Categories: DeFi News

KeyFi Becomes Latest Defi Protocol to Launch its Native Token on BSC

KeyFi, a Defi management platform has launched its native token on Binance Smart Chain (BSC). The Defi management protocol would also avail staking rewards and listing the asset on the BSC-based decentralized exchange PancakeSwap while continuing its association with Uniswap for liquidity mining on Ethereum. The latest announcement follows KeyFi’s decision to allocate one million KEYFI tokens to Binance Smart Chain based on the results of a governance vote

KeyFi is an app-based platform for managing defi assets. The intuitive dashboard enables users to manage crypto-assets across multiple protocols, including Compound and Aave. For the first time, traders can swap, stake, rebalance, deposit, and withdraw from a single platform, with KeyFi also offering staking incentives that require a SelfKey-powered decentralized identity credential.

A number of defi protocols have either relocated or launched their tokens on BSC over the past couple of months primarily due to rising transaction costs on the Ethereum network. BSC network on the other hand mimics the functionality of the Ethereum chain while maintaining a low cost of the transaction. Over the past month, the surge of defi listings and cross-platform support on BSC has made it more active than the Ethereum network processing nearly double the volume.

KeyFi Stakers Can now Stake LP Tokens on Both Platforms

With the new added support for BSC staking KeyFi stakers can now stake their LP tokens both on Uniswap as well as BSC (once launched),  However, KeyFi users who are currently staking Uniswap LP tokens must transfer their assets to the new V2 rewards contract in order to continue receiving rewards once the V2 contract is released.

Participants will be notified via KeyFi’s communications channels before rewards for LP staking on the V1 contract end. It will also soon be possible to stake KEYFI tokens directly, with the added benefit of early access to an upcoming app KeyFi Pro.

Defi staking has become one of the prominent use cases as it allows traders to earn passive income on their tokens by offering liquidity or staking for network use. The popularity of yield farming was one of the key reasons for Defi’s multi-billion-dollar rise in just a year’s time. The fact that despite growing scalability issues on the Ethereum network, defi protocols can run uninterrupted by adding cross-chain support for a different blockchain.

KEY token staking recently surpassed $1.5 for Total Value Locked, with the asset currently ranked #336 by market capitalization on aggregator CoinMarketCap.

Achal Arya

I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.

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