In a bid to become a fully interoperable decentralized finance hub, KeyFi has announced that it will be launching its native token on Binance Smart Chain (BSC), introducing KEYFI to all BSC-based applications. This will make KEYFI available for staking on BSC. The asset will also be listed on BSC’s decentralized exchange and AMM PancakeSwap, allowing for increased expansion of the cryptocurrency.
This migration will not limit Ethereum-based KeyFi users, as the cryptocurrency will still be available on Uniswap, ushering in an era where KEYFI is a true multi-chain digital asset. However, there is a caveat, as all Uniswap LP token stakers must transfer their KEYFI to the new V2 reward contract in order to continue to keep receiving rewards once the V2 contract is released. The team will notify all KeyFi users about the V1 contract end via KeyFi’s communication channels so that no one is blindsided by this change. All-in-all, the transition to BSC will dramatically enhance the capacity of the KeyFi ecosystem.
Bringing KEYFI to BSC
KeyFi’s cross-chain decentralized platform is built to help users easily navigate and manage their assets within the defi space. KeyFi has built a highly intuitive dashboard that makes it simple for anyone to manage defi holdings across multiple platforms, such as decentralized lending protocols or interest-bearing savings accounts. Using KeyFi, users can easily trade, swap, stake, deposit, withdraw and rebalance their portfolios from a single platform.
The decision to bridge over to BSC from Ethereum follows an announcement where the KeyFi team decided to allocate one million tokens to BSC based on the results of a governance vote. As a much faster, cheaper, and more efficient alternative to Ethereum, Binance Smart Chain is ideally suited to hosting consumer-focused applications. Ethereum fees have become unsustainable, regularly costing users hundreds of dollars in gas fees to complete a single DEX trade. Moving a portion of the token supply to Binance’s increasingly popular CeDeFi blockchain means KeyFi users will no longer be priced out of interacting with the platform.
More Staking and Governance Options
The move to BSC will give KeyFi users more options on how they would like to allocate their funds. On top of this migration, KeyFi has also been working towards completing its KeyFi Pro app. The platform’s core app has been reconstructed from the inside out, adding a common library to help manage integrations between KeyFi Core and KeyFi Pro. Following this completion, users will have another option to stake KEYFI tokens directly in the app. Following the introduction of this completed application, users will have three staking options for KEYFI, taking the cryptocurrency closer to full cross-chain interoperability.
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