[Blockchain Today Correspondent Kim So-yeon] ‘BiFi’, a multi-chain DeFi (Decentralized Finance) developed by PyLab Technology (CEO Park Do-hyeon, hereafter referred to as PyLab), a blockchain technology company, is ‘Klaytn’ announced on the 1st that it would support
Klaytn is a blockchain platform developed by Ground X, an affiliate of Kakao’s blockchain technology. The data processing speed (TPS) is 4000TPS, which is about 200 times faster than Ethereum (20TPS), and the gas fee, which is a fee, is also cheaper at 1/100 of that of Ethereum. Another advantage is that it is easy to develop by providing its own software development kit (SDK).
ViFi implemented a multi-chain environment that directly connects the Klaytn network to the Ethereum network through FiLab’s blockchain middleware platform ‘Bifrost’. Through Bifrost, all service-related information of ByFi, such as deposit and loan history, is shared in real time with each blockchain network such as Ethereum and Klaytn.
As a result, you can use ByFi on the Klaytn network, which has improved gas cost and data processing speed, and at the same time, you can use the deposit and loan services for Klaytn-based (KCT7) cryptocurrencies, including Klaytn’s cryptocurrency, KLAY, in ByFi. there has been In addition, it became possible to borrow Bitcoin and Ethereum using Clay as collateral, or to borrow Klaytn using Ether as collateral.
BiFi, which started supporting Klaytn mainnet, is a multi-chain DeFi launched in January based on ‘Bifrost’, a blockchain middleware platform developed by FiLab. It provides various decentralized financial products such as deposit and loan services while multiple blockchain networks such as Ethereum, Bitcoin, Binance Smart Chain, Klaytn, and Avalanche are connected as one. While the existing DeFi service can only handle Ethereum-based tokens, ByFi can simultaneously trade multiple cryptocurrencies with different bases.
Currently, ByFi is Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USDC (USDC), Dai (DAI), KLAY, Chainlink (LINK), Labbit Bitcoin (WBTC), etc. A total of eight cryptocurrencies are being traded, and the total transaction amount, including total value locked (TVL), loan amount, and pooling and staking, has exceeded $197 million (KRW 230 billion).
Do-Hyun Park, CEO of Fi Lab said, “By working with Klaytn, Korea’s leading blockchain platform, we can more effectively expand the number of participants in the ByFi ecosystem. This is ByFi’s top priority,” he said.
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