Growth DeFi innovates with a new type of chain bridge and hopes to expedite growth for prices and the protocol.
Growth DeFi Innovates with Hybridge
On the back of an expansion onto the Avalanche chain, Growth DeFi has implemented a new cross-chain hybrid bridge dubbed “Hybridge.” The phenomenon is an innovative approach to bridging onto a new blockchain with the Wheat token, native to Growth DeFi.
The new “Hybridge” was originally detailed in a Medium post back in October, and the wait for the launch is finally over as of Nov. 28th. The bridge uses a unique balance-burn feature that looks to get higher profits for all users of the protocol. Users who use the bridge will act as arbitrage for token burns that benefit all WHEAT holders while opening the door for massive specialty Annual Percentage Yield (APY) boosts once on the new network.
“13,000 WHEAT was just burned in 50 minutes on the Hybridge! 200 more WHEAT will be added to the #Hybridge tomorrow,” tweeted Growth DeFi showing the beginning of the first burns.
The bridge address the current price disparity between Wheat prices on AVAX and BSC networks, while keeping the benefits of all users in mind. Right now the price of wheat on AVAX is over $120, while the BSC price is just under $10. The cross-chain solution provides at least seven benefits to WHEAT users, according to the Medium blog, using a multipronged approach to make all users happy.
The bridge between Binance Smart Chain and Avalanche is just the beginning for Growth DeFi. As the name implies, there is plenty more expansion on the way.
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What is Growth DeFi
Growth DeFi is a multichain ecosystem that combines products such as its overcollateralized stablecoin (MOR) and yield aggregator (WHEAT) to provide the highest level of capital efficiency for its users. All products maximize token holder value through decentralized governance. Growth DeFI is an ecosystem of DeFi products. The overall goal is to maximize capital efficiency for the users of our products and generate fees for its token holders.
Where to find more about Growth DeFi:
Source : bsc.news
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