BiFi is creating a decentralized financial infrastructure that connects all the capital markets currently isolated on each blockchain and creates new services that interoperate across multiple blockchains. In its first iteration, it offers decentralized lending and staking protocols on Ethereum and Binance Smart Chain.
BiFi is not a fork of other protocol, it was built from scratch to optimize the algorithms for volatility risk and gas reduction and offer competitive interest rates and collateral ratios. Using BIFROST's multichain technology, BiFi is the first DeFi lending to offer native Bitcoin lending, without any wrapping or bridging, or intermediary. It successfully launched its multichain lending service in 2021 where users can deposit BTC and borrow ETH. It also released extended services, such as Flash Loan (for developers) and BiFi X, which is an automated application of flash loans that allow users to get maximum leverage in a single transaction using flash loans on yield farming and trading positions in just one click.
There are ongoing plans to launch the awaited multichain wallet and multichain development suite for other DeFi projects in order to expand the multichain DeFi ecosystem.