Rhino.fi is the first multi-chain DeFi platform that allows users to exchange tokens between chains without using a bridge.
The protocol defines itself as a “gateway to DeFi”. By eliminating the use of third parties like bridges, rhino.fi also eliminates the high transaction fees of having to use multiple frontends and relinquishes control over your funds. chain.
The rhino.fi team believes DeFi can change the world and wants to catalyze it.
But “DeFi today is not user-friendly,” says Yanev. “One of my biggest concerns for him is that if we don’t make DeFi good enough for people to use, it will never reach its potential.”
According to Yanev, the benefits of DeFi don’t make much sense for developed countries. But for people in other countries experiencing rapid inflation and lacking equal access to banking services, DeFi could be a real solution.
Rhino.fi sees this as an opportunity for DeFi and is committed to helping DeFi reach its full potential by providing ease of use without sacrificing decentralization. Yanev also added that user experience issues should be one of the main focal points for the community to resolve during the bear market.
Multi-chain for user-friendliness
A few years ago, Ethereum was the leading blockchain hosting the majority of DeFi projects. However, as his DeFi space has exploded in the last few years, various chains have also started hosting his DeFi protocol. This difference has created a problem of scattered funds where the user has to manually swap chains to see the balance of his DeFi protocol running on that particular chain.
Yanev expressed the seriousness of the problem by stating:
“Right now, we can see that around 40-45% of DeFi TVLs have migrated from Ethereum to other chains. And all these other chains offer the best opportunities in various aspects.”
Leveraging a multi-chain system, rhino.fi wants to enable users to utilize all DeFi protocols on various chains without sacrificing user experience.
rhino.fi’s Layer 2 protocol keeps track of how much each user has on each blockchain. Separate balances from separate blockchains are transferred to rhino.fi using smart contracts, so users always get the correct data.
In a disaster scenario where rhino.fi is hacked, turned malicious, or its Layer 2 destroyed, users will have their assets back in their respective layers and wallets.
Currently rhino.fi only supports cross-chain swaps with Polygon. The team is actively working on integrating Avalanche, Optimism and Arbitrum and hopes to release them as soon as possible.