As the decentralized finance (DeFi) space continues to grow and evolve, users face the challenge of navigating multiple blockchain ecosystems to access various DeFi services. Traditionally, this has meant having to use centralized exchanges to convert assets between chains, resulting in high fees, slower transaction times and increased reliance on intermediaries.
What is the new Bolide cross-chain feature?
However, with the launch of Bolide.fi’s new cross-chain feature, powered by the Stargate protocol, users can now seamlessly transfer assets between different blockchain networks directly within the Bolide.fi decentralized application interface. This eliminates the need for third-party intermediaries and streamlines the user experience, making DeFi more accessible and efficient.
What is a Stargate bridge?
A cross-chain protocol like Stargate acts as a blockchain bridge, enabling interoperability between unrelated blockchain ecosystems. This means that users no longer have to worry about the inconvenience and expense of converting their assets to the appropriate blockchain before accessing DeFi services. Instead, they can use their assets directly within the Ethereum ecosystem, for example, regardless of whether they were originally held on the Bitcoin or BNB Smart Chain.
Stargate is a LayerZero-based cross-chain bridge protocol that facilitates the transfer of native assets between various blockchain networks. Unlike conventional bridge protocols that rely on an intermediate or wrapped token to transfer native assets from one chain to another, Stargate allows users to transfer native tokens directly to non-native chains without the need for wrapped tokens. This ensures a more efficient and streamlined process, with instantly guaranteed finality and a single transaction process for cross-chain bridging.
How the feature works
Bolide.fi operates primarily on the BNB Smart Chain, but with the Stargate integration, users can transfer Tether (USDT) between different chains within the Bolide.fi app. In the future, additional assets will be added to the cross-chain feature, providing even more flexibility for users.
The deposit process remains the same, with the addition of a “network” field where users can switch between Polygon, Ethereum and BNB Smart Chain to make a deposit. However, users should note that to make a claim or withdraw; they need to switch to the BNB Smart Chain network and use BNB (BNB) to pay for gas fees.
Why is it important for the user?
Bolide.fi is committed to delivering the most user-friendly DeFi product on the market, with a focus on enhancing user experience and minimizing friction during fund transfers. The cross-chain functionality powered by Stargate is a significant step toward mass adoption and making asset management easier, safer and less time-consuming. With this new feature, Bolide.fi anticipates an increase in the number of users who will use the platform as their go-to stop-shop for all things passive income in DeFi. The aim is to make it easier to move liquidity to the protocol, which is expected to have a positive impact on Bolide.fi’s total value locked.
Why is it important for the protocol?
The launch of Bolide.fi's cross-chain feature is another step forward in the evolution of DeFi and blockchain technology. As more protocols and platforms embrace cross-chain functionality, the barriers to entry for DeFi services are lowered, enabling more users to participate and benefit from the financial opportunities available in this rapidly growing space.
Bolide.fi: Your one-stop-shop for passive income in DeFi
Bolide.fi offers a hassle-free “deposit-and-go” solution suitable for users of all levels of experience. It provides a straightforward and transparent means to generate passive income on your assets by simply depositing your cryptocurrency into one of the vaults and claiming your rewards. The best part? There’s no lock-up period, and you can earn impressive annual percentage yields (APYs) of up to 24%.
Here are some of the benefits of investing with Bolide:
- Low-risk, market-leading yields of up to 24% APY
- Boost your basic APY by depositing your Bolide (BLID) tokens and enjoy
- Start investing with any amount
- Hands-off, passive automated investments using your stablecoins
- No lock-up period access your funds and profits instantly
- No withdrawal limitations
Starting your yield farming and staking journey is easy with platforms like Bolide. Simply visit www.bolide.fi, connect your crypto wallet, deposit your preferred cryptocurrency, and you’re good to go.
Start earning interest at the speed of light with Bolide today!