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Multi-chain DeFi to boost user friendliness and onboard developing countries

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Multi-chain DeFi to boost user friendliness and onboard developing countries

Multi-chain DeFi to boost user friendliness and onboard developing countries Zeynep Geylan · 30 mins ago

Dan Yanev, the CPO and Co-Founder of newly re-branded rhino.fi talked to CryptoSlate about how a multi-chain DeFi protocol would look like.

15 min watch

Updated: September 16, 2022 at 1:13 pm

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Rhino.fi is the first multi-chain DeFi platform that allows users to swap tokens across chains without having to use bridges.

The protocol defines itself as a “gateway to DeFi.” By eliminating the usage of third parties like bridges, rhino.fi also eliminates high transaction fees, having to use multiple front-ends, and giving up the custody of funding, which is one of the significant drawbacks of using bridges when moving funds to another chain.

User-friendly DeFi

The rhino.fi team believes that DeFi can change the world and wants to catalyze it.

However, “DeFi today is not exactly user-friendly,” says Yanev. “One of my biggest worries is if we don’t make DeFi good enough to use for people, it just won’t reach its potential.”

According to Yanev, the benefits of DeFi don’t mean much for developed countries. But for people in other countries that experience steep inflation and don’t have equal access to banking services, DeFi can be a real problem solver.

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Rhino.fi believes that this is the moment for DeFi, and it works to provide user-friendliness without sacrificing decentralization so that DeFi can reach its full potential. Yanev also added that the user experience problem should be one of the main focuses for the community to solve during the bear market.

Multi-chain for user friendliness

A few years ago, Ethereum was the primary blockchain that hosted the majority of the DeFi projects. However, as the DeFi area surged in the last few years, various chains also started to host DeFi protocols. This variation led to the problem of scattered funds, where users have to manually swap chains to see their balances on DeFi protocols running on that specific chain.

Yanev expressed the severity of the problem by stating

“Now we’re seeing about 40 to 45% of DeFi TVL has moved away from Ethereum to other chains. And all these other chains offer best opportunities in different aspects.”

Leveraging a multi-chain system, rhino.fi wants to ensure that users can take advantage of all the DeFi protocols from various chains without sacrificing their user experience.

Self-custody in multi-chain

rhino.fi’s layer-2 protocol keeps track of how much each user has on each blockchain. Separate balances from separate blockchains are transferred to the rhino.fi using a smart contract so that users can have the correct data at all times.

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In a disaster scenario where rhino.fi gets hacked, turns malicious, or its layer-2 gets destroyed, users get their assets back on their respective layers and wallets.

Currently, rhino.fi only supports cross-chain swaps with Polygon for now. The team is actively working on integrating Avalanche, Optimism, and Arbitrum and hopes to release them as soon as possible as well.

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16 cross-chain bridges

Terra Collapse Continues To Plague Defi — Value Locked In Cross-Chain Bridges Down 20% This Month

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Terra Collapse Continues To Plague Defi — Value Locked In Cross-Chain Bridges Down 20% This Month

Following the aftermath of the Terra blockchain fiasco, decentralized finance (defi) continues to feel the impact of the project’s fallout. During the last four days the total value locked (TVL) in defi has dropped 2.61% in value, and cross-chain bridges have lost roughly 20.3% during the last 30 days.

Value Locked in Cross Chain Bridge Tech Slips 20% Lower Than Last Month

Over $100 billion in USD value was recently removed from the total value locked (TVL) in defi and TVL statistics continue to slide. Four days ago, the TVL in defi was approximately $112.29 billion and today, the TVL is down 2.61% to $109.35 billion. In addition to the TVL in defi across a dozen blockchains, cross-chain bridge TVLs have slipped a great deal during the past month.

30-day metrics from Dune Analytics indicates that the TVL across cross-chain bridges is down 20.3%. Today, there’s $16.49 billion total value locked across 16 different cross-chain bridges. In addition to the cross-chain bridge TVL the number of ethereum bridge unique daily depositors has also dropped.

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As of Thursday, May 19, 2022, Polygon has the largest TVL among the 16 cross-chain bridges monitored on Dune Analytics. Polygon has $5.15 billion today. The $5.15 billion on Polygon bridges represents 31.23% of the entire $16.49 billion cross-chain bridge TVL.

Polygon is followed by Avalanche ($3.55B), Arbitrum ($3.2B), Fantom’s Anyswap ($1.87B), Near Rainbow ($1.86B), Optimism ($585M), Harmony ($229M), Moonriver ($154M), and Xdai ($122M).

The top crypto asset leveraged on cross-chain bridges today is the stablecoin usd coin (USDC). The stablecoin has $5.1 billion locked and is followed by WETH or ETH with $4.57 billion locked. Tether (USDT) is the third-largest with $1.9 billion today and other notable cryptos leveraged on cross-chain bridges include WBTC, DAI, and MATIC.

The losses across defi stem from two different factors. One, the Terra blockchain fallout removed more than $40 billion from the defi ecosystem in a very short period of time. The remaining billions have left defi in various ways including using cross-chain bridges because defi users have been rattled by the Terra catastrophe.

Billionaire investor and crypto proponent Mike Novogratz published a blog post yesterday covering the recent Terra blockchain fiasco and he said “the collapse dented confidence in crypto and defi.”

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16 cross-chain bridges, Arbitrum Bridges, Avalanche Bridge, axie infinity, Blockchain, Bridge, Bridges, Cross-chain, DeFi, Defi TVL, ETH, Fantom, Fantom Anyswap Bridge, Harmony Bridges, Multi-Chain, multi-chain ecosystem, Optimism ERC20 Bridges, Polygon ERC20 Bridge, ronin, Solana, Terra Blockchain, Terra fallout, USDC

What do you think about the dent in confidence to the defi ecosystem and the value locked in cross-chain bridge tech dropping lower than last month? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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$100 million fund

Polygon Reveals Supernets Project To Bolster Web3 Adoption, Pledges $100 Million To Early Users

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Polygon Reveals Supernets Project To Bolster Web3 Adoption, Pledges $100 Million To Early Users

On April 22, the layer two (L2) scaling network Polygon introduced the new Supernets network, a blockchain protocol that’s built to bolster Web3 technology. Furthermore, Polygon is pledging $100 million to early Supernet users “who can help fast-track adoption.” The announcement details that Supernets is essentially the team’s Polygon Edge network “on steroids.”

Polygon Supernets — Dedicated, Scalable Blockchains That Aim to Ignite Mass Adoption

Polygon has revealed a new project called Supernets after launching Polygon Edge last year. Essentially, Polygon Edge is a customizable blockchain stack that allows users to launch dedicated blockchain networks that do specific things. Following the Edge launch 11 months ago, the team has revealed Polygon Supernets, a project powered by Edge with fewer complexities. While Supernets still uses Edge, the latest rollout offers “several important characteristics” that mitigate complexities involved with Edge.

Supernets basically allows developers to build custom networks without all the costs associated with servers. The Polygon team says Supernets are a dedicated solution, as “every Supernet is built and run for a specific application, project or use case,” which gives users the advantage of “dedicated Web3 hosting.” The networks can also be secured using Polygon’s native crypto asset MATIC. In order to increase awareness and adoption, Polygon has further revealed it is allocating $100 million to early Supernet users.

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“Super excited to introduce Polygon Supernets powered by Polygon Edge,” the team tweeted on Friday. “Polygon Supernets are dedicated, scalable blockchains that aim to ignite mass adoption of Polygon and Web3. To support this ambitious product and goal, we are announcing a $100M support fund.” The team’s Twitter thread mentioned that more than 20 projects “are already building on Edge” and the Polygon team learned a lot from these teams. Polygon also shared five advantages of using Supernets which include:

  • They are dedicated;
  • Can use MATIC PoS validators out-of-the-box;
  • They are interconnected;
  • Can be managed/maintained by our Certified Partners;
  • Support any Edge architecture.

Polygon Co-Founder Says Supernets Can ‘Fast-Track Blockchain Ambitions’

Polygon has been making a lot of development and business moves over the last 12 months, and during the first week of February, the project raised $450 million from investors such as Sequoia Capital India, Softbank, and Shark Tank’s Kevin O’Leary. Last December, Polygon acquired the Mir Protocol for $400 million and that same month Polygon started a $200 million social media-based Web3 fund with ​​Alexis Ohanian’s Seven Seven Six venture capital.

This April, Polygon announced the launch of a zero-knowledge identity platform for Web3. According to Friday’s Supernets announcement, the $100 million will be distributed for things like development contracts, research contracts, grants, third-party integrations and partnerships, onboarding and migration, liquidity mining, and acquisitions.

​​”For mass adoption of Web3 to take hold, it is critical to abstract the complexities of blockchain development and simultaneously offers scaling ability and personalization,” Mihailo Bjelic, the co-founder of Polygon concluded in a statement. “Polygon Supernets deliver all this, enabling any project to fast-track their blockchain ambitions and join the growing Polygon multi-chain ecosystem.”

Tags in this story

$100 million fund, $450 million capital raise, complexities, crypto assets, development contracts, grants, Mihailo Bjelic, Multi-Chain, multi-chain ecosystem, Polygon, Polygon (MATIC), Polygon co-founder, Polygon Early Users, Polygon Edge, research contracts, Supernets, Supernets Blockchains, third-party integrations, Web3, zero-knowledge identity platform

What do you think about Polygon Supernets? Let us know what you think about this project in the comments section below.

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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