BIFROST is Integrating Avalanche, Bringing its DeFi Protocol BiFi and Enabling Other DApps to…
BIFROST is Integrating Avalanche, Bringing its DeFi Protocol BiFi and Enabling Other DApps to Function Across Chains
Two-fold expansion of BIFROST and BiFi will bring new DApps and unique DeFi protocol to Avalanche.
BIFROST, the Universal Multichain Middleware, will integrate Avalanche to enable DApps to combine multichain technology with Avalanche’s high performance and low fees. Furthermore, BiFi, the Multichain DeFi Project by BIFROST, will launch on Avalanche, bringing its lending protocol and much more to Avalanche’s DeFi ecosystem.
Enabling Developers to Choose Multiple Chains
Interoperability is the biggest technical challenge that remains for blockchains. BIFROST’s Multichain Middleware aims to solve this problem by enabling DApps to grow beyond a single blockchain, explore emerging networks, and achieve true scalability.
To deliver these capabilities, BIFROST is supporting the most promising Layer-1 and Layer-2 solutions in the market to deliver the best developer experience. To that end, we are excited to work with Ava Labs to integrate their mainnet Avalanche to BIFROST, and bring its speed, security, and affordability to BIFROST developers by the end of the year.
Enabling Capital Flow Across Chains
For DeFi, the lack of interoperability results in capital markets isolated on each blockchain, competing for users and assets.
BiFi is the Multichain DeFi Project by BIFROST, aiming to create a decentralized financial infrastructure that connects all the capital markets — allowing capital to flow seamlessly from one blockchain to another, without any wrapping, bridging, or custodians.
BiFi began with a collateralized lending and liquidity mining protocol on Ethereum and BSC, and it will be expanding its services to Avalanche in the coming months. It plans to reveal its native multichain lending and wallet in late June, and open BIFROST’s Multichain DeFi Dev Suite by the end of the year. Every code was developed from the group up and has gone through multiple audits.
“Avalanche is one of the most promising blockchain mainnets in the market today. With an innovative consensus mechanism, transaction throughput of 4,500+ per second, and Ethereum-friendly development kit, Avalanche can lead to the evolution that blockchain technology has needed all along. BIFROST and BiFi are excited to be partners in contributing to the growth of Avalanche and the blockchain industry as a whole.” — Dohyun Pak, CEO & Co-founder of BIFROST/BiFi
Avalanche has more than 50 live DeFi projects on its network, and a rapidly growing base of users, assets, and applications, Avalanche is emerging as a major DeFi ecosystem. Since the launch of the bridge on February 8, 2021, smart contract activity on Avalanche has boomed, with users executing over 2.7M transactions and creating more than 120,000 unique wallets.
Since launching in January 2021, BiFi has been used by more than 7,000 wallets from 136 countries, and attracted over $150 million across deposits, borrows, and staking.
BIFROST is a Universal Multichain Middleware. It is not another blockchain, nor an exclusive ecosystem. Rather, it is a universal language for blockchains to communicate with each other. DApp developers can assign different components to desired blockchains, BIFROST then transpiles the code and deploys them directly to blockchains. Developers can create the best combination of blockchains, try and switch to new ones, and experience true scalability in their Multichain DApps.
BiFi is the Multichain DeFi Project built on BIFROST. It seeks to create a decentralized financial infrastructure that connects all the capital markets — allowing capital to flow seamlessly from one blockchain to another, without any wrapping, bridging, or custodians. BiFi offers collateralized lending, liquidity mining, and soon will launch its native multichain lending and wallets to connect and expand the DeFi ecosystem as a whole.
Avalanche is an open-source platform for launching decentralized finance applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Developers who build on Avalanche can easily create powerful, reliable, and secure applications and custom blockchain networks with complex rulesets or build on existing private or public subnets.
BIFROST is Integrating Avalanche, Bringing its DeFi Protocol BiFi and Enabling Other DApps to… was originally published in Avalanche on Medium, where people are continuing the conversation by highlighting and responding to this story.