March 2021 Update
March was one of the busiest months we’ve seen since we launched the KeyFi project. We managed to hit several key milestones and set ourselves up to continue the momentum into April. So without any further delay, here’s the KeyFi March recap…
KEYFI Token launched on BSC
On March 28th we began the move to establish our project on the Binance Smart Chain network by launching a supply of 1m KEYFI tokens in accordance with the governance vote passed by the community at the end of February. In addition, we have created a KEYFI:BUSD pairing on the PancakeSwap exchange where users can swap KEYFI tokens.
We are currently waiting for our new rewards smart contract to be audited by the security firm Hacken and are looking forward to launching KEYFI staking rewards on BSC shortly. Watch out for an official announcement for this sometime around mid-April.
Staking TVL crossed $1.5m USD
March also saw the KeyFi staking rewards pool TVL reach a value of over $1.5m USD, taking into account the combined KEY and the Uniswap LP token values. This is leading up to our upcoming launch of new staking rewards contracts on both BSC and Ethereum networks.
We are very excited about the new staking rewards as we are updating two features:
- KEYFI direct staking will be enabled and the credentials requirement will be disabled.
- KEY token staking will still require decentralized identity credentials and will remain active on the current reward pool.
App Redesign Launched
In early March we released a complete redesign of the app that also included a refactoring of our codebase that introduced a common library for our integrations, which helps facilitate the development of the KeyFi Pro app.
Credentials Processing Re-Started
We also re-opened processing for the decentralized identity credentials, which open up access to the current staking rewards. We will continue to work with SelfKey to improve this system for our users.
First Community Initiated Governance Vote
We had our first community initiated proposal submitted for voting to allocate 100,000 KEYFI tokens for marketing purposes. KEYFI token holders voted “Yes” to approve the proposal. We also held discussions with community members on our Discord channel “#active-votes” on how they would like to see the tokens used. Some great suggestions and the team plans to implement some of them in the near future, including token giveaways.
Our team grew in size as we were able to hire a few new developers as well as bringing on a new Head of Marketing, who will be overseeing the allocation of the marketing budget. The team is also looking to hire two new community managers for our Telegram and Discord communities in the near future. If you or anyone you know is interested in becoming a community manager, liaising with the KeyFi team, and supporting the community, please contact us.
2nd Snapshot for Binance Airdrop
The second snapshot for the airdrop was taken March 28th, with three more snapshots to take place, each on the 28th of the month. Eligible token holders will receive one KEYFI token for every 22,500 KEY tokens held on average throughout the five snapshots on binance.com. The average amount of tokens held throughout the five snapshots must be at least 88,000 KEY.
That wraps up the March update. Thank you again to our amazing community for your continued support and increasing participation in the project. We truly appreciate all the feedback we have received and will continue to build with our users in mind.