BiFi: Lending & Rewards Launch

BiFi launches Lending & Rewards on Jan 7 at 6:00 AM UTC

BiFi is a multichain DeFi project powered by Bifrost. As announced in the notice for BiFi Open Beta, we are launching our Lending & Rewards service today at Jan 7 6:00 AM UTC.

You can watch a demo video and read more about how it works below.

Then visit app.BiFi.finance to start using it!

Lending: Deposit & Borrow Assets

Lending and borrowing are the foundational services of finance. So it is natural that we are starting with these building blocks to create a multichain DeFi ecosystem.

In our open beta, we are supporting depositing and borrowing of the following ERC-20 tokens: ETH, USDT, DAI, and LINK. We will be adding more ERC-20 tokens as the market develops.

Later in 2021, we will begin supporting lending between Ethereum-based tokens and tokens on other EVM-based blockchains like Tron and Klaytn. Ultimately, we plan to connect directly to Bitcoin, allowing users to deposit BTC to borrow ERC-20 tokens.

Browser Wallet

At launch, we are supporting MetaMask. In Q1 of 2021, we will launch our multichain wallet, Bifrost Wallet, which will be necessary to use our multichain DeFi products and services.

Interest Rates

You can deposit your assets to earn interest. You can also borrow other assets against your deposit. The interest rates are determined in real time by the supply and demand of deposits and borrows in the market.

We have developed our own proprietary interest rate formula and smart contract, which approximates compounding interest while optimizing for gas fees. This will allow depositors to earn more interests, while borrowers to pay less fees.

Deposit & Collateral

Once you make a deposit, you can borrow against it as a collateral. The collateral ratio for for each token is different. For example, if the collateral ratio for a token is 80%, you will be able to deposit 100 tokens and borrow 80 tokens worth of different assets. When you do so, your net debt-to-asset ratio will be 80% (80 in borrow against 100 in deposit).

Each asset may have a different collateral ratio, so be sure to check when you do a deposit or borrow.

Liquidation

Your collateral may be at the risk of liquidation if there is a price change in the market that decreases the value of your collateral or increases the value of your loan. If your net debt-to-asset ratio reaches more than 90% your collateral is at the risk of liquidation.

Please be sure to check the debt-to-asset ratio on the Lending page.

Rewards: Use BiFi, Earn BiFi

To form the participants in our DeFi platform, we are rewarding the users of BiFi service with BiFi tokens. When you borrow or deposit any asset, you will earn BiFi tokens.

Rewards

Total of 400,000,000 BiFi tokens will be distributed over the course of 4 years. The distribution and period of the rewards may change in the future based on governance proposals.

The exact amount of reward you get for your transactions will depend on the supply and demand in the market. You can check the daily distribution amounts on Rewards page.

BiFi Tokens

BiFi tokens will be used in three ways: (1) governance token for the BiFi platform that can create and vote on proposals, (2) token used for various financial services on BiFi, and (3) fee token for the DeFi products and services on the BiFi platform.

You can read more about its token economics and distribution schedule in our BiFi Listing article.

BiFi Roadmap

There is more to come! Check out our roadmap below.

  • January 2, 2021 — Staking & Pooling: Launched staking service for BFC and BFC-ETH pair to earn BiFi tokens.
  • January 7, 2021 — Lending & Rewards: Launched lending and borrowing service for ERC-20 assets and Rewards Program to earn BiFi tokens.
  • Visti BIFROST & BiFi websites for more information

About BiFi

Powered by Bifrost’s multichain technology, BiFi is the multichain DeFi project that will connect not only Ethereum but also other blockchains like Bitcoin, Tron, and Klaytn, thereby expanding the DeFi ecosystem currently limited to Ethereum. Through this multichain connectivity, BiFi will lower the gas fees, increase accessibility, and expand the ecosystem to enable more innovative financial products to more people.

Stay with Bifrost & BiFi

Website (BIFROST) | Website (BiFi) | Twitter (BIFROST) | Twitter (BiFi)Telegram (Global) | Telegram (Korean) | BFC Bot Website
YouTube | Facebook

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BiFi

BiFi

The first and truly multichain DeFi platform powered by Bifrost

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