$KLY, the token of the Klayr Blockchain

The Klayr token ($KLY) is used within the Klayr blockchain ecosystem for various purposes, such as staking to qualify for rewards and facilitating transactions on the Klayr network. Users who hold $KLY tokens can participate in the network’s consensus mechanism and earn rewards through staking​.

Tokenomics

The Klayr blockchain launch involved an airdrop where $KLY tokens were distributed to $LSK holders. This ensures that the initial distribution aligns with the Lisk Layer 1 holdings on a 1:1 basis. The platform has 51 validators operated by Klayr to ensure a smooth launch. Details regarding the supply, allocation for development, staking rewards, and other economic factors can be found in the documentation.

Staking and Earning Rewards

Klayr uses Proof of Stake (PoS) consensus mechanism where $KLY token owners can stake tokens on validators who validate transactions and secure the network. Validators receive block rewards in return ensuring effective and decentralized governance. More rewards are obtained when these tokens remain locked, hence it is beneficial for long time participants.

KLY block rewards (2 KLY per block) rewards are refreshed every 7 seconds rewarding and accumulating for the validators quickly.