News & Updates
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News & Updates

Monthly Update: July 2021

Welcome to our latest monthly update, covering news and events. The second half of the year is already racing by, and in July 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

May’s sell-off saw cryptocurrency markets shed over $1 trillion in value. As a result, many speculated that a multi-year bear market would begin. As of today, this may not be the case. Is the bull back?

The markets have continued to climb higher. Since Bitcoin fell below $30,000 late July, the markets rebounded over 50%, to a total valuation of $1.7 trillion. In doing so, Bitcoin broke through major resistance levels from the May crash and is now approaching the elusive “golden cross”, where the daily moving average and weekly moving average converge.

The coming Golden Cross. Source: Rekt Capital

Our immediate DeFi community is optimistic, but cautious. Total Value Locked (TVL) in DeFi is already back at levels seen in early May, before ballooning to over $160 billion. The Fear & Greed Index and trading volume is also back at May levels.

TVL low on May 24, 2021 vs. August 10, 2021. Source: DeFi Pulse
Source: Crypto Fear & Greed Index

Product & Engineering

July saw some long-awaited upgrades, UI/UX improvements, and bug fixes.

New Features

  • New Pools user interface, which includes adding, removing, and managing liquidity across the available platforms and versions
  • Alkemi Network assets can now be viewed on the Dashboard

Enhancements

  • The PancakeSwap v1 -> v2 migration is complete. Don’t forget to migrate and continue earning rewards, if you are currently providing KEYFI-BUSD liquidity on V1.
  • New Swap user interface, including swapping on PancakeSwap v1 and v2
  • For ETH v1 stakers, please note that due to increasing Ethereum network gas fees, we are only approving credentials applications whose addresses hold a minimum of $1,000 USD worth of KEY tokens or KEYFI-USDC LP tokens. See full staking instructions here.

Bug Fixes

  • Fixed the bug when a user tries to add liquidity with BNB as the second input
  • KEYFI-BUSD LP on ApeSwap fixed to route KEYFI > BNB > BUSD instead
  • Corrected user routing when user visits Swap, Pools, or Earn modules, e.g. user on BSC mainnet was shown Uniswap on Swap page by default
  • We fixed the KEYFI balances card at the top of your dashboard. Your wallet, staking, pending rewards, and liquidity balances are now properly segregated and reflected in the Total Balance.

DeFi Credentials

As you may have noticed, regulators around the world have been increasingly critical of cryptocurrency companies, including Binance, BlockFi, and BitMEX.

Most recently, the US Senate’s $1 trillion infrastructure bill included tax-reporting requirements for crypto brokers, the way traditional stockbrokers report information to the IRS.

Gary Gensler, the chairman of the Securities and Exchange Commission appointed by Biden, recently said that investors need more protections and that the agency needs more authority and funding from Congress to regulate the market.

All of this underscores the importance of utilizing our credentials platform, powered by SelfKey.

Community Update

Binance Airdrop for KEY Holders Complete

As announced by Binance on July 13th, they have now completed the SelfKey (KEY) & KeyFi (KEYFI) Airdrop Distribution to SelfKey (KEY) holders. Holders who qualified for the KEY and KEYFI token distribution can confirm the receipt of these tokens via the Distribution History page in the User Center on Binance.

You can read the full explanation here. For technical questions or issues, relating to your distribution, please contact Binance customer service.

Chinese Community

Thanks to our loyal Chinese community, we’ve made some improvements to both the app and our token exposure.

First, new translations have been deployed inside the Chinese language KeyFi app. We will continuously improve the accuracy of these translations, as well as intend to roll out other languages such as Japanese, Korean, Russian, Arabic, and more.

KeyFi app now showcases improved Chinese translations, with more languages coming soon.

Second, we were added to Feixiaohao, one of the oldest cryptocurrency data applications in China. The app provides market data, coin rankings, exchange data, and more.

Lastly, by popular demand by our Chinese community, the popular Token Pocket app now displays KeyFi project and token information.

KeyFi on LunarCRUSH Live

KeyFi co-founder Ben Gervais was interviewed by the up-and-coming crypto analytics and social media listening platform, LunarCrush, on July 27th. LunarCRUSH Live boasts an impressive roster of guests, including Avalanche, Cardano, The Graph, Algorand, and QuickSwap.

KeyFi on DappRadar

We’re on the map! Users can now find us under the ETH -> DeFi section of DappRadar, a leader in decentralized application analysis and rankings. The app allows users to track and discover new decentralized applications.

What’s Next?

  • New Borrow & Lend feature in partnership with Alkemi Network
  • Aave v2 integration for Borrow & Lend
  • Standardize DeFi Credentials offering for enterprise clients
  • New community governance votes
  • Polygon launch
  • Uniswap v3 Integration

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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