News & Updates
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News & Updates

KeyFi Q&A — Article 1

KeyFi co-founder Ben Gervais is doing a series of Q&A videos on what the KeyFi app and token have to offer. We will then publish a series of FAQ articles shortly after to help you better understand the project.

What is KeyFi?

KeyFi is an all-in-one portfolio tracker designed for the decentralized finance (DeFi) community.

KeyFi app users can track, swap, stake, withdraw and deposit their assets all on one user-friendly platform and across multiple protocols such as Compound, Aave, and more. KeyFi app also offers unique features such as interest rate comparisons and tailored token staking incentives.

The KeyFi token and the KeyFi app went live in December 2020.

KeyFi is an all-in-one platform tailored to managing DeFi portfolios

What is currently live on the KeyFi platform right now?

You can track your assets across multiple wallets:

  • MetaMask
  • SelfKey Wallet
  • WalletConnect (which connects to many other popular wallets)

For interacting with DeFi, we’re currently integrated with six Ethereum-based platforms:

  • Compound
  • Aave
  • Uniswap
  • 1inch
  • Curve
  • dYdX

For staking, we’ve created a convenient interest rate comparison table (Rebalancer) which aggregates basic interest rate data from some of your favourite aforementioned platforms. This feature helps you compare data across platforms and assets to get the best yield for your Stablecoins.

We’ve also launched a governance and voting module, along with a credentials system powered by SelfKey.

If you verify your credentials, you can stake KEY tokens and Uniswap liquidity provider tokens (earned from adding liquidity to the KEYFI:USDC pool on Uniswap), and earn KEYFI tokens as a reward.

Users can interact with multiple DeFi platforms like Aave, Compound, dYdX and more.

How do I use KeyFi?

Our mission is to simplify your DeFi experience through a simple, all-in-one platform. You can utilize KeyFi in a few different ways.

First, connect your wallet, or multiple wallets to view your assets.

Second, use your tokens on DeFi-powered swaps, deposits, pools and staking.

In the Rebalancer, we display and compare interest rates and prices across multiple platforms such as Compound and Aave. Instead of toggling endlessly between multiple platforms, you can now view competing interest rates from a single, unified, and integrated dashboard.

As a result, you can find the best price, regardless of what chain you’re on. For example, if you’re looking for Bitcoin or Wrapped Bitcoin, you can get Wrapped Bitcoin on more than one platform/blockchain — whether it’s on Ethereum, Binance Smart Chain, or on one of their DeFi platforms.

Rebalancer displays and compares interest rates and prices across multiple platforms.

What is a unique KeyFi feature that is flying under the radar?

Definitely our focus on data. That’s not immediately visible to everyone right now because it’s being developed and will be released on KeyFi Pro. Once that comes out, you’ll see a lot of the work that we’re doing on data right now.

This goes beyond just like traditional price data and volume data and goes more into specific, DeFi rate data, sentiment analysis, we’re actually
placing a pretty heavy focus on sentiment analysis and social signals and
aggregating that data together.

There are basically two different approaches that we have to data. One of them is data visualization, that’s where we’re talking about dashboards, charts, graphs, etc. Things that you can see, and help you make decisions.

And then the next one is training AI models. We’re taking all of this data
that we’re pulling in, like historical data as far back as we can go on many different data points, and we’re creating refined models that will allow us to do types of predictive analysis.

One of the first ones said we’re working on is for DeFi interest rates. We will take all of the historical data about interest rates on DeFi, like what APY are you getting on your deposits, looking at all the different platforms and different assets over time, and then we’re combining all of that into a model that is basically able to take what the current status is and then querying that to come up with sort of its own prediction.

This is in a fairly early stage of development, but as we acquire more data and we’re able to do incremental improvements on this model over time, it will develop into something beneficial for users. That same principle and that same process will apply to different predictions that the AI is trying to make.

There is the curation of data too. Basically, there are ways where we
can have AI sift through data. Let’s say we want to look for new tokens
that are coming out, we can take in all this different data about sentiment, social, price, volume, exchanges, all of these different data points, and train AI models on them, and see what it comes up with. The AI models are in the very early stages of development, kind of experimental at this point.

But as we add more data, as we refine the methods that we train them, their accuracy will improve over time.

Then the final thing on data is actually backtesting. Similar to traditional trading and finance, you’d want to backtest your strategy to see how it would work on historical data. We want to do something similar but go beyond a trading strategy into DeFi yield farming strategies.

There are some limitations here because a lot of DeFi problems are very new so they don’t have a lot of historical data to work with, but we’re collecting all of that from day one so that in the future, as we have enough data, we can build something useful.

What can we expect in the short term?

We have an app redesign that’s almost ready to go. We’ve got a new dashboard and changed the theme around. We are improving the UI,
making it more user-friendly in some places, fixing bugs, general improvements overall.

Also, we have a governance vote that has already passed to move 10% of the token supply to Binance Smart Chain. Voting does not cost gas, you just have to sign a message with your wallet to prove ownership and you have to have KeyFi tokens in your wallet.

KEYFI token holders can vote on proposals through the vote tab on the KeyFi dashboard.

Development Highlight: KeyFi Pro

KeyFi Pro is a feature-rich, full version of the KeyFi app. It will include more portfolio data — perfect for performance tracking, visualization, data analysis, and AI insights. Learn more about the differences between KeyFi and KeyFi Pro on our website.

Thanks so much everyone for your participation here. We will be putting out more Q&A videos and articles so join us in Discord and ask us your questions!

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