With the current limitations on the Ethereum network due to increased DeFi usage, projects are looking to branch out to other ecosystems to expand. Binance, a "centralized" financial (CeDeFi) blockchain, has become one of the most popular network alternatives, making it a great jumping-off point for KeyFi. In collaboration with KeyFi and Binance, an airdrop will be taking place that will reward all KEY holders on the Binance platform. This is excellent news for users of both networks, as it further decentralizes the KeyFi ecosystem by getting a large number of available tokens into the hands of actual users. It also incentivizes the continued usage of the Binance platform, solidifying itself as a viable DeFi alternative that is more scalable than Ethereum.
Act Now, Get Rewarded Later
The airdrop of KEY and KEYFI tokens, the dual native tokens of the platform, will take place throughout the year. The first airdrop is scheduled for July 8, 2021, but will require a commitment to the network until the airdrop is fully complete. In a unique method to incentivize users to hold the network's tokens throughout the period, the airdrop will be based on a five-month average of users' KEY holdings on Binance. The wallet snapshots to determine your ownership in the network will take place on the 28th day of each month, starting with February and ending in June.
Once all wallet snapshots are complete, users will be rewarded one KEYFI token for every 22,500 KEY, with a minimum of an average 88,000 KEY held over the period to qualify. To ensure eligibility, make sure the KEY is always held in your spot wallet, not in an open trade or as a pending withdrawal, as that is the only way your holdings will qualify for the snapshot.
The KEY airdrop will run in a similar manner, rewarding users one KEY for every 60 KEYs they are already holding. Users have to own a minimum of 500,000 KEY to be eligible, with Binance wallet snapshots occurring on the 8th of every month, starting in March and ending in June. To go over an example, let's imagine that for the second airdrop, you hold 1,000,000 KEY during the first snapshot (Phase 1), 1,200,000 in Phase 2, 900,000 in Phase 3, 800,000 in Phase 4 and 1,000,000 in Phase 5, for a total of 4,900,000 KEY. When averaging out your holdings over the period, it comes out to 980,000 KEY, so you would receive 16,333 KEY in the airdrop.
The Inner Workings of the KeyFi Ecosystem
KeyFi is a multi-faceted blockchain system that focuses on easy and comprehensive access to decentralized finance. Via the KeyFi dashboard, users can easily interact with DeFi platforms and manage their DeFi assets all in one place. You can also view your holdings, token allocations, access an asset rebalancer to find the highest yield opportunities, and earn KeyFi rewards for staking on the platform.
The KeyFi dashboard is highly accessible; you can use a MetaMask wallet, WalletConnet or KeyFi's SelfKey wallet for easy connectivity. There is also the KeyFi Pro dashboard, which includes everything from the original dashboard but adds additional levels of service and customization. By teaming up with BSC, KeyFi will be able to introduce its platform to a whole new audience of interested and active DeFi users.