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News & Updates

KEYFI Airdrop Announcement

TL;DR — If you have any questions about the airdrop before the December 9, 2021 snapshot, feel free to drop in our Telegram group and let us know.

Summary

As part of our efforts to fully decentralize KeyFi and launch KeyFi DAO, we will be airdropping a total of 1,000,000 $KEYFI tokens to our community. That’s a whopping 10% of total supply and approximately US$1.2m based on the token price right now!

Data as of November 14, 2021

The deadline to hold and stake $KEYFI (ERC20) is December 9, 2021, which is the airdrop’s Snapshot Day. (Which also happens to be KeyFi’s 1st Birthday!)

How to Participate

Step 1: Buy $KEYFI ERC20 token

If you don’t already own it, you can buy $KEYFI (ERC20) on Uniswap or on KeyFi app. If you are using KeyFi app, please be sure to select Uniswap as the platform.

What if I already own the BSC version of $KEYFI token?
No worries! You do not need to sell it to buy the ERC20 token. You can bridge your BSC $KEYFI to the ETH side to stake it before the December 9th snapshot. Click here to learn more about our AnySwap bridge.

Step 2: Stake it on our app

Once you hold $KEYFI (ERC20) in your wallet, connect to KeyFi app and stake it on the Earn page. To qualify for the airdrop, you must have your $KEYFI staked by the December 9th Snapshot Day.

KeyFi app > Earn > Ethereum network > v2 Staking > KEYFI Staking

Step 3: Wait for Snapshot Day — December 9, 2021

We will be taking a manual snapshot of your staked $KEYFI (ERC20) on December 9, 2021. After the snapshot, stay staked until the Claim Period begins on January 9th.

Again, to qualify for the airdrop, 100% of your staked $KEYFI according to our snapshot, must be staked on January 9th.

Between Dec. 9th and Jan. 9th, you’ll continue to receive KEYFI rewards, gain access to KeyFi Pro private beta, and not risk being disqualified for the airdrop when the Claim Period starts.

Step 4: Claim Period starts January 9, 2022

We will begin airdropping $KEYFI on January 9th for you to claim. You will be able to see your airdropped $KEYFI in the KeyFi app > Earn page before you click “Claim Rewards”:

Again, you need to have 100% of your $KEYFI staked on this date. If you don’t have the full amount of $KEYFI from the December 9th snapshot staked, you will not receive the airdrop.

Update January 2, 2022: We will be airdropping $KEYFI directly into your wallet on January 9th, in efforts to reduce gas fees for all users. Please wait for our updated instructions leading up to January 9th.

FAQs

How much KEYFI will I be airdropped?

You will receive KEYFI in proportion to the total staked KEYFI. The calculation is simple — take the % of the total staked KEYFI (at start of January 9th Claim Period) that you own. You will receive that % of the total 1,000,000 KEYFI pool.

Example:

  • We take a snapshot of all KEYFI (ERC20) staked on December 9th. Let’s say there will be 1,000,000 KEYFI staked total (hypothetically).
  • Of the 1,000,000 KEYFI staked, let’s say you have 5,000 KEYFI staked.
  • When the claim period starts on January 9th, there’s only 800,000 KEYFI staked because 200,000 KEYFI were unstaked and no longer qualify for the airdrop.
  • Your 5,000 KEYFI staked is 0.625% of 800,000 KEYFI staked. Now, 0.625% of 1,000,000 KEYFI = 6,250 tokens airdropped to you, which is a 125% GAIN in your tokens!

Unfortunately, it is impossible for us to predict how many staked KEYFI there will be on January 9th.

Is there a minimum $KEYFI (ERC20) that I need to stake?

No, but keep in mind there are gas fees for staking KEYFI and claiming rewards, so you’ll need to make your own cost-benefit decision.

Is the airdrop for stakers of the ERC20 version of $KEYFI only?

Yes, because that’s where the large community wallet resides —the wallet that we distributing and decentralizing. If you own the #BSC version of $KEYFI, don’t worry and don’t sell the BSC token because you can bridge it over to ETH network.

I am providing liquidity to the KEYFI-USDC and KEYFI-ETH pools. Do I qualify?

Staking LP tokens aka providing liquidity does not qualify for the airdrop. After thoughtful consideration and appreciation for the liquidity providers, the airdrop to $KEYFI stakers will be most beneficial to $KEYFI. If you are currently providing liquidity, you are welcome to remove some of it to stake the ERC20 KEYFI token before the December 9th snapshot.

Why is the community wallet being distributed?

This distribution was inevitable, but to elaborate, it is being expedited to create a more distributed and decentralized project, to ensure functionality of development (e.g. bridges), rewards, and marketing, and to provide reassurance to new holders when looking at the distribution of wallet balances. Learn more here.

What do I do with my staked KEYFI between Snapshot Day and Claim Period?

Between December 9th (snapshot day) and January 9th (claim day), simply keep it staked to continue receiving standard KEYFI rewards, access KeyFi Pro private beta, and ensure that by the Claim Period, 100% of your snapshot assets are still staked.

If you have any questions or comments, feel free to drop in our Telegram group or Discord and let us know!

🚀 Onwards and upwards,

The KeyFi Team 🗝

About KeyFi

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.

Website | Telegram | Roadmap | Whitepaper | Press | Token

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