diff --git a/core/src/apps/common/paths.py b/core/src/apps/common/paths.py
index 2cbb8017c5..603037788f 100644
--- a/core/src/apps/common/paths.py
+++ b/core/src/apps/common/paths.py
@@ -21,7 +21,7 @@ async def validate_path(
     curve: str,
     **kwargs: Any,
 ) -> None:
-    keychain.validate_path(path, curve)
+    keychain.match_path(path)
     if not validate_func(path, **kwargs):
         await show_path_warning(ctx, path)
 
@@ -58,10 +58,7 @@ def validate_path_for_get_public_key(path: list, slip44_id: int) -> bool:
 
 
 def is_hardened(i: int) -> bool:
-    if i & HARDENED:
-        return True
-    else:
-        return False
+    return bool(i & HARDENED)
 
 
 def break_address_n_to_lines(address_n: list) -> list:
diff --git a/core/src/apps/common/seed.py b/core/src/apps/common/seed.py
index 4a022b9ffc..bcf4d2417d 100644
--- a/core/src/apps/common/seed.py
+++ b/core/src/apps/common/seed.py
@@ -2,26 +2,56 @@ import storage
 from storage import cache
 from trezor import wire
 from trezor.crypto import bip32, hashlib, hmac
-from trezor.crypto.curve import secp256k1
 
 from apps.common import HARDENED, mnemonic
 from apps.common.passphrase import get as get_passphrase
 
 if False:
-    from typing import List, Union
+    from typing import (
+        Any,
+        Awaitable,
+        Callable,
+        Dict,
+        List,
+        Sequence,
+        Tuple,
+        TypeVar,
+    )
+    from typing_extensions import Protocol
+
+    Bip32Path = List[int]
+    Slip21Path = List[bytes]
+    PathType = TypeVar("PathType", Bip32Path, Slip21Path)
+
+    Namespace = Tuple[str, PathType]
+
+    T = TypeVar("T")
+
+    class NodeType(Protocol[PathType]):
+        def __del__(self) -> None:
+            ...
+
+        def derive_path(self, path: PathType) -> None:
+            ...
+
+        def clone(self: T) -> T:
+            ...
 
 
 class Slip21Node:
-    def __init__(self, seed: bytes = None) -> None:
-        if seed is not None:
+    def __init__(self, seed: bytes = None, data: bytes = None) -> None:
+        assert seed is None or data is None, "Specify exactly one of: seed, data"
+        if data is not None:
+            self.data = data
+        elif seed is not None:
             self.data = hmac.new(b"Symmetric key seed", seed, hashlib.sha512).digest()
         else:
-            self.data = b""
+            raise ValueError  # neither seed nor data specified
 
     def __del__(self) -> None:
         del self.data
 
-    def derive_path(self, path: list) -> None:
+    def derive_path(self, path: Slip21Path) -> None:
         for label in path:
             h = hmac.new(self.data[0:32], b"\x00", hashlib.sha512)
             h.update(label)
@@ -31,117 +61,88 @@ class Slip21Node:
         return self.data[32:64]
 
     def clone(self) -> "Slip21Node":
-        node = Slip21Node()
-        node.data = self.data
-        return node
+        return Slip21Node(data=self.data)
 
 
 class Keychain:
-    """
-    Keychain provides an API for deriving HD keys from previously allowed
-    key-spaces.
-    """
-
-    def __init__(self, seed: bytes, namespaces: list):
+    def __init__(self, seed: bytes, namespaces: Sequence[Namespace]) -> None:
         self.seed = seed
-        self.namespaces = namespaces
-        self.roots = [None] * len(
-            namespaces
-        )  # type: List[Union[bip32.HDNode, Slip21Node, None]]
+        self.namespaces = namespaces  # type: Sequence[Namespace]
+        self.roots = {}  # type: Dict[int, NodeType]
 
     def __del__(self) -> None:
-        for root in self.roots:
-            if root is not None and hasattr(root, "__del__"):
-                root.__del__()
+        for root in self.roots.values():
+            root.__del__()
         del self.roots
         del self.seed
 
-    def validate_path(self, checked_path: list, checked_curve: str) -> None:
-        for curve, *path in self.namespaces:
-            if path == checked_path[: len(path)] and curve == checked_curve:
-                if "ed25519" in curve and not _path_hardened(checked_path):
-                    break
-                return
+    def match_path(self, path: PathType) -> Tuple[int, PathType]:
+        for i, (curve, ns) in enumerate(self.namespaces):
+            if path[: len(ns)] == ns:
+                if "ed25519" in curve and not _path_hardened(path):
+                    raise wire.DataError("Forbidden key path")
+                return i, path[len(ns) :]
+
         raise wire.DataError("Forbidden key path")
 
-    def derive(
-        self, node_path: list, curve_name: str = "secp256k1"
-    ) -> Union[bip32.HDNode, Slip21Node]:
-        if "ed25519" in curve_name and not _path_hardened(node_path):
-            raise wire.DataError("Forbidden key path")
-
-        # find the root node index
-        root_index = 0
-        for curve, *path in self.namespaces:
-            prefix = node_path[: len(path)]
-            suffix = node_path[len(path) :]
-            if curve == curve_name and path == prefix:
-                break
-            root_index += 1
+    def _new_root(self, curve: str) -> NodeType:
+        if curve == "slip21":
+            return Slip21Node(self.seed)
         else:
-            raise wire.DataError("Forbidden key path")
+            return bip32.from_seed(self.seed, curve)
 
-        # create the root node if not cached
-        root = self.roots[root_index]
-        if root is None:
-            if curve_name != "slip21":
-                root = bip32.from_seed(self.seed, curve_name)
-            else:
-                root = Slip21Node(self.seed)
-            root.derive_path(path)
+    def derive(self, path: PathType) -> NodeType:
+        root_index, suffix = self.match_path(path)
+
+        if root_index not in self.roots:
+            curve, prefix = self.namespaces[root_index]
+            root = self._new_root(curve)
+            root.derive_path(prefix)
             self.roots[root_index] = root
 
-        # derive child node from the root
-        node = root.clone()
+        node = self.roots[root_index].clone()
         node.derive_path(suffix)
         return node
 
-    def derive_slip77_blinding_private_key(self, script: bytes) -> bytes:
-        """Following the derivation by Elements/Liquid."""
-        master_node = self.derive(node_path=[b"SLIP-0077"], curve_name="slip21")
-        assert isinstance(master_node, Slip21Node)
-        return hmac.new(
-            key=master_node.key(), msg=script, digestmod=hashlib.sha256
-        ).digest()
+    def __enter__(self) -> "Keychain":
+        return self
 
-    def derive_slip77_blinding_public_key(self, script: bytes) -> bytes:
-        private_key = self.derive_slip77_blinding_private_key(script)
-        return secp256k1.publickey(private_key)
+    def __exit__(self, exc_type: Any, exc_val: Any, tb: Any) -> None:
+        self.__del__()
 
 
-async def get_keychain(ctx: wire.Context, namespaces: list) -> Keychain:
+@cache.stored_async(cache.APP_COMMON_SEED)
+async def _get_seed(ctx: wire.Context) -> bytes:
     if not storage.is_initialized():
         raise wire.NotInitialized("Device is not initialized")
-    seed = cache.get(cache.APP_COMMON_SEED)
-    if seed is None:
-        passphrase = await get_passphrase(ctx)
-        seed = mnemonic.get_seed(passphrase)
-        cache.set(cache.APP_COMMON_SEED, seed)
+    passphrase = await get_passphrase(ctx)
+    return mnemonic.get_seed(passphrase)
+
+
+@cache.stored(cache.APP_COMMON_SEED_WITHOUT_PASSPHRASE)
+def _get_seed_without_passphrase() -> bytes:
+    if not storage.is_initialized():
+        raise Exception("Device is not initialized")
+    return mnemonic.get_seed(progress_bar=False)
+
+
+async def get_keychain(ctx: wire.Context, namespaces: Sequence[Namespace]) -> Keychain:
+    seed = await _get_seed(ctx)
     keychain = Keychain(seed, namespaces)
     return keychain
 
 
 def derive_node_without_passphrase(
-    path: list, curve_name: str = "secp256k1"
+    path: Bip32Path, curve_name: str = "secp256k1"
 ) -> bip32.HDNode:
-    if not storage.is_initialized():
-        raise Exception("Device is not initialized")
-    seed = cache.get(cache.APP_COMMON_SEED_WITHOUT_PASSPHRASE)
-    if seed is None:
-        seed = mnemonic.get_seed(progress_bar=False)
-        cache.set(cache.APP_COMMON_SEED_WITHOUT_PASSPHRASE, seed)
+    seed = _get_seed_without_passphrase()
     node = bip32.from_seed(seed, curve_name)
     node.derive_path(path)
     return node
 
 
-def derive_slip21_node_without_passphrase(path: list) -> Slip21Node:
-    if not storage.is_initialized():
-        raise Exception("Device is not initialized")
-    seed = cache.get(cache.APP_COMMON_SEED_WITHOUT_PASSPHRASE)
-    if seed is None:
-        seed = mnemonic.get_seed(progress_bar=False)
-        cache.set(cache.APP_COMMON_SEED_WITHOUT_PASSPHRASE, seed)
+def derive_slip21_node_without_passphrase(path: Slip21Path) -> Slip21Node:
+    seed = _get_seed_without_passphrase()
     node = Slip21Node(seed)
     node.derive_path(path)
     return node
@@ -154,3 +155,31 @@ def remove_ed25519_prefix(pubkey: bytes) -> bytes:
 
 def _path_hardened(path: list) -> bool:
     return all(i & HARDENED for i in path)
+
+
+if False:
+    from protobuf import MessageType
+
+    MsgIn = TypeVar("MsgIn", bound=MessageType)
+    MsgOut = TypeVar("MsgOut", bound=MessageType)
+
+    Handler = Callable[[wire.Context, MsgIn], Awaitable[MsgOut]]
+    HandlerWithKeychain = Callable[[wire.Context, MsgIn, Keychain], Awaitable[MsgOut]]
+
+
+def with_slip44_keychain(
+    slip44: int, curve: str = "secp256k1", allow_testnet: bool = False
+) -> Callable[[HandlerWithKeychain[MsgIn, MsgOut]], Handler[MsgIn, MsgOut]]:
+    namespaces = [(curve, [44 | HARDENED, slip44 | HARDENED])]
+    if allow_testnet:
+        namespaces.append((curve, [44 | HARDENED, 1 | HARDENED]))
+
+    def decorator(func: HandlerWithKeychain[MsgIn, MsgOut]) -> Handler[MsgIn, MsgOut]:
+        async def wrapper(ctx: wire.Context, msg: MsgIn) -> MsgOut:
+            keychain = await get_keychain(ctx, namespaces)
+            with keychain:
+                return await func(ctx, msg, keychain)
+
+        return wrapper
+
+    return decorator