Driven by artificial intelligence, the KeyFi DeFi Aggregator platform has proudly launched its KEYFI token on the Binance Smart Chain (BSC), becoming available as of March 28th, 2021.
The KEYFI token serves as the backbone for decentralized governance on the platform and acts as a reward for users with a valid SelfKey credential, those who provide liquidity, and individuals staking approved tokens, ultimately granting them a voice in shaping the platform’s trajectory.
KeyFi is Making Its Way to Binance Smart Chain
Investors keen on the token can purchase it on the decentralized exchange PancakeSwap, with accessibility also through Uniswap, which maintains liquidity mining capabilities on the Ethereum network.
KeyFi has further announced that those users currently engaged in staking on the V1 contract must transition their holdings to the new V2 contracts before the V1 staking rewards are concluded.
Investors who directly stake their KEYFI tokens will gain early access to the forthcoming KeyFi Pro, providing an extra push for holders to leverage this new direct staking feature.
Binance Smart Chain Was Selected Through Community Voting
Choosing BSC for the token launch, as opposed to alternative blockchain networks, stemmed from the platform’s decentralized governance structure, wherein users voted for BSC, appreciating its lower transaction costs and rising prominence.
The voting process wrapped up on February 24th, achieving full approval with unanimous votes, which paved the way for releasing 1 million KeyFi tokens on the Binance Smart Chain while also deciding to burn 1 million tokens from the KEYFI community rewards pool to safeguard the token's value.
As a governance token, KEYFI empowers its users to make pivotal decisions regarding the addition or removal of assets, data or wallet integration, and recommending novel features for the platform. It's akin to many DeFi initiatives, affording users significant influence.
A Great Way to Blockchain
BSC, under the ownership of Binance, has surged as a major driving force within the crypto realm, largely due to backing by a leading crypto exchange, especially at a time when Ethereum faces challenges like increased congestion, climbing gas fees, and performance hiccups.
In anticipation of the launch, the team behind KeyFi updated the platform's shared library to streamline third-party protocol and dApp integration, setting the stage for deploying the KeyFi Pro app.
What is KeyFi?
KeyFi, an AI-driven DeFi Aggregator platform, offers investors a streamlined experience to monitor, exchange, stake, withdraw, and deposit their digital assets through a single, user-friendly interface, equipped to handle some of the hottest DeFi protocols.
Through KeyFi, users not only engage with protocols such as Compound, Aave, Curve, Uniswap, dYdX, and 1inch, they also benefit from one-of-a-kind features like interest rate comparisons and customizable token staking benefits.
Launched in December 2020, KeyFi has steadily gained traction, with KEY token staking surpassing $1.5 million in Total Value Locked, earning a #336 ranking on CoinMarketCap – a noteworthy accomplishment for such a nascent initiative.
More Coming from KeyFi
The development team is also focusing on redesigning the app to enhance usability and simplicity, while tackling bug fixes and boost overall performance.
After the launch of KEYFI in BSC The project’s next chapter will introduce KeyFi Pro, an upgraded version of the KeyFi App enriched with data analytics, visualization, and AI insights, and users can join the waitlist to be ready once these advanced tools are available.
