Multi-Chain & Multi-Wallet DeFi Integrations -KeyFi Development Update
In alignment with KeyFi’s stated objective to build the best all-in-one DeFi focused portfolio management tool, we have identified 4 areas to target for interoperability:
- Multiple Assets
- Multiple Platforms
- Multiple Chains
- Multiple Wallets
Currently, KeyFi already supports Multiple Assets and Multiple Platforms. That means you can track ETH, USDC, DAI and more from one convenient dashboard, across popular platforms such as Aave, Compound and dYdX.
Next, we look forward to introducing our first Multi-Chain and Multi-Wallet integrations. Let’s break down how this is going to work in both the short term as well as the long term.
As of now, we are integrated with a single chain, the Ethereum network. This has been where most of the action had been taking place in the world of DeFi, however now there are more active chains to support as well as the technology to move seamlessly between these chains.
The first simple steps we are taking will be address monitoring on Multiple Chains. This includes for example, Bitcoin, Litecoin and Binance Smart Chain.
The next step after that is to integrate with BSC based protocols and provide an integrated Dapp interface via the KeyFi app. This includes PancakeSwap and the 1Inch BSC implementation.
Next, we’ll bring the token multi-chain, as well by burning 10% of our token supply on Ethereum, and minting an BEP-20 KEYFI token on BSC. This will make us effectively multi-chain at both the app and token levels.
Currently, our users are able to connect a single wallet at a time. This has been acceptable for basic use cases, however, it is desirable to connect to multiple wallets. We plan to implement this in three phases:
First, you’ll be able to manage multiple Ethereum wallets and view combined balances. This means you’ll be able to view tokens across multiple Ethereum wallets such as MetaMask, SelfKey, and more all from one convenient dashboard.
Next, we’ll bring in the ability to view balances of multiple wallets on multiple chains.
Finally, we’ll be supporting the ability to interact with platforms and sign transactions using multiple wallets on multiple chains, starting with our BSC integrations.
A growing gap in the DeFi marketplace has been the ability to move assets between chains, for example, you may want to move a token from one network to another where both tokens have the same functionality, like moving USDC from one chain to another.
If you move a blockchain’s native currency it may lose functionality, for example ETH on Ethereum moving across a bridge to BSC will no longer have the same utility as it does on the Ethereum network.
Moving between platforms is also possible, as evidenced by 1inch implementing on BSC as well as Balancers plans to operate in the Polkadot ecosystem.
The goal of all of these different functionalities is to allow you the user to be “chain agnostic”, so that you can focus on simply looking for the best returns that fit your individual investment thesis and risk tolerance.
At KeyFi, we are developing these tools and more, integrating access to multiple chains, wallets, platforms and assets. Pairing these DeFi integrations with a focus on Data and AI in the KeyFi Pro app will help you make better, faster decisions, all from a single unified dashboard.
Check out the project in more detail at keyfi.com