KLAY is not an ERC-20 token, but rather a KIP 17 token. KIP 17 is a token standard developed by the Klaytn blockchain platform, which is a public blockchain platform developed by Kakao, the South Korean internet giant. KIP 17 tokens are designed to be used in the Klaytn ecosystem, and they offer enhanced features such as improved security and scalability compared to ERC-20 tokens. KLAY is the native token of the Klaytn platform, and it is used to pay for transaction fees and other services within the Klaytn network.
