Binance announces support for KEYFI and KEY airdrop

As the largest cryptocurrency exchange on the market in terms of trading volume, Binance is ideally suited to hosting airdrops, given its user base. KeyFi has announced that it will be releasing two distinct airdrops to token holders on Binance, designed to incentivize long-term ownership of its tokens.

Airdrop logistics

There will be two separate airdrops, both relying on Binance wallet snapshots to determine how many new tokens a user will receive. The first airdrop will be taking place on July 8, 2021, with a minimum average holding of 88,000 KEY needed to participate. Binance will take a KEY wallet snapshot once a month over the course of five months, with the average holding over that period the set quantity to base how many KEY tokens you will receive. This airdrop calls for 1 KEYFI for every 22,500 KEY held.

The second airdrop will be run the same way, except this time KEY will be airdropped. To qualify, users need to hold at least 500,000 KEY over the five months. On July 18, 2021 the airdrop will occur, with one KEY rewarded to users for every 60 KEY they hold. For this giveaway, the Binance wallet snapshots will take place on the eighth of every month between March and July.

To better understand the airdrop’s dynamics, well go over an example. Suppose on February 28, when the first KEY wallet snapshot commences, you have 200,000 KEY in your wallet. The next month on the 28 you have 220,000. For the following three months, your wallet contains 200,000, 180,000, and 200,000 tokens, as you could not decide whether to sell or accumulate KEY. When the final snapshot is underway, it’s determined that your average KEY holdings over the five-month period was 200,000, meaning you are entitled to 8.89 KEY in the airdrop.

Will KeyFi become the Binance of Defi?

KeyFi wants to make decentralized finance as easily accessible and usable as possible, creating a simple dashboard where users can handle all of their defi needs in one place. Using KeyFi’s standard or professional platform options, users can conveniently manage all of their digital assets, interact with defi applications directly from the dashboard, view portfolio allocations, rebalance their holdings to take advantage of the most profitable yield generating situations, and earn KeyFi staking rewards.

As an open platform, the dashboard is accessible through MetaMask, Wallet Connect, or KeyFi’s native SelfKey wallet, an easy to use multi-currency wallet developed in-house by the KeyFi team. As a decentralized platform, KeyFi leaves governance up to the community, allowing all stakeholders to directly impact the project’s future direction. Although many were probably holding onto their KEY tokens for the long term anyway, this joint effort by KeyFi and Binance is sure to motivate holders to retain KeyFi asset ownership.

The unstoppable rise of Binance

Binance was started in 2017 by now-famous cryptocurrency figurehead Changepeng Zhao, and has since evolved into much more than just a digital currency exchange. Recently, Binance has been focusing on its centralized alternative to decentralized finance, known as Binance Smart Chain, which has become quite popular.

Using BSC, users can access almost all of the traditional applications available on decentralized finance, such as token swaps, crowdfunding, lending, borrowing, and staking, but in a much more easy to access, intuitive, and cost-effective platform. Binance Smart Chain combines key components of the blockchain ecosystem into one space, allowing users to access defi primitives within a scalable, low-fee environment

Binance is available in most countries globally, making its BNB cryptocurrency one of the most popular on the market. As the ‘gas’ of the BSC network, the price of BNB has exploded alongside the platform’s usage, spurring new users to get involved. Binance is also looking to grow its network, and one of the best ways to do so is by delivering airdrop giveaways on behalf of popular cryptocurrency projects. Since so many cryptocurrency owners use Binance to store and trade their tokens, KeyFi chose Binance to help deliver a reward to early adopters that will support long-term adoption of KeyFi’s defi platform.

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About Author

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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