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BiFi X Launches on Binance Smart Chain (BSC) to Expand its DeFi Markets

BiFi X is an entirely new application of flash loans that maximizes leverage and democratizes the potential of DeFi lending

Introduction

BiFi X, a flash-loan based automated leverage service, is now live on Binance Smart Chain (BSC). As an expansion of the BiFi lending service, BiFi X enables users to trade with leverage up to 10x on yield farming and 5x on margin trading in one-click.

All positions on BiFi X occur in a single transaction, which means that fees are much lower than when having to repeat deposits and borrows multiple times to get maximum leverage. The application of flash loans have democratized financial market-making, while increasing profitability for liquidity providers. 

BiFi X is also the first Decentralized Finance (DeFi) lending service that allows users to manage and monitor each long/short position separately, so users can clearly see returns and easily take profits. It’s a user-focused application of flash loans and DeFi lending that is simpler, cheaper, and safer than any other existing lending or wallet services.


BiFi’s focus is on creating a truly multi-chain DeFi ecosystem that connects all the capital markets. 

Since launching on Ethereum two weeks ago, BiFi X has already more than $8 million in positions on just Ethereum. The launch of BiFi on Binance Smart Chain will enable the protocol to achieve a wider user base and create a diverse ecosystem. The Binance Smart Chain ecosystem is growing quickly and enjoying high trading volumes as users take advantage of its low fees and faster transactions. 


How Does BiFi X Work?

There are two main features on BiFi X: Earn and Bet.

Earn maximizes leverage for yield farming in a single transaction.


If a user deposits 2 BNB on Earn with 4X Boost, the user can add 6 additional BNB to deposit, then borrow 6 BNB to repay the flash loan. User ends up with 8 ETH in deposits and 6 BNB in borrows, earning BiFi rewards for 14 BNB worth instead of the initial 2 BNB deposit -- getting 7X leverage.

Maximum leverage depends on each asset’s collateral ratio. With USDC, a user can deposit 100 USDC to end up with a yield farming position worth 1040 USDC -- that’s 10X leverage. 

Bet maximizes leverage for margin trading in a single transaction.

Let’s say 1 BNB is trading at 600 USDT and a user believes that the BNB price will go up. The user deposits 2 BNB on Bet, adds 6 additional BNB to deposit using flash loans, borrows 3,600 USDT, and swaps USDT for 6 BNB to repay the flash loan. In total, the user has 8 BNB in deposits and 3,600 USDT in borrows. 

If the BNB price goes up to 1,200 USDT, the user only needs 2 BNB to pay back 3,600 USDT. The user is left with 6 BNB worth 7,200 USDT, rather than the initial 2 BNB worth 2,400. In a 100% price increase, users can net 300% in profit with leverage. 

When users open any leveraged position on BiFi X, they also earn BiFi rewards in addition to their leveraged profit. 

To learn how to use BiFi X, visit the following guides: BiFi X Guide, Earn Tutorial, Bet Tutorial

Both Earn and Bet require a BiFi X fee, a small amount paid in BiFi tokens. BiFi X offers a preferential discount for BiFi token holders -- the more users hold BiFi tokens in their wallet, the more fee discounts they get (up to 90% discount). 

BiFi tokens can be purchased or earned from using BiFi, the multi-chain DeFi platform. Currently supported on Binance Smart Chain and Ethereum, BiFi offers decentralized lending, staking, and liquidity mining services. BiFi offers some of the highest APYs, including ETH, BNB, DAI, USDC, USDT, and collateral ratios in the market.


BiFi X Security Audit

Since launching in January 2021, BiFi has never suffered an attack. BiFi partners with Chainlink to get the most stable price information, and has received more than 5 audits to date.

BiFi X was audited by Theori, with no security vulnerability found. View the full audit report here.

BFC Airdrop Event

BiFi announces BFC Airdrop in celebration of BiFi X launch. Users need to complete a few simple tasks to participate. BiFi will randomly choose 5 winners who complete all the tasks. 

Airdrop Details:

  1. Reward: $50 BFC
  2. Number of Winners: 5
  3. Duration: July 9, 2021 - July 15, 2021

The airdrop is already live and runs till July 15, 2021, so don’t miss out! 

Participate in the airdrop through GiveLab: https://givelab.com/YVej0y/bifi-x-launch-bfc-airdrop


BiFi PancakeSwap Liquidity Provider (LP) Campaign

BiFi will soon announce a liquidity provider campaign for the BiFi pool on PancakeSwap. PancakeSwap is a top decentralized exchange (DEX) on Binance Smart Chain for token swapping, liquidity pool, and staking rewards. Users who participate in the BiFi pool as liquidity providers will earn major rewards and a share in trading fees in the process. 


What is BiFi?


Powered by BIFROST's multichain technology, BiFi is the multichain DeFi project that will connect not only Ethereum but also other blockchains like Bitcoin, BNB, DOT, and Klaytn, thereby expanding the DeFi ecosystem currently limited to Ethereum. Through this multichain connectivity, BiFi will lower the gas fees, increase accessibility, and expand the ecosystem to enable more innovative financial products to more people.

To learn more about BiFi, visit their official website, Medium, Telegram, and Twitter

To learn more about BIFROST, the universal multichain middleware powering BiFi, visit the official website and Twitter

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