The pawn and loan protocol is building a robust infrastructure to take on a niche community.
NFT Bridge between BSC and ETH
Ethereum continues to dominate the Non-fungible token (NFT) market, and one Binance Smart Chain (BSC) protocol is building a way to bring the chains even closer. DeFi For You announced the development of an NFT bridge between BSC and Ethereum.
The bridge would be the first of its kind to focus solely on bridging NFTs. The bridge hopes to tap into the massive edge Ethereum holds on the $800 Billion NFT market, according to the DeFi For You Twitter announcement from October 20th.
“October has already been the biggest month for DeFi For You in terms of who we’re talking to and what we’re arranging. Some incredible developments are being made — not just on a development front, but with discussions at the highest levels,”
The path seems to be laid out in front of DeFi For You as they continue with their ambitious efforts.
“We’re working with projects on Ethereum already, but we need the bridge to make it all work. No one has done this yet, so DeFi For You will be doing it first, CMO William Gray, wrote to its Telegram community. “This bridge will be EXTREMELY VALUABLE in the crypto space. It will take some weeks to comeplete [sic] and it’s not an easy job (hense [sic] why no one has done it yet).”
DeFi For You has a novel concept of allowing users to pawn their real-world items and exchange them for crypto value that takes the form of an NFT. If users were able to bridge that value between different chains, it would give an extra layer of utility that will help their protocol stand out amongst other services like this.
No timeline has been announced for the bridge, however, as stated, DeFi For You is in the midst of a strong month. More details will surely be on the way about the potential partnerships.
“We’re working with one of the co-founders of Ethereum to make this happen. So it’s going to be a big one. Once DeFi For You is bridged to Ethereum, we’ll be able to bring in any NFT on the chain into the BSC ecosystem,” Gray added.
Chainlink Integration for You
DeFi For You also announced major integrations with Chainlink. The protocol will add Chainlink’s Verifiable Random Function and its Price Fee Data to give more security and confidence to their entire loan and pawn system.
Chainlink is a reputable name across Decentralized Finance and their tools should give DeFi For You and its native token $DFY more accurate real-time data to improve the ecosystem. The integration will increase trust with investors looking for a mature and safe platform to store their value.
“Chainlink Price Feeds offer a new level of transparency and reliability in the DeFi For You platform, helping protect both lenders and borrowers from inaccurate pricing during periods of extreme volatility, network congestion, and various other unpredictable situations,” stated Adam Chaplin, CEO, and Founder of DeFi For You.
The Chainlink integrations have been completed on the Ethereum mainnet of DeFi For You. Overall the moves by DeFi For You signal a maturation of the entire protocol and a seriousness of intent. The protocol seems to have found a niche and looks to improve in that area the best it can.
“We also look forward to using Chainlink VRF to fairly distribute prizes in giveaways, bringing a new element of fun to our global community,” added Chaplin.
About Chainlink
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
For more info about Chainlink see these links:
chain.link | Solutions | Docs | Twitter | Discord | Reddit | YouTube | Telegram | GitHub
About DeFi For You
DeFi For You is a decentralized peer-to-peer crypto lending platform built on Binance Smart Chain that allows borrowers to use crypto assets, NFTs, and physical assets as collateral for DeFi loans. DeFi For You is partnered with a web of pawnbrokers in the UK who act as evaluators for physical assets and securely store and insure them, transferring an NFT to the asset’s owner so they can use it as collateral on DeFi For You.
Check these links for more about DeFi For You:
Source : bsc.news
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