As per the latest reports, Bitfinex, a major cryptocurrency exchange has made an announcement for its users and the crypto-enthusiasts. The exchange has announced that it has successfully developed and deployed a bridge between two major networks.
The exchange has announced that the bridge will be formed between the subsidiary DeversiFi and the decentralized trading platform. The firm has revealed that the bridge will act as a centralized platform and the decentralized trading platform it would use would be layer-2.
Through the bridge, the users will be able to roam freely inside the decentralized finance (DeFi) systems. These DeFi systems will be fully privacy-centric and the users would not require any permissions in order to access the systems.
The best part of the bridge is that while benefiting from the decentralized world, the users would also be able to benefit from the centralized world. The users will have access to several features and services provided by the institutions belonging to the centralized finance (CeFi) protocols. The CeFi would also make the experience of the users on the bridge highly liquid.
In a note that the company has sent to its users, it is mentioned that in the initial round, the users would only have access to Tether (USDT). They would only be able to use USDT in order to make transactions on the particular bridge and networks.
However, there are high chances that the platform would be enabled to accept more tokens in the coming days. It has been hinted that in near future, the network may start accepting ERC-20.
DeversiFi is a platform designed and launched for trading that has been built on the scalable technology provided by StarkWare. The particular platform “DeversiFi” is based on the Ethereum network.
It was back in early July when a bridge between the Polygon and Ethereum Network was formed by DeversiFi. Even at that time, it was revealed that the bridge being established was layer-2. The purpose of the launch of the networks was to help and reduce the cost of transaction fees being faced on the Ethereum network.
Throughout the year 2021, the layer-two networks have gained tremendous adoption due to their solution for deviating transaction fees. A couple of prominent platforms on the layer-two network are Optimism and Arbitrum. Both networks have played a significant role in increasing the decentralized finance protocols adoption.
The co-founder and chief executive of DeversiFi, Will Harborne, stated that with the passage of time, Layer-2 solutions have made their place in the crypto-ecosystem. People now want to pay fewer fees on the crypto-transactions they make and layer-2 solutions are offering just that. Therefore, they will continue launching more services, benefits, and bridges among other networks to make them more feasible and adaptable.