DeversiFi, a Layer-2 (L2) trading platform powered by BitFinex, a popular crypto trading platform and Starkware technology, has launched the first L2 bridge between a centralized and decentralized exchange, enabling faster and lower cost transfers for ERC-20 tokens. , Starting with Tether Token (USDt).
With centralized exchanges seen as a point of entry into cryptocurrency for many users, the new bridge will strive to further embrace DFI without allowing traders on both exchanges to trade in Layer-1 (L1) Ethereum with access to each platform.
“Whether it’s Lightning Network for Bitcoin or roll-ups for Ethereum like Diversify, Cryptocurrency and DFI are finally on the way to being accessible to everyone. Today, centralized exchanges are where most people get their first taste of cryptocurrency, and so it’s amazing to see Bitfinex move toward connecting their customers directly to DFI in Lefebvre-2.
-Will Harborn, CEO and co-founder of Diversify
Users can now enjoy the completely unauthorized, secure and fast nature of decentralization with the advantage of using the world’s largest centralized exchange.
DeversiFi will now not only serve as a gas-free L-2 DeFi hub for some of the best opportunities for merchants and access to DeFi production but it will also serve as a successful highway between the Polygon Network and BitFinex, the first L2 bridge earlier this month.
This means that merchants will be able to withdraw money from the Polygon network seamlessly through Deversify at Bitfinex, without ever having to spend a fortune on chain-to-gas. Although the bridge will initially be launched with USDt, DeversiFi plans to support ERC-20 tokens in the near future.
“The opening of this L2 bridge with DeversiFi represents another milestone in technological innovation. I am confident that there will be a ready emergence of this low-cost transfer system within our customer segment.”
– Paolo Ardoino, CTO at Bitfinex