The crypto and blockchain industries are young and full of potential. They offer nearly endless possibilities and stand to revolutionize, or at least somewhat improve, nearly every industry out there. In fact, many believe that even now, after years of research, we have only scratched the surface of what these technologies can do.
Their potential was even recognized by financial institutions and the governments. Institutional investors have started buying crypto through their intermediaries, banks are developing CBDCs, while countries are struggling to regulate the crypto industry and make it safer, and more available.
It would appear that everything is working out great for crypto and blockchain, with development continuing and adoption booming with each new year. However, while most people are focusing on what is the best cryptocurrency to invest in, there is a major problem lurking in the background. The problem is that the blockchain ecosystem remains very fragmented and dysfunctional.
Each blockchain is its own world, its own ecosystem. Interoperability is difficult, if not impossible for them to achieve. Picture the current state of the blockchain industry as websites that exist for themselves, but are not connected via the internet, except in certain places. In crypto, such places would be crypto exchanges.
Fortunately, this can be solved, and the project called Bifrost is working on forging the fragmented blockchain industry into a strong new network.
What is Bifrost and What Does it Do?
Bifrost is a blockchain project — a platform, and the world’s first blockchain middleware, which aims to enable multichain technology. The project recognized the problem of the blockchain industry, where users and developers need to settle for only a single protocol at the time.
Bifrost believes it can solve this issue, and allow developers to create new products, such as dApps, on top of multiple protocols.
Bifrost is not restrained to a single blockchain, which makes it capable of creating a new, unified environment where developers can combine the best of each protocol, and create far more advanced solutions than they ever made before.
Of course, Bifrost’s team knew that this sounds too good to be true — an empty promise, the likes of which was made many times in the past, and particularly during the ICO craze. This is why it decided to back its words with evidence, and prove that its vision is real. As a result of this need, Bifrost created its own multichain DeFi project called BiFi.
What is BiFi?
Simply put, BiFi is the most flexible, transparent, and comprehensive DeFi platform out there. It allows users to save, lend, and invest with a variety of cryptocurrencies, including Ethereum, Tether, and even Bitcoin.
BiFi is a multichain project powered by Bifrost’s multichain technology, and it promises to connect any blockchain to any other blockchain. This does not only work within the Ethereum ecosystem. As mentioned, it can easily connect Ethereum’s network to that of Bitcoin, Binance Smart Chain, TRON, Polkadot, Klaytn, and more.
While Ethereum is huge by itself, the entire crypto industry is a lot bigger, and BiFi can connect it all into one network via this multichain connectivity. As a result, the DeFi ecosystem would no longer be tied to Ethereum only. DEXes could list Bitcoin, BTC staking might even become a possibility, and not to mention that BiFi would solve all fundamental societal challenges of centralized finance (CeFi).
Another thing to note is that Bifrost Suite would support dApp development, as it is tailored to DeFi apps.
The project is very serious about working on transforming the crypto industry into the best version of itself that it can be. So much so, in fact, that it has already attracted numerous partners, including Chainlink, as the most recent one.
Other than LINK, it has 34 other partners who studied the project and found its goal worth supporting.
As for coins, Bifrost’s BFC is already listed on Uniswap, Gate.io, Upbit, and Bilaxy, while BiFi sits on Uniswap, Gate.io, and Bilaxy.
When it comes to services that BiFi can offer, those include lending, staking, and pooling, where BiFi token rewards are earned as rewards for using all 3 services. Users even earn interest for depositing assets for lending/borrowing purposes.
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