Introducing KeyFi Borrow
To date, the KeyFi core application has offered established DeFi features such as portfolio tracking, swapping, and staking across multiple chains, platforms, and assets… all from one convenient, non-custodial application.
Today, we are happy to announce the launch of our DeFi borrowing platform, KeyFi Borrow, starting with Aave and Compound integrations.
While our community awaits the much-anticipated private beta launch of KeyFi Pro, we’ve just completed a missing ingredient of our core application, KeyFi Borrow. You can now supply collateral on KeyFi app and borrow against it— it’s that simple.
To get started, connect your wallet to KeyFi app, click on Borrow, and select an asset. Read the full instructions here.
Note: The Aave v2 borrow function works, but currently depositing of collateral is not supported as it is still being tested and will go live soon. Depositing collateral assets and borrowing on Aave v1 and Compound are fully functional.
What are crypto loans?
Lending protocols are an integral part of Decentralized Finance, being one of its first and strongest use cases. Lending protocols facilitate “trustless” lending and borrowing of digital assets, all without centralized entities.
By utilizing smart contracts to bring together borrowers and lenders, lending protocols have made borrowing cheaper, faster, and available to more people, all while reducing counter-party risk. As a result, the liquidity, diversity and scalability of the DeFi ecosystem have improved.
In the process, leading DeFi protocols such as Aave and Compound have attracted billions in liquidity. Aave dominates with 16% of total value locked (TVL) in DeFi, totaling $15bn locked. Similarly, Compound dominance sits at 12% and $10bn locked.
How does it work?
Generally speaking, lenders provide liquidity to the market in order to earn passive income, while borrowers can take out two common types of loans:
- Overcollateralized: A loan that requires you to deposit assets to the protocol before borrowing against it.
- Undercollateralized: Also known as “flash loans”, undercollateralized loans do not require collateral, provided the loan is back paid very quickly. We do not offer undercollateralized loans through our existing Aave and Compound integrations.
- Borrow & Lend integration in partnership with Alkemi Network
- New community governance votes
- Polygon launch
- Uniswap v3 Integration
- KeyFi Pro private beta launch
The development continues forward and will only be accelerated as more platforms, protocols, and assets are supported.
Onwards and upwards,
Built from the ground up, KeyFi provides intelligent tools for managing your DeFi portfolio, such as custom strategy builders and yield projection. KeyFi seeks to solve challenges users face when managing their DeFi portfolios, such as juggling multiple wallets/platforms/chains, manually comparing interest rates, and the lack of historical data. This is all in service of KeyFi’s ultimate goal: to become a premier dApp for sophisticated users who want fine grain control over their assets.