Binance to Support KEYFI and KEY Airdrops

btcmanager.com 2021-02-24 00:28
Reading time: ~4 m

Decentralized finance is on the move, and as the market attracts mainstream attention, users are looking for more cost-effective ways to interact with defi applications. Ethereum still retains market dominance in the sector, but Binance Smart Chain (BSC), the finance-focused blockchain run by Binance exchange, is catching up quickly. To further incentivize users to stay and transact on the platform, Binance has been supporting promising up-and-coming projects.

Its latest initiative is with KeyFi to host a series of airdrops to reward the community. This is beneficial for BSC, to KeyFi, and to users of Binance exchange, who will be eligible to receive the airdropped tokens in the months to come.

Pancake Swap, Dodo, Venus, and More

Ethereum set the precedent of what is possible with defi, with popular applications such as Uniswap generating billions in trading volume. There are also token launchpads, lending and borrowing platforms, and risk coverage options, all available without the need for third-party oversight. Binance saw the opportunities these dApps presented, and began releasing versions of their own. This has led to a robust ecosystem full of applications that are easy to use and, in many cases, more reliable than their Ethereum counterparts. With its blockchain network, Binance is continuing to position itself as a place where users can effortlessly buy, trade, sell, and store cryptocurrencies while also interacting with blockchain-based applications.

To further spur platform growth, Binance supports airdrops that reward its community, creating giveaways only accessible through its platform. In collaboration with KeyFi, a decentralized and fully integrated defi dashboard, BSC will host an airdrop for both of its native tokens, KEYFI and KEY. This airdrop will reward long-term holders and Binance users, and will be determined based on a wallet snapshot over a five-month period, with a snapshot taken once a month to estimate average holdings over time.

A Summer of Free Tokens

The first airdrop will be for KEYFI and take place on July 8, 2021. The reward will consist of one KEYFI for every 22,500 KEY held in your Binance spot wallet. To qualify, you need to be holding a minimum of 88,000 KEY averaged over the five-month span. The snapshots will take place on the 28th of each month, starting with February and ending in June. The second airdrop, for KEY, will operate in a similar manner. Users will receive one KEY for every 60 KEYs they hold, with a minimum average balance of 500,000 KEY needed to qualify. This airdrop will commence on July 18, 2021, with the snapshots taken once a month from March 8 to July 8.

For example, suppose you are a KEY holder and want to participate in the KEY airdrop, starting with 1,000,000 KEY awarded on March 8 for the first Binance wallet snapshot. Over the next four subsequent months, your balance is 800,000, 900,000, 1,000,000, and 800,000 KEY per month when the snapshot initiates. Over the course of these five months, your average balance would be 900,000 KEY, meaning you are entitled to 15,000 new KEY in this airdrop. Remember, only KEY held in your spot wallet counts towards the airdrop, not KEY in an open trade or KEY that you are depositing or withdrawing from the exchange.

Promoting the Defi Ecosystem One Project at a Time

Considering BSC wants to establish itself as a go-to alternative for defi applications, supporting KeyFi’s airdrop is a smart strategic decision. Since KeyFi is building an all-encompassing defi dashboard for users, offering a regular and premium version where users can store digital assets and interact with defi apps, working together with BSC will better position the project in the defi economy. It will also allow BSC and Binance users to get easily involved with the project, while cementing Binance Smart Chain as a legitimate decentralized finance ecosystem that can compete with the best of them.