rhino.fi, previously known as DeversiFi, is transforming the DeFi landscape by offering a seamless, low-cost, and efficient bridging process that supports multiple blockchains. This Layer 2 bridge is designed for effortless multi-chain token movement, making it a potential game-changer in the world of decentralized finance.
rhino.fi is committed to onboarding the next wave of users into DeFi by providing access to financial opportunities created by open and decentralized protocols.
This platform prioritizes user security and self-custody, eliminating the friction and high costs typically associated with Ethereum transactions.
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The core technology behind rhino.fi is a zero-knowledge rollup powered by StarkWare, which allows the platform to process thousands of transactions securely and cheaply. This solution, first introduced in 2020, has since evolved to allow the connection to 27 major blockchains, including Ethereum, BNB Chain, Avalanche, Arbitrum, and zkSync, with more to come.
Unique Bridging Process
At the heart of rhino.fi's bridging process is a unique approach that avoids the traditional 'burn and mint' method used by other platforms. Instead, rhino.fi collateralizes bridges using liquidity outposts on different chains. Users deposit funds on one chain, and rhino.fi provides equivalent funds from their pool on another chain.
If you want a more step-by-step guide, here's what you need to do to initiate the bridging process:
- Connect your wallet to rhino.fi;
- Select the destination chain;
- Select the origin chain;
- Select the token you want to bridge;
- Click the "Bridge" button.
This method simplifies the onboarding of new chains and speeds up the bridging process, with deposits taking about a minute and withdrawals often completed in seconds. In fact, the average transaction time on rhino.fi is less than 60 seconds, which is pretty fast!
The platform's seamless self-custodial interoperability ensures users have complete control over their assets across various chains. Plus, rhino.fi’s commitment to low-cost transactions further enhances its appeal, with trading fees ranging from 0% to 0.3%, depending on the user's 30-day trading volume.
Strong Industry Partnerships
rhino.fi’s partners include notable names such as Ledger, Bitfinex, Delphi Ventures, Blockchain.com, DeFiance Capital, Consensys, Lightspeed, and StarkWare. These partnerships help boost rhino.fi's credibility in the DeFi space.
The development of rhino.fi began during the bear market, with the team bootstrapping through challenging times. Despite having a smaller treasury compared to other teams building Layer 2 solutions, rhino.fi’s effort seems to have paid off.
This can be seen by looking at quite impressive rhino.fi usage statistics, with over $2.35 billion in total volume, more than 48.8 million transactions, and over 1,000,000 accounts.
The Role of DVF in the Ecosystem
rhino.fi’s native token, DVF, launched in July 2021, plays a crucial role in the ecosystem. Users can trade DVF on the platform or stake it for governance rights, allowing them to vote on protocol changes and propose new ideas.
The proceeds from DVF’s initial sale are managed by a decentralized autonomous organization (DAO), ensuring a community-led oversight of rhino.fi’s operations.
Looking ahead, rhino.fi plans to enhance user experience, expand its team, and introduce new features such as Automated Market Maker (AMM) liquidity provision. These efforts are expected to accelerate growth and bring more yield opportunities to DeFi users.
All in all, rhino.fi might just be setting a new standard in the DeFi world with its innovative bridging process, extensive chain support, and commitment to low fees and user control. The platform’s performance and backing from industry leaders position it well for continued success and expansion in the DeFi space.
