BiFi is the Multichain DeFi Project built on BIFROST, the Universal Multichain Middleware. BiFi aims to create a decentralized financial infrastructure that connects all the capital markets currently isolated on each blockchain, and creates new products and services that interoperate across multiple blockchains.
In its first iteration, it offers decentralized lending and staking protocols on Ethereum and Binance Smart Chain. BiFi is not a fork of other protocols. It was built from scratch to optimize the algorithms for volatility risk and gas reduction and offer the most competitive interest rates and collateral ratios in the market. BiFi has received 3 external security audits.
BiFi plans to launch the multichain lending service in 2021. Deposit BTC, borrow ETH. No wrapping, no bridges. It also plans to release leverage solutions, multichain wallet, and multichain development suite for other DeFi projects to expand the multichain DeFi ecosystem.
BiFi Coin is powered by the multichain technology of Bifrost. With Bifrost, BiFi can use different tokens and coins from different blockchains and protocols on its services. Through multichain connectivity, BiFi will lower the gas fees, increase accessibility, and expand the ecosystem to enable more innovative financial products to more people.
Bifrost Wallet is a multichain wallet that supports multichain DeFi products and services on BiFi. Users can use multichain services such as lending and borrowing using Bifrost Wallet.
Hacks and frauds have tainted the blockchain ecosystem. The team of hackers, researchers, and security experts are dedicated to maintaining the highest standards of security. With , you can securely put your money to work.
What are its use cases?
BIFI token serves multiple functions on BiFi’s multichain DeFi platform. It can be used as a governance token, used to vote on proposals to enhance or submit proposals for BiFi. It can also be used as a currency to pay for multichain DeFi services on BiFi.
Why is it better?
Yield farming and leverage trading are the most popular use cases for DeFi lending protocols. You can repeat the process of depositing and borrowing multiple times to reach maximum leverage. While this is useful, it has obvious drawbacks:
1. It’s repetitive — it can take 10 or more transactions to get leverage
2. It’s expensive — more transactions mean more gas fees
3. It’s confusing — once you have multiple positions open, all the deposits and borrows become added up — making it impossible to track how your position is doing and to close out positions
This has made it difficult for the average user to begin leveraging DeFi services like BiFi.
BiFi Defi Coin X solves this problem by enabling leverage in a single transaction with flash loans and allowing users to easily monitor and manage their positions separately.
1. It’s simpler — anyone can do it with a few clicks, instead of repeating transactions several times.
2. It’s cheaper — one transaction is cheaper than multiple transactions.
3. It’s clearer — it was designed to track each position separately, so you can monitor the performances and close out positions one by one.
One of the most popular use cases for DeFi collateralized lending protocols is yield farming. In order to maximize the yield, you can repeat the process of depositing and borrowing to increase your position. However, this requires you to repeat multiple transactions and pay high gas fees. Exiting the position also requires multiple transactions. BiFi X Earn lets you maximize your leverage for yield farming in a single transaction. It also lets you monitor the performance of your position and exit your position in a single transaction.
Frequently Asked Questions About Chainlink
What Is BiFi ?
BiFi is a general-purpose framework for building decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs.
What Is Current Price Of BiFi ?
BiFi Current Price Available At Our Marketcap Page . Check Live Price On Coinworldstory Marketcap Page .
What Is Total Supply Of BiFi ?
Total Supply Of Chain Link Is 998,206,747 BiFi
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One of Coinworldstory's longest-tenured contributors, and now one of our news,ico,hyip editors, Verna has authored over 6900+ stories for the site. When not writing or editing, He likes to play basketball, play guitar or visit remote places. Verna, to his regret, holds a very small amount of digital currencies.