Dohyun Pak on DeFi products at BiFi Finance

0:01i'm ashton addison from event chain for investmentpitch media in the cryptocoin show and today on blockchain interviews we have doing pack the ceo of bifi finance doian welcome to the show and it is a pleasure to have you here today it's my pleasure thank you ashton i would love to just kick off the interview by learning a little bit more about bifi

0:21finance the overview and the focus and by frost and how those two platforms are interacting with each other okay uh first of all wi-fi is a deep d5 platform bit uh based on buy for us uh well by 556 to build the financial infrastructure that connects all financial market of every blockchain which is you know fragmented right now and in recent years uh defy has emerged

0:49as a system that automates the flow of assets with smart contracts like allowing cryptocurrencies to be traded borrowed and leveraged and in short you know defy can realize the potential of cryptocurrencies and we are working to lay the groundwork for the future of finance and you know but the fundamental of the limitation the fundamental limitation of blockchain right now and

1:17the defy right now is the lack of interoperability and scalability between different blockchains uh to solve this we are focusing on enabling uh interoperability and among all blockchains and connecting all crypto financial markets and that's what wi-fi is and also uh the basic technologies by first well i'll explain more if you ask you know some other questions

1:43definitely and i think that's a great introduction doing and interoperability is definitely uh something that needs to be worked on right now and i'm glad that that's part of the focus and i will ask a little bit about that in a short while here now in terms of the platform functionality for bifi can you just talk about where you're at right now is it live and what kind of

2:05functions in terms of decentralized finance are you able to achieve as a user of the platform well wifi is you can you can go to the website app.buy fi the finance and you can try it it's better right now but uh it's fully working and in wi-fi is a landing protocol like ave or compound so if you have ever used available compound it's very easy

2:32uh and we have three services landing pooling and staking bullying is well thing is the user can borrow and deposit against their collaterals users can earn interest on their deposits as well as wi-fi tokens has incentives and pooling it's simple you can provide liquidity to a wi-fi ethernet pair or bfc ether pair and

2:59get institutes on staking users can state bfc token and get wi-fi as an incentive uh well actually what's next on our roadmap is multi-chain lending and wallet so uh gradually we are planning to add more advanced financial services like insurance funds their returns and decks so we're going to do lots of things from now on definitely okay yeah and so

3:29um it's great that you have those multi-chain lending i think that's going to be a competitive advantage i'm curious you mentioned ave and compound those platforms are really large right now i'm not familiar with how much they have focused on interoperability per se but is that what you see as one of the unique competitive advantages of bifi or do you

3:50also have other competitive advantages compared to other defy and lending platforms well the most important differentiation of wi-fi is simple uh you know as i told you lots of times multi-chain technology uh will become the truly first multi-chain device project that enables financial exchanges between different blockchain protocols

4:17so um okay utilizing the power of multi-chain technology wi-fi will not only connect to ethereum or bsc you know by finance marching which you know as it is right now but you know also like polkadots clay and ultimately bitcoin you know connecting the entire fragmented defy ecosystem not wrapping it not breaching it we're going to connect it directly

4:44that's our you know the most important differentiation of wi-fi comparing to others very cool and you mentioned binance smart chain there i was reading that you've already integrated with binance smart chain and a lot of the platforms are based on ethereum and there is some congestion there but it seems like the net they have the network effect for you know the most uh decentralized

5:07finance platforms is there a specific reason that you decided to first go with binance smart chain as the lending protocol oh well as you know as the ethereum has grown in popularity you know users experiences you know users are experiencing extremely high guests even now you know even hitting in the record for the high cost this year the this limits uh

5:34how much the flight can grow so and and you know each uh blockchain has its own upside and downside in a while ethereum has risen in high transaction costs but you know while bsc allows for faster and cheaper transactions and and that's why and there is also a problem connecting to a different token and other different blockchain network and currently

6:02the only way to trade between other protocol especially bitcoin is the wrapping but uh you know and even with the bsc you can you can you know use wi-fi service through bsc uh you know like bitcoin but what we are gonna try is you know connecting it directly and the the reason that we are connecting psta for the uh as a first step is because it offers you

6:29know the faster and even cheaper transaction but you know some some people say that yes the connecting best is not really a defy like fundamentally but you know who knows yeah i think there's a balance between centralized and decentralized especially when you're from the get-go and there's a reason why finance exchange as a centralized exchange is one of the most popular exchanges

6:53because of that user experience and easier adoption lower barriers to entry so i can see why you would do that now in the platform you have the wi-fi token but you also have the bfc token and it's interesting that you have a two-token model and you have the interaction of these platforms can you talk a little bit about the differences between them and the

7:14functionalities within the ecosystem and does it create a sustainable ecosystem yeah that's a very good question because you know everybody asked me about the difference of those two questions those two tokens uh ultimately the bifrost is a multi-chain middleware platform so to use ifrs you have to pay bfc so which means for example developers should pay bfc for using

7:43multi-chain middleware to develop and operate their desks you know based on bifrost which can minimize your gas feed and you know interoperate with other blockchains so bfc is for the token for bifrost and wifi is govern governance token for wi-fi service so as by vice multi-chain is powered by bifrost wi-fi will periodically purchase bfc with wi-fi

8:15and pay it to buy force so wi-fi should pay by bfc to buy frost and fundamentally as bifrost begins to support more depth because it's a multi-middleware it will support you know other depths other than wi-fi the user will have to pay their fees in bfc and as wi-fi service grows the multi-chain device service fee

8:42will be charged in wi-fi token then wi-fi will pay efc to fifos it's complicated but not and right now the platform is in beta as you mentioned in terms of early adoption for user adoption but also for developers do you see organic growth coming for the platform or how are we going to incentivize developers to develop dapps on bifrost well

9:11for the developers you know basically i think we are the only one and the first the true multi-chain middleware we are not blockchain we are not building the main needs of blockchain what we are doing is just provide the platform to the that developers so that they can use more than one blockchain all at once so uh for for the developer it's really hard but

9:37all we can do is we're gonna provide a very uh nice circumstances so that they can use our services and they don't even have to use our note languages well we developed our own language but they don't have to use it all they have to do is they can you know provide their tabs and you know uh with with our you know uh wizard they can easily use bifrost and also for

10:02the wi-fi user the key element to the user and community expansion is for for us right now is vfc both which is a telegram chatbot and with that chatbot we have more than like 90 000 wallets connected by that input and if our buy first wallet which is multichain wallet is you know if we provide our service with the buy first wallet then they will come to us and they will

10:29automatically convert their vfc coin which is our like reward for pfc both and they'll be our users so we already have more than like uh 90 000 users you know in the beginning and it will grow very fast it will go like this initially definitely and i think that's a great start especially with telegram because it's so popular right now and to have that in the beta is

10:56advantageous now in terms of the next steps for the development and moving towards the main net i know it's there's a lot there's always a lot going on and you know dates aren't always finalized but do you have a tentative roadmap of what are the next steps uh to be released and then the road to the main net okay um we have our roadmaps and you can you can see it but

11:21you know for detail wi-fi in its initial stages is most likely most like compounder or ave it's pretty similar because you know uh it's based on erc20 and even though we connect esc to the bifrost but uh to wi-fi it's pretty similar and our second phase is enabling multi-change transaction and it will create an entirely new set of

11:50defined products and services you know to allow this multi-chain defy will also as i told you release our multi-stream wallet and it will expand our ecosystems now regarding bifrost the development environment has now added define specific features in security and qa and we are planning to open um it's it's uh perspective to multi-centified

12:19developers as well as connecting other defined projects on buy for us to grow entirely to grow entire business as a whole so they're all set uh to be really released this year or at least you know early next year very cool doyle and in terms of when that's released and having developers use it and having widespread adoption of bifi and the decentralized finance products

12:49that are built into the platform what do you think will be one of the key factors to success that you and your team will need to focus on to achieve that level of success okay uh well there are a few few projects for a few companies that are trying to release you know multiple ecosystem that connects other blockchains but by first approach uh is wholly different from

13:14competing uh competing it's a wholly different with the competitors you know we do not believe that the future of blockchain is one chain result game it's like you know we have to uh grow the pie of the whole industry and the key to the long-term success is to truly connect blockchains well there are lots of blockchain projects newly coming in

13:42which is so great and uh wi-fi will inter-operate among different blockchains and will be able to easily switch to other blockchains making them truly interoperable scalable and flexible so you know our the key factor is gonna be the flexibility of our own and we're gonna you know we're gonna we're not gonna stop developing

14:09and we're not gonna stop researching other protocols you know other good projects great answer doyan thank you for that and for developers that are looking to learn more about bifrost and for users that are looking to learn more about bifi and the lending products and decentralized finance products that you have available already right now and what's the best way for them to get

14:32involved with that and to get involved with the wi-fi community okay first of all you can come to our platform website which is at the wi-fi the finance or i can give you the website information and users can read our medium blog where we update most of our important announcements and you can also join our telegraph group telegram group

14:59and i told you you have telegram bulletin i'll give uh two big telegram group in a global uh the first one is like just the telegram group and the other one is ama group so that you can ask anything and our team member will answer any questions almost immediately you know we have lots of members in and you know i can provide the link and please provide the audience after this show

15:28definitely dylan i will put those links in the description box below so thank you for that all the best with wi-fi and by frost moving forward and let's follow up in the near future okay thank you very much