Rhino.fi is the primary multi-chain DeFi platform that permits customers to swap tokens throughout chains with out having to make use of bridges.
The protocol defines itself as a “gateway to DeFi.” By eliminating the utilization of third events like bridges, rhino.fi additionally eliminates excessive transaction charges, having to make use of a number of front-ends, and giving up the custody of funding, which is without doubt one of the important drawbacks of utilizing bridges when shifting funds to a different chain.
Consumer-friendly DeFi
The rhino.fi staff believes that DeFi can change the world and desires to catalyze it.
Nonetheless, “DeFi at this time just isn’t precisely user-friendly,” says Yanev. “Certainly one of my greatest worries is that if we don’t make DeFi ok to make use of for individuals, it simply received’t attain its potential.”
In line with Yanev, the advantages of DeFi don’t imply a lot for developed international locations. However for individuals in different international locations that have steep inflation and don’t have equal entry to banking providers, DeFi generally is a actual drawback solver.
Rhino.fi believes that that is the second for DeFi, and it really works to supply user-friendliness with out sacrificing decentralization in order that DeFi can attain its full potential. Yanev additionally added that the consumer expertise drawback needs to be one of many essential focuses for the neighborhood to unravel in the course of the bear market.
Multi-chain for consumer friendliness
Just a few years in the past, Ethereum was the first blockchain that hosted the vast majority of the DeFi tasks. Nonetheless, because the DeFi space surged in the previous couple of years, varied chains additionally began to host DeFi protocols. This variation led to the issue of scattered funds, the place customers should manually swap chains to see their balances on DeFi protocols working on that particular chain.
Yanev expressed the severity of the issue by stating
“Now we’re seeing about 40 to 45% of DeFi TVL has moved away from Ethereum to different chains. And all these different chains provide greatest alternatives in several points.”
Leveraging a multi-chain system, rhino.fi desires to make sure that customers can make the most of all of the DeFi protocols from varied chains with out sacrificing their consumer expertise.
Self-custody in multi-chain
rhino.fi’s layer-2 protocol retains observe of how a lot every consumer has on every blockchain. Separate balances from separate blockchains are transferred to the rhino.fi utilizing a sensible contract in order that customers can have the right information always.
In a catastrophe situation the place rhino.fi will get hacked, turns malicious, or its layer-2 will get destroyed, customers get their belongings again on their respective layers and wallets.
Presently, rhino.fi solely helps cross-chain swaps with Polygon for now. The staff is actively engaged on integrating Avalanche, Optimism, and Arbitrum and hopes to launch them as quickly as potential as nicely.
