchain, the protocol has evolved through two major version upgrades into a modular cross-chain solution that DApp operators can easily integrate into their platforms.

The protocol’s latest iteration, Across V3, features a modular settlement layer that 

 (DeFi) platforms can leverage to offer their users seamless, intent-based cross-chain swaps and asset transfers, all without leaving the user app’s native interface.

 (ACX) is an intent-based, modular web3 solution that offers cross-chain crypto transfers and swaps.

 Using the protocol, DApp operators can integrate Across into their own solutions to let their end users conduct intent-based cross-chain operations.

Across is not a newcomer to the blockchain scene — the project was launched in late 2021 and might be considered one of the first, if not the first, decentralized protocols specializing in intent-based cross-chain transactions. The original protocol, now known as Across V1, was primarily limited to enabling direct asset transfers between Ethereum and Layer 2 chains connected to the world's largest 

In June 2022, the protocol underwent its first significant upgrade with the introduction of Across V2. This upgrade improved the overall efficiency of the platform and introduced new functions. The major difference between V1 and V2 was that the latter could facilitate further intent-based transactions after the transfer of assets from the origin chain to the destination network. In contrast, Across V1 was limited to simple asset bridging between chains.

However, the protocol's most significant upgrade arrived in the form of Across V3, announced in February 2024, which introduced asset swap functionality and architectural modularity, allowing Across to act as a pluggable solution for various DeFi applications. Across V3 also simplified the calculation of fees for cross-chain operations. With Across V3, DApps of various kinds — primarily in the DeFi niche — can easily integrate intent-based cross-chain asset transfers, swaps and liquidity solutions into their own platforms. The protocol provides a set of APIs for developers for such integration.

The best part is that users of these DApps don't need to leave the platforms' native interfaces to execute the cross-chain operations. All of the activities supported by Across Protocol are carried out via the client's DApp interface. This is in stark contrast to the typical cross-chain experience for many web3 users, as they need to use multiple interfaces — e.g., one provided by an asset bridging solution and another at the destination app they use — to carry out their desired crypto operations.

Transactions executed by the protocol are based on user intents. Intents are conditional requests from users to perform some action, e.g., a token swap from ETH to USDT, if specific requirements are met, e.g., the swap rate is no lower than a certain value of ETH. In reality, many intents are executable transactions in the form of 

. Intent-based transactions have recently become popular in the crypto industry, due to benefits such as the limit on swap rates, a no-slippage fee model and other conditions that perfectly fit users' intended outcomes.

User intents are passed to Across's decentralized network or relayers, also known as solvers or fillers, which look for the best on-chain sources to satisfy the requests. Relayers compete with each other to offer the best solution to the user's stated outcome. The relayer that provides the best outcome earns the right to execute the transaction. This competitive relayer landscape allows end users to access the best possible rates for their cross-chain transfers and swaps.

Across Protocol locks user funds allocated for a transaction in an escrow pool instead of immediately transferring them to the winning relayer's custody, providing enhanced security to users. Relayers are responsible for providing the necessary funds to carry out the transaction on their own without having access to the user funds in escrow. When a relayer successfully executes an intent, they’re repaid from the liquidity pool holding the escrowed assets. To optimize 

, repayments to relayers are bundled and transferred in batches.

At the architectural level, Across is a modular system with three main layers — intent, relayer and settlement.

The intent layer is the component that handles user intents and their deposits at the origin chain. Then, the relayer hosts the network of relayer nodes and handles functions related to their activity — provision of capital to execute user intents, competitive bidding and the execution of intents.

The settlement layer is where the finalization of the transaction flow occurs, with relayers repaid in bundles and transactions settled on the destination chain. Verification of transactions uses an optimistic oracle that’s provided by the 

, a protocol specializing in blockchain oracle services.

Across Bridge is a cross-chain token bridge designed for efficient, low-cost and secure asset transfers. It provides an easy-to-use interface for users to move tokens seamlessly between different decentralized networks. To start using the bridge, you’ll need to connect a supported wallet. As of early February 2025, the bridge supports four popular wallet types — 

, Coinbase Wallet, Phantom and the group of wallets compatible with the WalletConnect framework. Currently supported networks for transfers include the Ethereum mainnet, 

 (POL) and zkSync Era. Transfers from the origin chain to the destination chain typically take only a few seconds to confirm.

Across+ is a bridge abstraction solution that utilizes cross-chain hooks to bundle multiple actions into one user transaction. In plain terms, it simply means that you can bridge assets to a protocol or DApp on the destination chain and carry out further actions (such as contributing liquidity) with a single transaction. For end users, this helps abstract the fact that the assets used for a crypto operation have been initially moved in from a different network. The cross-chain hooks let end-users carry out these transactions with a single instruction/signature, although under the hood, multiple actions are performed at the smart contract level.

Across+ boasts an extensive cross-chain reach. It currently supports 17 networks, including Ethereum and a wide range of Ethereum-linked Layer 2 chains.

Earlier, we noted that Across Protocol moved to a modular design with the launch of its V3 in early 2024. This shift to modularity has created opportunities for DApps and external protocols to use the platform’s settlement layer as a pluggable standalone product to provide efficient settlement for intent-based cross-chain transactions. Using Across Settlement, DApps can extend their functionality into intent-based liquidity operations, swaps and transfers. Across Settlement supports the same 17 decentralized networks that can be utilized with Across+.

In November 2022, Across Protocol launched its native token, ACX. The token is primarily used for 

, and holders can vote on various proposals related to the protocol's rules, future direction, treasury spending and native token emission. ACX holders exercise their governance function through membership in the Across DAO.

Holders of the token represent one component of the protocol’s governance model. The other two key parties involved are the Across Council and Committees, made up of specific subject matter experts. While all ACX token holders are entitled to vote on proposals, only those who hold at least 50,000 ACX (around $16,000) can submit proposals considered for voting.

ACX is a supply-capped asset, with a total and maximum supply of 1 billion. The token’s allocation shares are as follows:

 as a Perpetual contract with USDT. Under the terms of the contract, you can trade ACX with up to 50x leverage. The contract is available to traders in Bybit’s derivatives products, such as 

As of Feb 20, 2025, the ACX token is trading at $0.3257, which is 80.7% lower than its ATH of $1.69 on Dec 6, 2024, and 846.3% higher than its ATL of $0.03441 on Jun 1, 2023.

Long-term price forecasts for ACX are mostly bullish.DigitalCoinPrice 

 an average rate of $1.17 in 2027 and $1.78 in 2030, whileCoinCodex 

 the token to trade at around $0.34 in 2027 and rise to $1.12 in 2030.

The inefficient and often costly process of moving assets from one chain to another continues to hamper the adoption of DApps among crypto users. By enabling cross-chain intent-based functionality, Across Protocol seeks to provide DApps and their end users with a truly single-chain experience, where crypto operations across different networks can be handled from the same user interface.

Moreover, some of the protocol's key features — intent-based transaction execution, the competitive nature of the relayers' work and the batching of relayer repayments — contribute to lowering the costs of transfers and other crypto operations. Furthermore, the escrow system that the protocol employs protects users from malicious relayers, contributing to a stronger security profile for its platform. 

Minimal costs and tight security while carrying out your cross-chain crypto operations from a single DApp interface — these features aren't easy to come by all in one solution! 

across protocol crypto (acx).png

Across (ACX): An Intents-Driven Solution for Cross-Chain Transfers

Standard Chartered, Animoca Brands, and HKT are launching a Hong Kong dollar-backed stablecoin and applying for a license under Hong Kong’s upcoming stablecoin bill. 

Daily Top Performer — Story Protocol (IP)

The S&P 500 hit a record high, rising 0.24%, despite Fed concerns and Trump’s tariff threats. Gold hit $2,946 before falling to $2,925 as Fed minutes dimmed rate-cut hopes. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 1.64%, with Bitcoin and Ether rising by 2.12% and 2.26%, respectively in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today’s top performer is IP, which surged nearly 29.3% after Story Protocol joined C2PA to enhance digital media verification and on-chain IP protection.

Story Protocol (IP), founded in 2022, is a Layer 1 blockchain that tokenizes IP, ensuring attribution, royalties, and fair creator compensation in an AI-driven economy. Story Protocol 

 C2PA, alongside Adobe, Microsoft, and other founding members, to set standards for verifying digital media. By bringing IP on-chain, Story makes it verifiable, programmable, and licensable, ensuring transparency and proper attribution.

Check Out the Latest Prices, Charts, and Data of 

Standard Chartered, Animoca Brands, and HKT are 

 a Hong Kong dollar-backed stablecoin and applying for a license under Hong Kong’s upcoming stablecoin bill. The joint venture aims to explore stablecoin applications in payments, leveraging Standard Chartered’s experience with tokenized money, Animoca’s blockchain expertise, and HKT’s mobile payment systems. The stablecoin bill, currently under review, will require issuers to obtain an HKMA license and meet reserve requirements. Hong Kong continues positioning itself as a digital asset hub, approving Bitcoin and Ether ETFs and enforcing strict crypto exchange regulations.

Yesterday, BTC Spot ETFs had a net outflow of $64.1M, with GBTC remaining unchanged.

KGeN, formerly indiGG, is a gaming platform backed by Aptos and Polygon, helping gamers own their data and connect with developers. With $30M raised at a $500M valuation, KGeN has 

 its K-Points farming program, where users earn K-Points by completing tasks to qualify for a confirmed airdrop. Players can also mint a free Proof of Gamer (POG) NFT and boost their earnings by joining a clan. The more quests completed, the greater the airdrop rewards.

Beginner

1.png

Standard Chartered, Animoca, and HKT to Launch HKD Stablecoin Under New Regulations

BROCCOLI is a meme coin on the Binance blockchain. It's named after Broccoli, a dog owned by Changpeng Zhao (CZ), the founder of Binance. Learn more here.

 become popular. While some might exhibit organic growth, others are linked to an online trend that provides a sudden spike in popularity. The recent BROCCOLI meme coin has had a fascinating journey, from an unknown to a major Binance meme coin. Lately, it’s been in the news due to soaring market caps and a potential connection to the Binance founder Changpeng Zhao, more commonly known as CZ. However, it's also been the source of plenty of online debates and disagreements. 

Keep reading to discover the fascinating drama behind this coin. 

BROCCOLI is a meme coin on the Binance blockchain. It's named after Broccoli, a dog owned by Changpeng Zhao (CZ), the founder of Binance. Part of a highly publicized meme coin war, BROCCOLI’s market cap has been propelled to over $400 million.

, a meme coin launchpad built on the Binance blockchain. Its technology allows anyone to operate a meme coin, regardless of their proficiency with crypto. The platform lets people create a token by following simple prompts on a website. Broccoli's creators were able to specify parameters, such as their token's name, supply and launch method. Then, four.meme connects to the 

 that run on the BNB blockchain, whose Proof of Staked Authority system securely and affordably manages the token system and keeps track of Broccoli transactions.

The Broccoli token was created with a maximum supply of 1 billion. However, while its maximum supply is fairly standard for meme coins, its distribution method has been a bit more unusual. Instead of immediately flooding the market with all total coins, BROCCOLI has a 

 mechanism in place. The creators have chosen to burn upward of 

 already. The meme coin currently has a circulating supply of roughly 185.6 million tokens. Not much is known about BROCCOLI’s distribution. Initially, the developers of the coin owned 

, but token monitoring shows that these coins have already been sold, and are now on the open market.

The saga of BROCCOLI started when CZ first started releasing social media posts about the creation of meme coins. CZ penned the following post: “How does this work? I share my dog's name and picture, and then people create meme coins?” As a result, the internet was 

Once CZ revealed that his dog's name was Broccoli, multiple creators rushed to make new meme coins. The four.meme platform was briefly offline due to the surge of people building “CZ's dog tokens” and several different versions of the same coin being created.

After a few hours of infighting, Binance fans eventually rallied around BROCCOLI. The coin's stable tokenomics and simple marketing allowed it to briefly soar to a market cap of over $400 million. Since then, BROCCOLI's price has dropped from its all-time high (ATH) of $0.258. After the initial price boost the coin received from being the champion of the meme war, prices began to stabilize at around $0.07. As of Feb 19, 2025, its price is roughly $0.06959. 

Looking to trade BROCCOLI tokens? Bybit now offers the BROCCOLIUSDT Perpetual contract. To get started, you’ll first need to create a Bybit account, then fund it with cryptocurrency and navigate to the 

Due to BROCCOLI’s recent popularity, there are some opportunities for investors who favor high-risk meme coins. Though its price has dropped from its ATH, BROCCOLI still has thousands of fans. And even though CZ's participation was limited to providing a picture of his dog, the coin’s connection to the Binance founder's dog will encourage loyal Binance fans to remain invested in BROCCOLI. 

However, any meme coin is inherently volatile, and this is especially true of community meme coins that aren’t actually endorsed by the celebrity featured on the coin. If BROCCOLI’s community rallies around it and remains committed to posting content about CZ's dog, the coin could continue to do well. However, another cute animal may come along — or CZ could directly endorse another token — causing BROCCOLI's price to dip. Investors need to be aware of the potential for drastic changes in price if they want to work with this coin. For best results, don’t invest all your funds into BROCCOLI, and check market conditions closely as long as you hold this coin. 

Broccoli (BROCCOLI), the token named for CZ's dog, has been an entertaining way for Binance community members to work together and interact. By designing various tokens based on the Binance founder’s dog, people have been able to promote their favorite blockchain while sharing cute dog pictures. This trend is unlikely to lead to any meme coins with long-lasting success, but its brief popularity has some potential. 

Intermediate

cz's dog, broccoli.png

CZ's Dog (BROCCOLI): The Community Meme Coin Inspired by CZ's Dog

Bybit Learn

Blockchain

Explainers

Altcoins

Kaia (KAIA) unites Klaytn & Finschia for Asia’s web3 growth. Backed by KakaoTalk & LINE, it offers scalability, low fees, & bridges Web 2.0 to web3.

EN_2409-T35020_Learn_Read_to_Earn_728x90.png

kaia_blockchain_1.jpg

Skinny_Banner-1600x400.webp

 (TON) in 2024, largely attributable to its Telegram-based mini 

 (DApps), has put the spotlight on the use of 

 technologies in instant messaging platforms. However, the Telegram-linked project isn't the only one that has identified the potential in this area. As early as February 2024, two blockchain platforms with links to popular Asian messaging networks announced their high-profile merger. 

The merger of Klaytn (KLAY) — backed by the South Korean instant messaging platform KakaoTalk — and Finschia (FNSA) — operated by the owner of the Japan-based LINE messaging app — may have a far-reaching impact on the entire crypto industry. The merged entity, branded Kaia (KAIA), aims to become the leading web3 platform in Asia. With its deep links to Web 2.0 messaging giants, the Kaia blockchain could also challenge the dominance of TON in the niche of messenger-based mini DApps.

Kaia’s faith in its ambitious plans is well-founded. The KakaoTalk and LINE messenger apps boast a combined user audience of nearly 300 million across several Asian countries. With the vast number of easily accessible target users, Kaia is ideally positioned to become the main bridge between Web 2.0–based online messaging and web3. However, the multimillion army of potential users on KakaoTalk and LINE isn't the only trump card of the Kaia project: the blockchain features great scalability, near-instant finality, excellent throughput capacity and low transaction costs. 

With all of these benefits on offer and backing from some of the most prominent players in Asia's instant messaging sector, the Kaia chain might become the crypto industry's up-and-coming growth leader for the year 2025.

 (KAIA) is a Layer 1 blockchain that has emerged due to the merger of two web3 platforms — the Klaytn and Finschia blockchains. 

Klaytn and Finschia had operated as separate networks for several years, Klaytn since 2019 and Finschia since 2018, before their governance communities voted in February 2024 to approve the merger. The Kaia 

The merger immediately attracted the attention of industry observers, as it involved two platforms backed by Asian instant messaging giants — South Korea’s Kakao Corporation, the developer of Klaytn and KakaoTalk instant messenger, and Japanese LY Corporation (previously Line Corporation), the entity behind the LINE messenger app and the Finschia blockchain. As of early 2025, KakaoTalk boasts over 50 million active monthly users, mostly in South Korea, while the LINE messenger has around 230 million active monthly users spread across its key markets — Japan, Indonesia, Taiwan and Thailand.

The sheer size of the combined user audience of KakaoTalk and LINE, and their connection to the newly formed Kaia blockchain, suggest the project may become a leading platform by integrating web3 functionality into both messengers, similar to the way TON’s chain has become a champion of Telegram-based mini DApps. However, the goals of the merged project go well beyond the integration of Web 2.0 messaging and web3 functionality, and the Kaia project hopes to leverage its potential reach to become Asia’s leading blockchain platform.

 (EVM)–compatible blockchain that boasts outstanding technical properties, including one-second block generation times, a throughput capacity of 4,000 

 (TPS) and near-instant finality. It also offers low transaction fees (1/10th of Ethereum’s fees).

 of the original Klaytn blockchain. Following the merger, Klaytn's testnet, Baobab, has become Kaia’s testnet under the new name of Kairos.

Aiming to become the largest web3 environment in Asia, Kaia offers decentralized projects and developers opportunities across a wide variety of sectors, with a particular focus on three niches — 

Transition From Klaytn and Finschia to Kaia

The original Klaytn blockchain was launched in June 2019 by GroundX, a subsidiary of the South Korean technology giant Kakao Corporation. The key aim of Klaytn was to provide a low-

, high-throughput, developer-friendly platform for enterprise-grade applications. Klaytn was forked from Ethereum, and was highly EVM-compatible. It quickly grew popular in the South Korean market, propped up by support from the powerful Kakao Corporation.

Soon after its launch, the blockchain became the dominant web3 platform in South Korea. In 2021, the Bank of Korea selected Klaytn as the provider of choice for its 

 (CBDC) project. Kaia's great technical capabilities primarily derive from the original Klaytn network.

As for Finschia, the origins of this platform go back even further, to 2018, when Japan’s LINE Corporation — now known as LY Corporation, after a merger of several related business entities — developed and launched the LINK blockchain. In 2020, the platform was rebranded from LINK Chain to LINE Blockchain. This wasn't the last name change in its history, as the project’s penchant for rebranding proved unstoppable. Three years later, in April 2023, LINE was rebranded to Finschia.

The Finschia chain aimed to accommodate a wide variety of use cases, sporting an ambitious motto —

In January 2024, a proposal to merge Klaytn and Finschia was tendered for consideration by the platforms’ governance communities. One key aim of this proposed merger was to combine the potential reach of the two chains in Asia (estimated at around 250 million users for the two messenger apps at that time) in order to create the continent’s largest web3 environment.

The proposal was approved in February 2024 with overwhelming support, with 90% of Klaytn and 95% of Finschia governance representatives voting in favor of the merger.

In late August 2024, the Kaia mainnet launched, signifying the practical start of the ambitious project. As a fork of Klaytn, Kaia inherited its technical setup. This meant that DApps in the Klaytn ecosystem could seamlessly transition to the new network, with minimal modifications. Finschia DApps, on the other hand, need to be migrated to the new platform. Finschia Foundation, a nonprofit that supported the original Finschia project (and continues to provide support during the merger phase) can provide advice to DApps undertaking migration from the Finschia blockchain to Kaia.

The Kaia blockchain uses a specialized block validation process known as Practical Byzantine Fault Tolerance (PBFT). Distinct from 

 models employed in the industry, PBFT is a modification of the Istanbul BFT (IBFT) consensus algorithm, an innovative network consensus model designed to power secure block validation in distributed networks.

Kaia's PBFT algorithm randomly selects a committee of 

 to process and validate transaction blocks at one-second intervals. One validator node in the committee is assigned the proposer role. This node generates and proposes a transaction block for validation. The committee’s members need to sign the block to endorse its validity. In order for a block to be validated and written to Kaia's permanent ledger, more than two-thirds of the committee members must approve it. The committee isn't fixed, and a new one is formed from the pool of validator nodes for each block to be processed. Given Kaia's one-second block intervals, this committee selection process takes place every second.

Kaia's PBFT is designed to reliably process transaction blocks even when some proportion of validators on the network act maliciously. As such, PBFT is a highly fault-tolerant consensus model, a property it inherited from the original IBFT algorithm.

 (DLT) employs a three-layer architecture to power the network's operations. The underlying consensus layer is made up of consensus nodes (CNs), whose job is to process and approve blocks of transactions. These are the validator nodes we discussed above in the context of Kaia's PBFT consensus algorithm.

Above the consensus layer is the proxy layer, which is made up of core cells — mini networks consisting of one CN and two proxy nodes (PNs). PNs serve as an interface linking the underlying and outer layers of the blockchain. Within each core cell, a trio of one CN and two PNs work together to receive data from the outer layer and process transaction blocks.

This outer layer consists of endpoint nodes (ENs) that process data from service chains — app-specific Kaia chains that can be customized for the needs of each application or service.

The image below summarizes Kaia’s three-layer architecture, showing the three layers and the node types operating on each of them.

Kaia is an EVM-compatible chain capable of 

. The Kaia Virtual Machine (KVM) powers smart contracts and their processing on the network. KVM is derived from Ethereum’s virtual engine, the EVM, so blockchain developers can easily port Ethereum applications to Kaia with little modification. Common development technologies used in the Ethereum environment — such as the Solidity programming language, and the Hardhat development framework — are available to blockchain programmers building Kaia-based DApps.

The Kaia Governance Council, a group of reputable organizations in the blockchain industry, carries out the platform's governance. Council members consider proposals submitted by advisors and other stakeholders, analyze the proposed changes and vote to decide on them. While the Council currently drives the platform's governance process, Kaia aims to eventually fully decentralize its decision-making structure by introducing a community-based 

 (DAO). This will provide a more democratized and inclusive way for the wider user community to have a say in the network's strategic direction and rules.

Kaia uses an account-based model similar to the one employed by Ethereum, as opposed to the 

 (UTXO) model commonly associated with the Bitcoin (BTC) blockchain. However, the similarities between Ethereum’s and Kaia's account structures end here. 

One distinct feature of Kaia accounts is the ability for users to generate multiple key pairs. On most other blockchains, including Ethereum, an 

 can be associated with only one public-private key pair. This has several disadvantages, the most relevant of which is reduced security. By allowing multiple key pairs for account addresses, Kaia improves the overall security of account management for ordinary users and smart contract owners alike.

Each key pair generated for the address can be assigned a specific purpose or role. These role-based keys essentially mimic the functionality offered by 

, further enhancing account security and enabling more flexible access control modes.

There are two types of Kaia accounts: externally owned accounts (EOAs), which are used for cryptocurrency storage and transfers, and smart contract accounts (SCAs), which are capable of processing and storing smart contract code. While DApps leverage SCAs to power their functionality, most individual crypto users choose EOAs.

To make the management of EOAs easier and more user-friendly, the project team has developed a native wallet solution for the blockchain, Kaia Wallet, which operates as a browser extension. Available for Google Chrome, Kaia Wallet lets you manage your account via the familiar web-based interface.

The platform also offers a solution for multisig accounts, 

, which may better suit the needs of institutional users with sophisticated access control requirements.

A novel feature built into Kaia accounts is fee delegation, the ability for a user to send KAIA, the network's native token, without having to cover the transaction fee. Instead, the sender requests in the message that the fee is to be covered by the recipient party. The platform even supports partial fee delegation, whereby the sender can stipulate a specific proportion of the fee to be covered by the receiver.

The fee delegation feature may be used for multiple transaction types, involving both EOAs and SCAs.

KAIA is the Kaia platform's native cryptocurrency. It represents a rebrand of Klaytn's native token, KLAY. Following the Klaytn and Finschia merger, all KLAY tokens on the network were transferred automatically to the new KAIA tokens. For Finschia's FNSA token holders, the procedure to convert to KAIA is a bit more involved. They can utilize the Kaia Portal to 

 their FNSA tokens held on the Finschia chain, and then claim the equivalent amount of KAIA on the new blockchain.

KAIA is used to pay for smart contract operations on the network and 

 for transactions. It also has some staking functionality built in. Organizations admitted to the Kaia Governance Council need to stake at least 5 million KAIA to join.

The token is also used to pay block validation rewards. Earlier, we described a procedure involving node committees that process transaction blocks on the Kaia chain. For each generated block, 9.6 KAIA is split between the committee members involved in validating that block and two critical funds on the platform — the Kaia Ecosystem Fund (KEF) and the Kaia Infrastructure Fund (KIF). The validator committee members earn 50% of the block reward, while KEF and KIF receive 25% each.

KAIA’s total supply as of Jan 13, 2025 stands at nearly 5.9 billion. Since the token is continually issued for block rewards, its supply is subject to inflation and has no maximum cap.

 market as a swap pair with the USDT stablecoin, 

 market as a USDT-based perpetual futures contract.

As of Jan 13, 2025, the KAIA token is trading at $0.209, which is 48.9% lower than its ATH of $0.4067 on Dec 3, 2024, and 83.7% higher than its ATL of $0.1131 on Nov 4, 2024.

Long-term price forecasts for KAIA are generally bullish.DigitalCoinPrice 

 of $0.72 in 2027 and $1.12 in 2030, whileCoinCodex 

 at $ 0.2178 in 2027 and $ 0.68 in 2030.

The merger of Klaytn and Finschia has produced an enormously influential platform with potential access to nearly 300 million users of KakaoTalk and LINE. Moreover, this multimillion-strong potential audience isn't the only source of users that Kaia could tap into. Offering outstanding scalability, a highly secure consensus mechanism, low transaction costs and a unique account model capable of handling multiple key pairs per address, the Kaia blockchain is ripe for adoption by the enterprise world.

As of the start of 2025, the merged chain is still in the early months of its operation. While it might be a bit early to declare Kaia as the next big thing in the 

, the project is quickly shaping up as one of the best candidates for that designation, at least in the vast expanse of the Asian continent.

Kaia (KAIA): Merging Klaytn & Finschia for Mass Web3 Adoption

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards