News & Updates
Published in

News & Updates

Monthly Update: June 2021

Welcome to our latest monthly update, covering news and events. This month’s review is a little longer than usual, as it covers topics going back to early May.

Market Sentiment

Since our last update in early May, we saw the crypto market reach incredible new all-time highs… only to violently drop over 50% a week later, shedding more than $1 trillion in market capitalization.

The volatility triggered one of the largest liquidations of leveraged long positions, as well as the largest day of liquidations on DeFi platforms such as Venus, Aave, and Compound, amounting to a 14-fold increase.

Since then, we’ve been moving sideways, and sentiment, volume, and prices are all down.

Crypto Fear & Greed Index
Data as of June 11, 2021
Data as of June 16, 2021

Reviewing KeyFi’s Overall Strategy

We’re building an advanced DeFi product following the roadmap set in December:

  • The idea for KeyFi Pro, our flagship product, was developed by our co-founder, Ben Gervais, during his tenure as Head of R&D at SelfKey
  • Our core team was built
  • Our core infrastructure, smart contracts, and applicable were developed, audited, and launched
  • Introduced the project through an airdrop supported by Binance.com
  • Currently developing KeyFi Pro and expect to have a private beta launched in the near future (see development update below)

We believe that the path to long-term value generation is the building and refining an application that solves clear (DeFi) user pain points. These user challenges include the juggling of many platforms, time/energy wasted manually tracking returns, and disjointed use of multiple asset tracking tools.

This approach follows the roadmaps of the most successful projects in the short history of DeFi, as many of today’s DeFi winners are actually the children of crypto winters.

Top 20 DeFi projects by market capitalization.

Case in point:

  • The first version of Uniswap launched at the end of 2018, deep in the bowels of crypto winter.
  • Maker is one of the early pioneers of decentralized finance and remains one of its most important projects. It was formed in 2014, launched at the end of 2017, and $DAI not fully launched until the end of 2019.
  • Synthetix launched the first liquidity incentive program in 2019.
  • Compound, REN, Kyber, and 0x all launched their protocols on Ethereum mainnet between 2018 and 2019.

The bear market that started in 2018 looked quiet from the outside, but behind the scenes, the largest DeFi projects were being built.

Our Priorities

With seven months under our belt, we will continue to build full speed ahead, prioritizing:

  • KeyFi Pro MVP (Minimum Viable Product)
  • Improving token exposure to take advantage of the existing bearish market sentiment and in preparation for the next bull cycle
  • DeFi and Identity related partnerships
  • Expanding our development team

Our roadmap is tailored for these short-term goals, while eyeing longer-term value creation for the platform.

Development Update

UI Improvements

We have continued to improve the UI of both the KeyFi website and KeyFi app. Improvements include a new Roadmap page, as well as a new Token Info and the redesigned Earn page on the KeyFi app.

We’ve also deployed a new Track Portfolio, or “read-only” mode:

Integrations Library Now Open Source

Our integrations library is now open-source, in efforts to increase transparency for the community, as well as provide new partners and vendors with more insight into KeyFi. View it here.

New Integrations

PancakeSwap and ApeSwap are now integrated, so users can swap and buy $KEYFI directly inside the app, further reducing friction for the token.

Team Growth

Our team continues to grow! We’ve made additional new key hires, which include:

  • Business Development Manager
  • Data Scientist
  • DevOps Engineers
  • Backend Developer

We are thrilled to introduce Brian Chan, our new Data Scientist, who is a Mathematics PhD from Canada and brings to us a wealth of knowledge. He joined KeyFi to work on our DeFi Machine Learning models and implement historical data, technical indicators, sentiment analysis, algorithmic trading, and automation.

Second, we are working with a new team of DevOps Engineers to help us build out our AWS infrastructure for DB clusters, Data Lake (including collection scripts, analysis, harmonization, and storage solutions) API deployments, etc. This is to ensure the app can scale, achieves fault-tolerance, and supports our data and app infrastructure requirements.

We will highlight our remaining exciting hires in a future update.

KeyFi Pro Development

Our flagship platform is well into its design phase and is currently being developed and implemented. Some of the premium features currently being mapped out are:

  • Nexo Earn integration
  • Two-factor authentication
  • User experience improvements
  • Integration keys and data verification scripts required for Smart Alerts, which is a custom SMS/email/Telegram alert system that we haven’t seen fully explored in the DApps

The devs are hard at work building an MVP and introducing the platform to community in a private beta. Here is an exclusive first look:

Exclusive first look at the Strategy Manager, Research Dashboard, and home dashboard.

Coin Listings

We have been listed on two new major coin ranking sites.

First is LunarCrush, an up and coming crypto listing site and social listening platform, where you can analyze cryptocurrency data and better gauge their value. Second is CoinRanking, a well-designed ranking and data site. One benefit of this listing is that it’s showing the BSC $KEYFI token data.

And at last, Trust Wallet finally updated our token information and graphics. As you may be aware, a lot of popular platforms pull token data from Trust Wallet. This was one of the reasons users saw a warning popup when buying $KEYFI on Uniswap. We expect this to remove friction and reduce confusion for new users when buying $KEYFI.

KeyFi Mentioned In Social Media

KeyFi co-founder Ben Gervais was featured on the ApeTV podcast airing for ApeSwap’s #HotDeFiSummer. Ben and ApeSwap’s Chimpin Chip talked DeFi, BSC, and what’s next for KeyFi Pro. Listen here.

We’ve also been featured by a few well-known YouTubers, notably CryptoWendyO, CryptoRUs, and KryptosChain.

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

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store