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Katana: Understanding a Layer 2 Blockchain Specialized in DeFi @katana is a DeFi-focused Layer 2 blockchain launched in June 2025, aimed at concentrating liquidity distributed across multiple protocols into a few core applications to enhance efficiency. It recorded a total value locked (TVL) of $558 million from the outset and reduces the time users' assets remain inactive while generating continuous interest income through its automatic yield generation feature, VaultBridge, and Chain-Owned Liquidity (CoL). The KAT token is locked until February 2026, and while the network is growing rapidly, attention must be paid to security and token unlock risks as a new chain. The main issue Katana aims to address is the 'liquidity fragmentation' in DeFi. The current DeFi environment sees funds spread across numerous chains and protocols, leading to high slippage, inefficient fees, and low yields during transactions. Katana is designed to alleviate these problems by concentrating liquidity on several key protocols (Sushi, Morpho, Vertex) to enhance trading efficiency, allowing users to obtain better prices and yields. This is based on a Layer 2 structure that maintains Ethereum's security while increasing transaction speed, focusing solely on DeFi without games or social applications. VaultBridge is one of Katana's core features, allowing users to bridge assets from Ethereum to Katana, where the assets are not just transferred but also automatically deposited into secure interest strategies on Ethereum (e.g., Morpho lending vaults) to generate income. Users receive a 1:1 ratio of alternative tokens on the Katana chain to utilize in DeFi activities. Another key structure, Chain-Owned Liquidity (CoL), accumulates all transaction fees and protocol revenues in the chain's own liquidity pool, enhancing market stability across the network. From a user perspective, Katana's biggest advantages are low transaction fees and a simplified user experience. Transaction fees that exceed $10 on the Ethereum mainnet are around $0.01 to $0.05 on Katana, with slippage below 0.1%. Most DeFi activities can be conducted using just three main apps: Sushi, Morpho, and Vertex, eliminating the need to switch between multiple apps for liquidity exploration. Additionally, the structure that generates income immediately upon bridging assets is more efficient than traditional passive deposit methods. As of October 2025, key metrics show a TVL of $558 million, representing approximately a 43-fold growth since launch, with 77 daily active users and around 23,000 daily transactions. The average daily trading volume is recorded at $39 million, with the ecosystem built around Sushi, Morpho, and Vertex. Infrastructure partners include Chainlink and The Graph, while Yearn, Agora, and Jito participate as revenue partners. The number of registered users has surpassed 89,000, with a total of 1 billion KAT tokens allocated for rewards. However, there are also risk factors as a new chain. Currently, a single sequencer controls the transaction order, and the proposer holds withdrawal rights, resulting in a low level of decentralization. The complex structure combining OP stack, ZK proofs, and AggLayer may also lead to security vulnerabilities. Furthermore, the current processing level of 47,000 daily transactions is still unverified compared to existing large Layer 2 solutions like Arbitrum. The scheduled unlock of 6.5 billion tokens in February 2026 may significantly increase market volatility, and the distribution of tokens is also concentrated in the foundation. To mitigate these risks, new users are advised to test with small amounts (e.g., under $500) initially, utilize hardware wallets, and periodically check security-related data on platforms like L2BEAT. It is recommended to approach the market after the price stabilizes post-token unlock and to allocate no more than 20% of the overall DeFi portfolio to Katana. Additionally, during periods of high volatility, it is safer to prioritize stablecoin-based pools. Overall, Katana is evaluated as an innovative attempt to structurally solve the liquidity fragmentation issue in DeFi. It has shown high growth rates in a short period and is establishing itself as a DeFi-focused Layer 2, but as it is still in the early stages, careful observation of security, scalability, and market reactions post-token unlock is necessary. The design centered on real yields supports long-term sustainability, but the concentration of liquidity in a few applications could be a double-edged sword. Beginners should gradually participate after fully understanding the chain's maturity and risk factors.