BiFi now supports Binance Smart Chain (BSC) as of March 6th 6:00 AM UTC. We are well on our way to achieving our goal of expanding the DeFi ecosystem currently limited to Ethereum and ultimately developing a rich ecosystem of networks and services.
👉 Add BSC to MetaMask: academy.binance
👉 Try BSC BiFi Lending: bsc.bifi.finance
The Inception of Multichain DeFi
We envision a multichain DeFi ecosystem. For this means, we use Bifrost — the multichain middleware platform — to draw out the best of each blockchains and provide the needed services and features to BiFi — for better protocol performance and experience for our users.
Binance Smart Chain (BSC) allows for lower gas fees and faster transactions. We’ve built on BSC to bring these attractive benefits to our users. BiFi users will now be able use both Ethereum and Binance Smart Chain, while connecting to other BSC-based DeFi services (ex. PancakeSwap) accordingly.
A Truly Multichain DeFi — BiFi
There are a few DeFi services that aim to support both Ethereum and BSC simultaneously. These services, however, operate the two networks separately by building the Ethereum-based service on the BSC network. As a result, these two networks operate individually, therefore creating a connected reward system between the two networks, and therefore causing inconvenience for the user.
Let’s say the total token reward for a DeFi service running on a single blockchain network is 100. When this service expands to another blockchain, each chain will need to run the DeFi on each chain individually. At this point, the service must divide the initial total token reward between the two chains (ex. Ethereum: 50, BSC: 50). As the DeFi connects to more chains, the total token reward will need to be divided into smaller amounts.
BiFi on BSC is not just a separate instance, living on a separate island than Ethereum. BiFi’s smart contract collects market data from both Ethereum and BSC, and then accrue rewards accordingly. We use Bifrost’s multichain technology to exchange market data within Ethereum and BSC to support a truly multichain ecosystem. This ensures that the rewards of tokens are not divided among chains, but the same way as before corresponding to the existing reward distribution method. In the near future, BiFi will expand the range of information to be exchanged in order to ultimately build a multichain DeFi that allows for collateralized loans from different networks. (ex. BNB as collateral for USDT loans, etc.)
BiFi Takes First Step Towards Building A Multichain DeFi
BiFi Lending on BSC
Our team, and presumably the whole DeFi community, are well aware of the soaring gas fees on Ethereum. Users who were hesitant to use BiFi because of the expensive Ethereum gas fees can now use the same Ethereum-based BiFi Lending service presently on the BSC network. As of March 6th, 2021, the average gas fee of BSC is approximately a bit less than $0.50.
Currently, BSC is only supported on the lending service. On Lending, 5 tokens, including BNB, are available depositing and borrowing within BSC. Using the lending service and the reward compensation is the same as Ethereum BiFi Lending. Earned BiFi tokens can be claimed after the launch of our Bifrost Wallet.
Realizing Multichain DeFi Through BiFi
We’ve seen a significant potential to realize multichain DeFi through BSC connection. Connecting BSC to BiFi is just the first step. We will continue to establish a strong relationship with Binance for the stable support of BSC and ensure that our users get the best experience using BiFi within BSC.
To date, the our team will strategically choose the next networks to connect to BiFi — and users will be able to select the networks they prefer in the most efficient and advantageous way possible.
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, BNB, DOT, 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.
Resources
If you’re new to BIFROST and BiFi, get started here:
- BIFROST & BiFi Website
- Start Lending on BiFi
- New to BiFi? See BiFi Guide for Beginners
- BFC and BiFi Token
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