The KEYFI token will power the decentralized governance of the platform as well as an incentive for users who have a valid SelfKey credential, provide liquidity, and stake other authorized tokens, allowing them to take part in the decision-making process for the platform’s future.
Interested investors can acquire the token via the decentralized exchange PancakeSwap as well as being available in Uniswap, which will continue to provide liquidity mining on the Ethereum network.
KeyFi has also informed that users who are currently staking on the V1 contract will need to transfer their assets to the new v2 contracts before the rewards for staking on the v1 contact end.
Users who stake KEYFI tokens directly will receive early access to KeyFi Pro once it launches, further incentivizing holders to take advantage of the new direct KEYFI staking feature.
The choice of launching the token on BSC instead of other blockchain networks was the result of the decentralized governance of the platform, with users who participated in the decision-making voting to choose BSC due to its low fees and increasing popularity.
The vote ended on February 24th and was successful with 100% of possessive votes, which resulted in the addition of the 1 million KeyFi tokens being launched in the Binance Smart Chain, as well as the burning of 1 million taken from the KEYFI community rewards pool to prevent the loss of value.
As a governance token, KEYFI allows the community to decide on the addition or removal of assets, and data/wallet integration, as well as proposing new features for the platform. It is similar to many other DeFi projects, in that it allows the community to have a large amount of control.
BSC, which is owned by Binance, has become one of the driving forces behind the cryptocurrency market due to the support of the major crypto exchange at a time when Ethereum has been struggling with increasing congestion, gas prices, and stability issues.
Ahead of the launch, the KeyFi development time revamped the common library of the platform app to facilitate the integration efforts by developers, making integration of the platform with third-party protocols and dApps easier ahead of the release of the KeyFi Pro app.
KeyFi is an A.I.-powered DeFi Aggregator platform designed to help investors track, swap, stake, withdraw and deposit their crypto assets by using only one user-friendly platform with support for some of the most popular DeFi protocols.
By using the platform, users not only have access to protocols like Compound, Aave, Curve, Uniswap, dYdX, and 1inch but also gain access to unique features like interest rate comparison and customized toking staking incentives.
The platform was launched in December of 2020 and has gained popularity ever since, with its KEY token staking recently surpassing $1.5 for Total Value Locked and is ranked #336 by market capitalization on CoinMarketCap, a milestone for such a young project.
The development team is also working on an app redesign to make the platform more user-friendly and intuitive to use, as well as including bug fixing and overall performance improvements.
After the launch of KEYFI in BSC, the next step for the project will be the launch of KeyFi pro, a version of the KeyFi App with more data analytics, visualization, and AI insights features which users can join the waiting list for, and be ready when these tools go live.
The post KeyFi Announces Launch of Native Token on Binance Smart Chain appeared first on Blockonomi.
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