Kaia is a Layer 1 (L1) decentralised network formed in August 2024 following the merger of blockchains Klaytn and Finschia. The project’s key goal is to facilitate mass adoption of Web3 tech in a burgeoning Asian market.
Kaia provides a high-performance blockchain that can process up to 4,000 transactions per second (TPS) with a block generation and confirmation time of just one second. It is fully compatible with the Ethereum Virtual Machine (EVM), allowing developers to use Solidity-based smart contracts and Ethereum development tools seamlessly. Additionally, Kaia’s gas fees can be up to ten times cheaper than Ethereum’s.
Kaia’s governance system is a hybrid, as a council comprising major corporations makes key decisions, but KAIA holders can vote on those decisions and other new proposals.
The KAIA token is used for transaction fees when deploying smart contracts or performing regular transactions. It can also be staked to earn rewards and receive more voting rights within the platform’s system.