Bitfinex, the crypto exchange, has announced a market-debut service to bridge its centralized platform with the layer-2 decentralized trading platform and subsidiary DeversiFi.
It has been reported that the bridge will provide users access to the permissionless and privacy-centric experiences of decentralized finance (DeFi) systems, in combination with the highly liquid, accessible features of centralized finance (CeFi) institutions.
However, a release from the company noted that transactions will be initially exclusive to Tether (USDT), a stablecoin affiliated with the exchange, but may eventually open up to various ERC-20 tokens in the future.
The report said that DeversiFi built upon StarkWare’s scalable technology. Two months ago, they launched the first layer-2 bridge between Ethereum and Polygon Network designed to deviate from the pricey gas fees commonly experienced on-chain.
Likewise, layer-two platforms such as Arbitrum and Optimism have witnessed a substantial rise throughout 2021, contributing to the further adoption of decentralized finance protocols.
Will Harborne, the CEO and Co-Founder of DeversiFi, said:
"Layer-2 is the future of blockchain. Whether it's the Lightning Network for Bitcoin or roll-ups such as DeversiFi for Ethereum, cryptocurrencies and DeFi are finally on the verge of becoming accessible to everyone."
Thus, Paolo Ardoino, the CTO of Bitfinex, said:
"I feel confident that there will be a ready uptake of this low-cost transfer mechanism among our customer base as interest in DeFi continues to grow."