Bitfinex continues to drive DeFi adoption by announcing support for a new cross-chain DeFi solution

By Selena On Apr 24, 2020

Bitfinex continues to promote decentralized financing, or Defi, through support for a new cross-chain DeFi solution. They plan to list pTokens (pBTC) – a unique token to unlock cross-chain DeFi liquidity by connecting Bitcoin with any blockchain. The token is pegged 1: 1 to Bitcoin and is compatible with the Ethereum and EOS DeFi ecosystems so far.

You cannot be a key player of this ecosystem without trying to support new brilliant ideas.

But what is the role of Bitfinex, as an exchange, in the evolution of the crypto world? Bitfinex CTO @PaoloArdoino, will tell you in this exclusive video ⬇️ pic.twitter.com/5K8HtteZcT

— Bitfinex (@bitfinex) April 24, 2020

Bitfinex to streamline the liquidity flow between centralized and decentralized exchanges

According to Cointelegraph, Bitfinex CTO, Paolo Ardoino said:

“Bitfinex expects to add support for pBTC deposits and withdrawals by the end of May 2020. Token pBTC will become the first DeFi interoperability-focused token supported on Bitfinex.”

He said:

“At the moment, we are supporting only pTokens, but we welcome more projects to work with us to make it easier for our users to obtain access to cross-chain liquidity.”

Ardoino previously endorsed the pTokens project in late December 2019, predicting that cross-chain value transfer will be the most critical problem facing the cryptocurrency industry in 2020.

Cross-chain liquidity fluid movements are required for mass adoption. Symmetry is key. Many-to-many > one-to-many/many-to-one.@provablethings pTokens is a project to watch. https://t.co/VG3IKVoOG8

— Paolo Ardoino (@paoloardoino) January 1, 2020

Thomas Bertani, the founder of Provable Things, said:

“PTokens’ integration with Bitfinex streamlines the flow of liquidity between centralized and decentralized exchanges. The listing facilitates an easy token switch and creates a new gateway for BTC liquidity to stream into the DeFi ecosystem. As of press time, pBTC is only trading on two markets — Kyber Network and Bancor Network — according to data from Coingecko.”

Listing pBTC on Bitfinex provided with pTokens offers an interactive solution. This solution will make Bitcoin compatible with the EOS DeFi ecosystem. pBTC was launched on the Ethereum network in March 2020, allowing Bitcoin users to use pBTC in both the Ethereum and EOS ecosystems.

Bertani pointed out that DeFi applications have to be interconnected to contribute to the entire DeFi industry growth:

“Decentralized applications today must interoperate and complement each other like lego blocks in order for the entire DeFi industry to scale. This interoperability is vital for the movement, as liquidity is the catalyst that will help DeFi reach its true potential.”

Bertani also added that the firm is actively working on other pTokens, including pETH, pEOS, pLTC and pDAI:

“New pTokens such as pEOS and pLTC have already been deployed in a test environment and will also soon be available on Ethereum mainnet. The same will apply to other assets, bringing pETH and pDAI to EOS.”

More option to stabilize Bitcoin mortgage via EOS DeFi

While most of DeFi’s lending solutions integrate Bitcoin through Ethereum, the launch of pBTC on EOS DeFi introduces Bitcoin as collateral for EOS’s stablecoins. As part of the initiative, pBTC will incorporate with the significantly decentralized EOS stablecoin, EOSDT. Developed by multi-chain DeFi framework Equilibrium, EOSDT will become one of the few Bitcoin-integrated EOS DeFi solutions. It will act as a new DeFi tool to provide stable mortgage assets of pBTC.

However, Balance is not the only company that has put Bitcoin into EOS DeFi’s lending activities.

Alex Melikhov, CEO and co-founder of Equilibrium, said:

“EOSDT will be providing an alternative to the Bitcoin-EOS integration by the dForce network. The pBTC integration with EOSDT is scheduled for next week.”

When a technical issue triggered millions of dollars-worth loan failures in March, pTokens’ Bertani opposed EOSDT to major decentralized stablecoin project, MakerDAO. Bertani said:

“The crypto industry has learned some hard lessons from the latest market falls. We can all agree that stablecoins have proved to be far less “stable” than we first imagined, with recent events like the MakerDAO debt auction exposing some hidden architectural flaws. New solutions are needed to guarantee the stable collateralization of these digital assets like DAI and EOSDT.”

The news comes after China’s lending platform, Lendf.me, part of the dForce network, was hacked for $ 25 million on April 19. Later, hackers returned the beaten money. stolen since April 22 after potentially disclosing their identity data.

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