BiFi (an abbreviation of Bifrost Finance) is the decentralized finance platform built on Bifrost, the universal multichain middleware. BiFi aims to create a multichain DeFi ecosystem for cryptocurrencies with financial products and services that interoperate across multiple blockchains with scalable efficiency.
In the first iteration, BiFi offers lending and staking services. The lending implements depositing and borrowing, whereas the staking implements liquidity pools. The interest rates on BiFi Lending are algorithmically derived from the supply and demand in the market.
In the current stage, BiFi is available on the Binance Smart Chain (BSC) and Ethereum Mainnet. Unlike other DeFi projects, BiFi on BSC and Ethereum are not separate instances. BiFi’s smart contracts based on Bifrost transfers real-time market data on both chains to distribute BiFi tokens to users of both blockchains. In later stages, BiFi will connect other blockchains that fully support smart contracts, such as Tron, Polkadot, and Klaytn, and ultimately blockchains that do not have smart contracts, like Bitcoin. To support multichain interactions, BiFi will provide its own proprietary multichain wallet that supports multichain DeFi services on BiFi.
WEB Site: app.bifi.finance