The DeFi sector is set for another innovation as DeversiFi announces its first Layer-2 bridge. The swap will release the bridge on Bitfinex to facilitate low-cost and instant Tether transfers. In addition, the bridge will conduct transactions between DeFi and CeFi without using Layer-1 Ethereum.
DeversiFi intends to promote DeFi and simplify it for the public. The swap will achieve it by using the upcoming layer-2 bridge on Bitfinex. It will also serve as another step towards the goal of easing deposit costs between blockchain networks. After the announcement, users started looking for a Bitfinex review to read about the platform. Have a look at the best crypto exchange France in detail here.
Why the Layer-2 Bridge?
CEXs (centralized exchanges) act as starting point for numerous users in the crypto world. The new bridge will make DeFi accessible for more users by facilitating connections between exchanges without relying on Layer-1 Ethereum. As a result, it will reduce transaction costs while also enhancing speed.
Will Harborne (Co-Founder and CEO of DeversiFi) stated that Layer-2 is the future of blockchain. Will added that whether it is Bitcoin adding the Lightning Network or DeverifFi adding roll-ups for Ethereum, DeFi and cryptocurrencies are becoming globally accessible.
Currently, most users enter the cryptocurrency sector using centralized exchanges. Thus, it is amazing to see platforms like Bitfinex connecting customers to DeFi via Layer-2 solutions, added Will.
Paolo Ardonio (Citfinex’s CTO) expressed his delight regarding the situation. Paolo stated that Bitfinex is a digital asset pioneer, and the Layer-2 bridge launch with DeversifFi showcases another technological innovation.
Paolo believes there will be an uptake of the economic transfer system among the user base as DeFi grows in demand. The bridge will help customers enjoy secure, speedy, and permissionless decentralization with the perk of using one of the biggest CEXs.
How will the Bridge Work?
Users should realize that they can only access the bridge if they own an account on DeversiFi and Bitfinex. After creating an account, here is a step-by-step guide to continue:
Steps to Send Tether from Bitfinex to DeversiFi
- Login to the Bitfinex account
- Reach the Wallet option and open Withdrawal
- Select the “Tether Token USDT” option
- Choose the network – “Tether on DeversiFi”
- Provide the ETH address customers use on DeversiFi
- Confirm the details and complete the security checks
- Users will get USDT on Layer-2 and can check it after connecting the ETH wallet to the DeversiFi site
Steps to Send Tether from DeversiFi to Bitfinex
- Connect the ETH wallet to DeversiFI
- Reach the Portfolio option and select Withdraw
- Choose USDT and select Bitfinex
- Now, enter the Memo for withdrawal. Users can get it after logging into the Bitfinex account.
- Go to Wallet – Deposit – USDT
- Submit the memo and wrap up the transfer