Hey guys! Happy to connect today and learn more about BiFi! Can you tell us more about the founding of BiFi and what the problem is that you were addressing?
In 2016, we initially began the development of Bifrost, a multichain middleware platform that allows for blockchains to communicate with each other. While the technology was ready for initial commercialization, we realized that Bifrost was too early for the blockchain industry. With most DApps built on Ethereum and without other strong mainnet protocols DApp developers did not have an option of leveraging a multichain environment to build. At the same time, we took note of the surge of DeFi projects and saw the potential in enabling a truly multichain DeFi ecosystem.
Gradually, we decided to develop our own DeFi called BiFi. BiFi is the Multichain DeFi Project built on BIFROST, the Universal Multichain Middleware. BiFi aims to create a decentralized financial infrastructure that connects all the capital markets currently isolated on each blockchain, and creates new products and services that interoperate across multiple blockchains.
Could you please give us a rundown of the most important things about the BiFi?
BiFi is a lending and borrowing platform with three main services (Lending, Pooling, Staking). It incentivizes users with interest and BiFi tokens for using the service.
- Lending (on Ethereum & BSC): Users can deposit and borrow BEP-20 and ERC-20 assets
- Pooling (on Ethereum): Users can become a liquidity provider for BFC-ETH and BiFi-ETH pool on Uniswap, then stake LP tokens on BiFi
- Staking (on Ethereum): Users can stake BFC tokens
So going forth into 2020 and beyond, how will BiFI make an impact in the crypto space, or on the world?
Without interoperability, the DeFi markets remain isolated on each blockchain, competing for users and assets. Leveraging BIFROST, BiFi seeks 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.
Now, could you tell us about your accomplishments so far, and in the history of the BiFi, please tell us what you are most proud of.
BiFi allows interoperability between DeFi networks (e.g. Ethereum, BSC, and beyond), enabling load distribution across chains, enabling cheaper and faster transactions while connecting digital capital markets.
BiFi is currently supported on Ethereum and Binance Smart Chain (BSC). BiFi on Ethereum and BSC is a single service, not living on a separate island. BiFi uses Bifrost’s multichain technology to collect and exchange data among different blockchains, enabling a truly multichain ecosystem. This ensures that the rewards are not divided chain by chain, but rather shares the same existing distribution model among chains. BiFi will gradually expand the range of information exchanged on these chains to build a multichain DeFi with collateralized loans from different chains.
Now, give us a quick rundown of the future of the project. For example, what new things are you seeking to bring to life and what will it mean for BiFi?
In January 2021, BiFi launched its staking, pooling, and collateralized lending services on Ethereum. Following in March, the lending service was launched on Binance Smart Chain (BSC), as our next initiative in envisioning a multichain ecosystem. Rather than mere mirror instances, BiFi shares market data across both blockchains with a watcher.
BiFi plans to launch multichain lending service (deposit BTC, borrow ETH) in Q3/Q4 2021. No wrapping, no bridges. We also plan to release our own multichain wallet and multichain development suite for other DeFi projects to expand the multichain DeFi ecosystem.
Tell us about your team. Who’re the people behind the screens?
Bifrost and BiFi is currently a team of 31 with in-house developer, product, growth and marketing teams.
Dohyun Pak is the CEO and co-founder of Bifrost. He is an ex-quantitative derivatives trader with more than 20 years of experience in developing and managing quantitative products for global financial institutions. He received his PhD in Financial Engineering at the University of Michigan, Ann Arbor and currently serves as a professor of mathematical finance.
JongHyup Lee, CTO and co-founder of Bifrost, is a cyber security expert with a PhD in Computer Science with more than 15 years of experience in the field. He has presented research at top-tier conferences as a post-doctoral researcher at CMU and also a founding member of PPP (top CMU Hacking Team). He also serves as a professor of mathematical finance.
Changhyun Yoo, COO and co-founder of Bifrost, is a financial software architect and derivatives trader with 20 years of experience. He has developed countless financial platforms for leading financial institutions for over a decade.
Soso, CMO of Bifrost, is a medical doctor turned crypto VC. He has been one of the top Korean YouTube influencers since 2017. As a co-founder of a blockchain-focused Venture Capital, he supported growth for more than 30 companies. He fuels the Bifrost team with his passion for cryptocurrencies and expertise in blockchain technologies.
Which partnerships have BiFi engaged so far, and which ones are the most impactful?
To offer more mainnet options to developers and expand our services within the DeFi ecosystem, BIFROST and BiFi together have established over 35+ global partners. Most notable partners include Neo, Matic, Terra, Nuls, Tomochain, Coti, Reef, and Marlin; most recent ones include Chainlink, Ozys, Tokamak, PAID, and PlasmaPay. The full list can be viewed on our website: https://thebifrost.io/partner.
If people would like to follow BiFI on social media, visit your website or read your important documents, what are the links they need to visit? Please list them below.
Links to our websites, dos, social media, and Telegram can be found below:
Bifrost & BiFi Telegram
Thank you so much for your time! Do you have anything to add before we finish?
If you are new to BiFi or even decentralized finance, see our BiFi Guide for a step-by-step tutorial on BiFi. Join our Telegram channels to stay updated on recent announcements and developments. Our AMA Telegram group is also open for anyone to join — our team members will be happy to answer any questions you have about Bifrost and BiFi — almost immediately!