SEOUL, South Korea, Dec. 1, 2021 /PRNewswire/ — BIFROST (https://thebifrost.io/), the blockchain middleware that enables true multichain connectivity, is now live on Klaytn, a global public blockchain network.
BiFi and Biport join other decentralized applications (DApps) in the Klaytn ecosystem which will give user increased accessibility and compatibility. Officially launched in June 2019, Klaytn is a public blockchain focused on GameFi and creative content backed by Internet giant Kakao Corp.
With global expansion being an essential next step, Klaytn will rely on BIFROST and BiFi to overcome two of the most significant issues in DeFi – expensive gas fees and slow transactions -through decentralized data & control and low latency, high scalability private blockchains.
Klaytn will also be providing financial incentives and technical support to BIFROST as part of the agreement to grow the ecosystem.
The launch of BiFi was rolled out with the vision of sustainable multichain DeFi and has since accumulated more than $196 million in total value locked (TVL) across its multichain networks spanning Bitcoin, Ethereum, Binance Smart Chain (BSC), and Avalanche since January 2021.
With Klaytn now on board, BIFROST’s multichain ecosystem is made even more efficient. Users can access various network and asset options, including supported tokens more easily like KUSDT, KDAI, KUSDC, KWBTC, KXRP, and KETHER. BIFROST’s Biport Wallet will also soon support Klaytn and the abovementioned Klaytn-Compatible Tokens (KCT).
Unlike the reward for existing Ethereum and BSC networks on BiFi, the reward for lending and borrowing on Klaytn is allocated to x(TBD) BiFi. This allows earlier adopters to receive additional BiFi rewards and benefit from a higher annual percentage yield (APY).
BIFROST is a Universal Multichain Middleware. A universal language for blockchains to communicate, decentralized applications (DApps) developers can assign different components to desired blockchains. Not restricted to a single blockchain, BIFROST creates a new environment where developers can combine the best protocols to develop substantially more scalable and flexible DApps.
BiFi is the first Multichain DeFi Project built on BIFROST. It seeks to create a decentralized financial infrastructure that connects all the capital markets — allowing capital to flow seamlessly from one blockchain without any wrapping, bridging, or custodians. BiFi is the first to launch Native BTC lending and offers DeFi services on Bitcoin, Ethereum, Binance Chain, Avalanche and Klaytn networks.
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