Purchased Dawntrail on Steam. One key, or two (or does the second appear later)?

[Jeeqbit]

I forget - does that second key show up later, after the expansion drops, or is something funky with my account?

The first one was just the pre-order code that gives you access several days early and a pre-order minion/earring.

The second one shows up later, around the official release date of July 2nd. Note I said "official release date". Don't expect it to be there during early access necessarily.

You will need to make sure it is entered into the account when you see it available on July 2nd so that your gameplay isn't interrupted, since without the code you could lose access to the expansion areas suddenly and be unable to login to your character without visiting a random world server.

Most retailers will email the code, but for Steam it should just be in the CD keys.

[TattersailNightwish]

Most retailers will email the code, but for Steam it should just be in the CD keys.

Just not yet, so the fact that I (and others) only see one for now is normal. Right?

[Jeeqbit]

Just not yet, so the fact that I (and others) only see one for now is normal. Right?

Correct; the second email typically comes around the official release date that is in this case July 2nd, so that's when I'd expect it to show in Steam.