News & Updates
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News & Updates

Monthly Update: August 2021

Welcome to our latest monthly update, covering news and events. The second half of the year is already racing by, and in August the KeyFi ecosystem saw some crucial developments towards its vision of becoming a go-to decentralized application for managing your DeFi assets intelligently.

Market Commentary

Even after yesterday’s and today’s market beating, which see DeFi tokens taking the heaviest price hits, DeFi as a sector (measured by Total Value Locked) continues to grow to $167 billion after reaching a record $180 billion yesterday.

Source: DeFi Llama

If you’re as entrenched in the DeFi community as we are, it may feel like the industry is racing at the speed of light towards mass global adoption.

MetaMask recently reported that its monthly active users have surged over 1,800% in the past year to surpass 10 million in August.

Source: Stansberry Research, www.stansberryresearch.com

Interestingly, if we compare the total number of DeFi users (as measured by MetaMask wallets) and countries by population size, we’re still a tiny blip on the radar, underscoring how early we are in the grand scheme of things.

Product & Engineering

New Features

One of the final missing pieces of the KeyFi core app, KeyFi Borrow, was launched in August. Although the initiate launch didn’t integrate Aave v2, that integration is now live.

We are now shifting a majority of our development resources to KeyFi Pro.

Enhancements

We’ve made a series of UI and UX enhancements, including:

  • Network widget in the header displays the network you are connected to
  • Zero balances in your wallet are hidden
  • Improved Liquidity Pool access; easier to find Add/Remove liquidity
  • Improved app performance and load time by reducing blockchain calls

Bug Fixes

As always, we appreciate your patience and feedback on the below. As you know, KeyFi app is in beta and enhancements are constantly being made. Here’s what we’ve fixed this month, and here’s what’s outstanding:

Balances not available despite wallet showing connected. Fixed — clear your browser cache/cookies and reconnect your wallet.
Balance loading bar was stuck and balances were not visible. Fixed — clear your browser cache/cookies and reconnect your wallet.
White screen timeout after balance loading bar stops running. This has been fixed.

👷🏻‍️ KeyFi Credentials Sign Up not working. “Try Again” error is being troubleshooted with SelfKey team.
👷🏻‍️ Cannot enter ETH v1 staking due to SelfKey credentials error, related to the issue above.
👷🏻‍ ️Zero balance error on Token Pocket app, mainly affecting our Chinese users.

KeyFi Pro

This month, we’re featuring an in-depth update of KeyFi Pro and its ongoing development, in the form of interviews with our core team members: Ben Gervais, Ferenc Horvath, and Brian Chan.

Ben Gervais, Co-Founder & Tech Lead

In a video AMA recorded on September 6, 2021, Ben took some time to summarize the company mission, KeyFi Pro’s features, and recent developments, He also answered questions from the community, notably about Pro’s launch schedule. The full interview is below.

Ferenc Horvath, Lead Designer

Ferenc’s role as Lead Designer at KeyFi can be best described as transforming the company’s product vision into high-fidelity prototypes and designs. Often, this entails working with the developers to find unique, visual solutions to technical challenges.

Q: What are you currently designing?
A: Currently, I’m my priority is KeyFi Pro’s flagship feature, the Strategy Manager. This is a complex — and in my opinion one of the coolest — features of the application.

Users can create and deploy DeFi strategies across multiple chains and platforms, ranging from very simple to compound strategies.

There’s even an option for users to create Smart Alerts which will notify them when gas fees are lower than pending rewards.

Q: How do you translate initial concepts and ideas into the UI/UX?
A: I spend a lot of time studying design trends in both fintech and DeFi, looking at as many platforms as possible on a weekly basis and taking notes on how functions could be improved. As a designer, it’s important to maintain a consistent style guide, that way when building a new interface or layout, very little time/energy is spent on a component’s style.

Q: Are you working on any new features?
A: There is a very exciting new feature I am working on, but I won’t be able to say much of it for the time being besides that it will be closely linked to the Strategy Manager.

Brian Chan, Data Scientist

Brian and his background as a math PhD specializing in machine learning has been crucial to the development of KeyFi Pro.

Q: What are your roles and responsibilities?
A: My role is to collect and analyze market data in order to help users make smart decisions when implementing strategies in the KeyFi Pro app. As a Data Scientist, I am passionate about using cutting-edge analytics tools and contributing/maintaining the underlying data pipelines.

For the data pipelines, I am interested in using API services from DeFi entities and blockchain data from the Ethereum blockchain. However, not all data collected is insightful or relevant, so an interesting problem I am trying to solve is to determine which data is the most important for analysis.

We are starting small and focusing on the data we definitely need for analysis. That way, information that turns out to be inessential will fall by the wayside, and what is important will remain.

Q: What makes a tool “cutting edge”?
A: It would be one that combines recent research with proven industry tools of significant utility and relevance. It would allow us to use the smartest tools and have the greatest reach with those tools.

Q: What are data pipelines, and how are you using them?
A: A data pipeline is a multi-step process by which raw data is processed and converted into something digestible that a company can use. We use them through APIs, which collect raw data from the internet, and through the programs we build, which further process the collected data.

Q: What sort of market data do you collect?
A: We collect data from the DeFi space in general, from API data provided by notable DeFi services, to news on cryptocurrencies and DeFi, and to certain metrics in the DeFi market that we think are the most important to analyze.

Q: How do you use machine learning for market analysis?
A: This sounds cliché, but I use machine learning to search for patterns in market data that no one else may have noticed. We are looking into optimal combinations of machine learning tools for the services we plan to provide and in particular we are interested in machine learning frameworks that utilize a notion of time, as market data is time-based.

For instance, with sentiment analysis, we are looking into using natural language processing tools such as GPT 3, to add a layer of automated analysis to our stack.

One consideration I am taking into account in the design of our analysis is the balance between using supervised and unsupervised learning algorithms. Unsupervised learning algorithms afford a flexibility with questions that lead to open-ended conclusions, which may be helpful in price prediction.

On the other hand, supervised learning is great for classification, which would help if we want the algorithm to decide on a predetermined set of options.

Q: Can you provide an example of how an end user would utilize or benefit from your sentiment analysis?
A: If someone wants to, for instance, have a better sense of the direction of a trade in a market, they can employ these automated tools to help with the analysis and research.

Strategy Manager

As you may be aware, the Strategy Manager is KeyFi Pro’s flagship feature, and since the platform announcement in June, we’ve kept our cards close to our chest. Today, we’re happy to tease a little more of the feature below:

When creating a new strategy, choose from a pre-determined set of actions, or create your own.
List of your existing strategies.
A detailed view of your existing strategy.

Community Update

Polygon Launch

After an unforeseen delay, we will be launching on Polygon Network as soon as possible, presenting several benefits:

  • Lower fees
  • Staking and liquidity mining
  • New partnerships and token exposure
  • New platform integrations inside KeyFi app

The internal holdup was caused by the way the ERC20 KEYFI token is currently modeled, which made it incompatible with the native Polygon bridge. Our proposed solution is three-fold:

  1. We will be creating a wrapped token, called Wrapped KEYFI (wKEYFI).
  2. You can stake your ERC20 KEYFI to receive wKEYFI.
  3. Bridge wKEYFI to Polygon Network.

We will build a user interface for you to do the above and bridge your ERC20 tokens to Polygon.

Partnerships

After that, we’ll continue with more integrations and partnerships, one of which is ApeSwap, who has already launched on Polygon. More partnerships will be announced when they are official.

In unrelated news, Phase 2 of our Alkemi Network partnership is in progress. We also recently completed a 1,000 USDC joint token giveaway. Congratulations to our international winners.

The development continues forward and will only be accelerated as more platforms, protocols, and assets are supported.

Onwards and upwards,

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 | Roadmap | Whitepaper | Press | Token

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Read about upcoming features, improvements, and changes to the KeyFi platform.

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Intelligent tools for managing your DeFi portfolio

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