CBFI: The Multi-Chain Universe Solutions

If you are a true DeFi degen, you will likely have lost track of the number of wallets you have used over the past couple of years. Moving assets between chains are, quite frankly, a pain in the “donkey” — most of us are aware of this.

It is one of the biggest problems facing the DeFi economy right now.

For instance, we had $1000 worth of USDT in MetaMask on Ethereum. There’s an IDO that we would like to participate in, but the project is built on Solana.

For us to participate in that IDO, we have to find a way to move the USDT on Ethereum over to Solana. Can’t immediately transfer since they’re too different chains.

This presents an issue — how can we move our assets between chains to utilise the products (and opportunities) that are otherwise unavailable on the chain we have our assets on? Having to move assets between chains is annoying, for sure; but it is only the immediate issue and generally only affects those who are currently using DeFi (which in the grand scheme of things, is not a lot).

The real issue goes deeper than simply moving assets from one place to another.

This article will cover the CBFI Wallet solution for the cross-chain asset holding/storing, swap — from the problem to the solutions. Finally, the projects we believe have the best chance of successfully solving the BIGGEST issue facing DeFi. — CoinBox Finance.

FACTS

📌 The number of blockchains has grown exponentially in the last 2 years.

📌 Communication between blockchains and their respective ecosystems is almost zero.

📌 This makes adoption difficult because there is no unified payment process across chains, like SWIFT in TradFi, which leads to the next issue.

📌 Liquidity fragmentation is gradually becoming a major problem — tokens, assets, and products are all unable to use from liquidity on other chains.

📌 NOTHING is hindering the development of DeFi more, than the lack of a cross-chain communications solution.

Changing Times

A few years ago, the narrative of the crypto market was a case of “Which blockchain is the future?” — the idea that one blockchain would become the standard and all the others would become irrelevant.

Some Bitcoin maximalists will still argue the case that Bitcoin is the only required network and anything else is a rug-pull, scam, or otherwise useless — this argument is becoming increasingly hard to defend. In the last couple of years, it has become clear that each chain comes with its own pros and cons, and that it is (probably) impossible to create a “one-size-fits-all” blockchain whereby every possible use case can be implemented.

We have seen this with the rise of chains like Binance Smart Chain (BSC), Avalanche (AVAX), Solana (SOL), and Terra (LUNA), to name a few examples. Each offers something that the others don’t (or fundamentally can’t). So at this point, it should be clear that the future is Multi-Chain.

CBFI Solutions

The lack of interoperability is mainly because most blockchains are unable to communicate with each other in any meaningful way. There are a huge number of unique token standards designed for use on specific chains. ERC-20 (Ethereum), BEP-20 (BSC), TRC-20 (Tron), SPL (Solana) — the list is basically endless.

CBFI Wallet in collaboration with Tatum.IO is able to offer a solution for storing assets in multiple chains and using CBFI P2P to enable an exchange of the of assets among different blockchains. The following is a list of chains that are ready and will be launched in CBFI Mobile Wallet:

1. Bitcoin (Ready) ✅
2. Ethereum (Ready) ✅
3. Binance Smart Chain (Ready) ✅
4. DDKOIN (Ready) ✅
5. Tron (Ready) ✅
6. LiteCoin (Ready) ✅
7. VeChain (Ready) ✅
8. CELO (Ready) ✅
9. Harmony (Ready) ✅

Below is a list of Blockchains assets that will be included in the CBFI Wallet soon. If you feel there is a new blockchain that you want to be listed in CBFI Wallet, you can contact us.

1. Solana (Coming Soon) ⌛
2. Polygon Matic (Coming Soon) ⌛
3. Cardano (Coming Soon) ⌛
4. Terra Luna (Coming Soon) ⌛
5. EOS (Coming Soon) ⌛
6. KucoinChain (Coming Soon) ⌛

Please wait for the latest update from us in a few days to launch the latest version of CBFI Wallet 4.5 this month, which will have the Referrals Affiliates and Yield Farming feature to scale our marketing and promotion to the community and provide a REAL solution. 💥🚀