BonFi Cross-Chain Bridges Go Live
Cross-Chain bridges offer unprecedented DeFi Opportunities
BonFi has achieved a cross-chain milestone with brand-new links to four new blockchain protocols. Through our strategic partner, Nerve Network, we can support cross-chain transactions on the following public blockchain protocols: Ethereum, Binance Smart Chain (BSC), Huobi Eco Chain (Heco), OKEX Chain, and NULS.
Benefits of Interoperability
With the rapid development of DeFi, we believe that interoperability is the road forward. We intend to break down blockchain value silos and provide better underlying support for DeFi applications. We allow digital asset owners to enjoy secure, accessible, and transparent DeFi application services through interoperability solutions. Most cross-chain projects build around the center of their platform; instead, BonFi and NerveNetwork position themselves as a service provider designed to serve all public and other affiliated chains.
Through cross-chain bridges, we can leverage unparalleled opportunities. We can launch cross-chain DeFi products such as cross-chain staking and liquidity mining. Moreover, we can increase transaction speed and tremendously reduce gas fees. Users can leverage the advantages of different blockchain ecosystems at low fees. Here are some examples of potential application scenarios:
User A withdraws 1000 BNF to participate in a PancakeSwap liquidity pool. User A will need to convert BNF from the ERC20 Network to Binance Smart Chain (BSC). Through the NerveNetwork, this operation will cost zero fees. However, User A will need some BNB tokens to cover the BSC network gas fees on PancakeSwap.
User B wants to join a staking pool on the Huobi Eco Chain (Heco) network. To convert BNF holdings from the ETH network to Heco, she uses the Nerve Network to cross-chain her token assets. Afterward, User B transfers his/her crypto assets to a Heco wallet address, allowing her to participate in Heco liquidity mining.
Multi-Chain Integration Launch
The launch of multi-chain transactions and DeFi products will boost the adoption of DeFi applications among a wider public. Creating cross-chain bridges only marks the first step towards achieving our goals. We will continue our efforts to streamline the DeFi User Experience. Stay tuned for more news in the coming weeks on how to start enjoying the cross-chain DeFi experience!
BonFi is a multilayered open finance liquidity mining service platform complemented by the AI-powered BonVest, a professional cryptocurrency liquidity mining solution. It expands the DeFi financial product offering by combining smart contract staking and a managed cryptocurrency liquidity pool to achieve sustainable benefits for users.