KeyFi becomes the latest Defi protocol that launches native tokens on Binance Smart Chain

KeyFi becomes the latest Defi protocol that launches native tokens on Binance Smart Chain


2021-03-29 13:00:44

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KeyFi, a DeFi content management platform, launched native tokens on Binance Smart Chain (BSC).

KeyFi will also take advantage of the staking rewards and asset listing on the BSC-based decentralized exchange PancakeSwap while continuing to link with Uniswap to mine liquidity on Ethereum.

In the latest announcement, KeyFi’s decision is to allocate one million KEYFI tokens to Binance Smart Chain based on the results of a governing vote.

KeyFi is a platform built for the management of Defi content, allowing users to manage crypto assets across multiple protocols, including Compound and Aave.

For the first time, traders can swap, stake, rebalance, deposit and withdraw money from a single platform, with KeyFi also offering staking incentives.

Several Defi protocols have moved or launched tokens on BSC over the past few months, mainly due to the high transaction costs on the Ethereum network. Meanwhile, on BSC, the function is very powerful while maintaining low transaction fees.

Over the past month, more Defi protocols have migrated to BSC, which makes BSC more active, thereby reducing the load on the Ethereum network as well.

Defi staking has become one of the prominent use cases as it allows traders to earn passive income from their tokens by providing liquidity. The popularity of yield farming is one of the main reasons to help Defi increase the price of billions of dollars in just one year.

The fact is that even though on the congested Ethereum network, the Defi protocols can function without interruption by adding cross-chain support to another blockchain.

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