Market Cap
24h Vol
7051
Cryptocurrencies
76507
Markets
2021-09-24

L2 bridge from CeFi to DeFi

Cryptocurrency exchange Bitfinex today announced the market launch of a bridge service connecting its centralised platform with its tier-2 decentralised trading platform and subsidiary DeversiFi.

Ethereum-based DeversiFi is a trading platform built on StarkWare's scalable technology. Two months ago they launched the first layer-2 bridge between Ethereum and Polygon Network, designed to move away from the expensive gas fees commonly experienced on the chain.

Layer-two platforms such as Arbitrum and Optimism have seen significant growth in 2021, contributing to the continued adoption of decentralised financial protocols.

The bridge will provide users with access to the permissionless and privacy-focused experience of decentralised financial systems (DeFi), combined with the highly liquid, accessible features of centralised financial institutions (CeFi). The company's announcement notes that transactions will initially be exclusive to Tether (USDT) - a stablecoin tied to an exchange - but may eventually open up to various ERC-20 tokens in the future.