Our new roadmap sets our vision towards a truly multichain future through 2022.
Where we started
Interoperability is the biggest technical challenge that remains for blockchains. Without it, DApps are confined to one blockchain, struggling to achieve scalability. It is what BIFROST has set out to solve with its Multichain Middleware that enables DApps to run on multiple blockchains, try new and switch to new blockchains, and experience true scalability from their Multichain DApps.
For DeFi, the lack of interoperability results in capital markets isolated on each blockchain, competing for users and assets. BiFi is the Multichain DeFi Project by BIFROST, aiming to create a decentralized financial infrastructure that connects all the capital markets — allowing capital to flow seamlessly from one blockchain to another, without any wrapping, bridging, or custodians.
Where we are
BiFi began in early 2021 with the collateralized lending and liquidity mining protocols on Ethereum and BSC. Our short term goal for BiFi is to release a native BTC support for our lending protocol, along with our multichain wallet to support the feature. Our ultimate goal is to share this multichain DeFi technology for cross-EVM and non-EVM networks to everyone through our BIFROST Multichain Dev Suite.
We’re excited to share that our BTC lending feature has successfully passed our internal testing and is currently being extended with extra security features to make sure your BTC will always be safe. With recent onslaught of DeFi hacks, we are doubling down our focus on smart contract security. It has also meant the audit firms have been unusually busy and our audit schedule is being delayed as a result. We now expect to launch BTC lending in mid-Q3.
Where we are headed
We have learned a lot in the past year amid the explosive growth of DeFi. Taking all this, we have been expanding BIFROST to have DeFi-specific features and adding more plans to expand BiFi. We’re thrilled to share our updated roadmap that includes all of that, and guide our path towards a truly multichain future through 2022.
You can find our roadmap on the websites of BIFROST and BiFi. You can also read about the details below.
Testing for Multichain Lending (EVM-to-EVM)
After building our own lending protocol for EVM networks, we got to testing if we can make it multichain from EVM network to another EVM network. In September 2020, our internal test was successful. We got to working on our white paper to lay out our path to get there.
You can see our demo of lending across Ethereum and Klaytn.
Flash Loan & Leverage Automation (BiFi X)
One click to maximize yield farming and leveraged trading
Credit and leverage are one of the most fundamental concepts for economics and finance. In DeFi, flash loans have democratized leverage and thereby financial opportunities for every rational market participant who can find the opportunity to arbitrage or liquidate. BiFi decided to open its lending pools to flash loans to make it useful.
We also realized that most users of BiFi’s lending protocol were maximizing leverage on their yield farming or trading position by manually repeating the same transactions over and over. With flash loans, we can make automate this leveraging process, allowing users to get up to 6X leverage in a single transaction. We can also allow each position to stay separate, instead of a mix of deposits and borrows — so you can exit the position in one transaction as well. This service is called BiFi X — one-of-its-kind in DeFi for applying flash loans to lending — and it is set to launch in June 2021.
Multichain Lending for BTC (Non-EVM)
Deposit BTC, Borrow ETH, No Wraps, No Bridges
Our immediate focus is to connect Bitcoin and Ethereum. With only about 1% of BTC supply wrapped, this would enable a massive influx of BTC holders into DeFi. It is also the unsolved technical challenge for blockchain technology as a whole, and by resolving this, we seek to usher in a new era for DeFi.
Afterwards, we want to expand this multichain lending to support more networks, most of which are EVM-based today — beginning to connect every lending market on every blockchain.
Multichain Wallet
Multichain DeFi needs a Multichain Wallet.
Users will be able to store BTC, ETH and ERC-20 tokens, BNB and BEP-20 tokens, and more. It will feature fundamental P2P services and integration into BiFi’s services, and eventually other DeFi services as well.
Multichain DeFi Strategy Vaults
Building and Sharing DeFi Scripts & Strategies
BIFROST will be releasing DeFi scripting feature to allow anyone to build complex trades working across multiple services. We will create a place where these scripts to be built, shared, invested, and bought — so we can democratize DeFi.
DeFi Position NFT Marketplace
Buy and Sell Your DeFi Positions
NFT is good for something unique. That makes it good for art, but it also makes it good for your specific investment position. BiFi X was built with the plan to make the user buy or sell a specific position of leveraged deposits and borrows. Once the market reaches a critical mass, we will turn it into a marketplace for trading DeFi positions.
Multichain DeFi Products
New Financial Services for the Multichain Era
BiFi will connect and create new DeFi services that interoperate across multiple blockchains. Some ideas on paper so far: on-chain insurance for cross-chain asset management, cross-chain arbitrage products, and fee optimization through equivalent opportunities on different blockchains. We expect to have more ideas as our multichain technology matures.
Multichain DEX
Swap BTC for ETH, No Exchanges Necessary
Needing a centralized and regulated exchange to trade cryptocurrencies was not the original vision of blockchain technology. After tackling lending across blockchains, we will tackle trading across blockchains — to make crypto-capital flow seamlessly, without any exchanges or bridges.
DeFi Scripting, Watcher, and Web Interface
Making DeFi Simple
As DeFi matures, DeFi investments and trades are becoming more complex. Flash loan transactions go through several protocols in a single transaction. Right now, it’s only available for developers. We want to make it available for anyone with a good idea but who can’t code. This is a necessary step to make efficient DeFi markets.
BIFROST is adding DeFi scripts to easily transact with multiple services, a watcher to track what’s happening on chain, and an interface to allow anyone to track and trade in DeFi.
Multichain Dev Suite
Multichain DeFi & DApp for All
True innovation comes from open source collaboration. BIFROST will make the multichain DeFi technology available to other DeFi and DApp projects, so the blockchain ecosystem become more interconnected, more mature, and more innovative.
This is our ultimate vision of becoming the decentralized infrastructure that connects every blockchain — allowing capital and data to flow seamlessly from one blockchain to another, without any wrapping, bridging, or custodians.
We can’t wait to see what the future for blockchains hold, and we can’t wait to share with you what we’re working on.
In the meantime, let us know what you think in our Global AMA Telegram community!
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 & BiFi Token Info
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