Bitfinex, the popular crypto trading platform, and DeversiFi, a layer-2 (L2) trading platform powered by StarkWare technology, have launched the first L2 bridge between a centralized and decentralized exchange, enabling fast and low-cost transfers for ERC-20 tokens, starting with Tether tokens (USDt).
With centralized exchanges seen as the entry point into cryptocurrency for many users, the new bridge will propel further adoption of DeFi by providing traders from both exchanges with access to the opportunities on each platform without having to transact on layer-1 (L1) Ethereum.
“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. Today, centralized exchanges are where most people get their first taste of cryptocurrencies, and so it’s amazing to see Bitfinex leading the way in connecting their customers directly to DeFi on layer-2.”
– Will Harborne, CEO & Co-Founder of DeversiFi
Users will now be able to enjoy the fully permissionless, secure, and speedy nature of decentralization with the benefits of using one of the largest centralized exchanges in the world.
DeversiFi will now not only act as a gas-free L-2 DeFi hub for traders to obtain access to some of the best opportunities and yields in DeFi but will also serve as a highway between the Polygon network and Bitfinex, following the successful launch of its very first L2 bridge earlier this month.
This means that traders will be able to seamlessly move funds from the Polygon network to Bitfinex via DeversiFi, without ever paying expensive on-chain gas costs. While the bridge will initially launch with USDt, DeversiFi has plans to expand the ERC-20 tokens it supports in the near future.
“The launch of this L2 bridge with DeversiFi represents yet another first in technological innovation. I feel confident that there will be a ready uptake of this low-cost transfer mechanism among our customer base.”
– Paolo Ardoino, CTO at Bitfinex
