What Is Rhino Fi?
Rhino Fi, formerly known as DeversiFi, is a multi-chain, self-custodial DeFi platform that operates on layer 2 of the Ethereum blockchain. It is designed to provide users with swaps, yield, staking, and trading opportunities. The platform aims to democratize DeFi access, offering a gateway that eliminates the need for centralized Web 3 exchanges.
Background
Will Harborne, Daniel Yanev, and Ross Middleton founded Rhino Fi in 2021. The company is headquartered in the British Virgin Islands.
How It Works
Rhino Fi was initially focused on ERC-20 token trading and cross-chain swaps before expanding into the bridging market in 2023. It connects 13 blockchains seamlessly and plans to extend this feature to more Layer 2s and non-EVM chains. The platform launched the first zero-knowledge rollup-powered DEX in 2020 and has since processed over USD 1.5B of trading volume. Rhino Fi also has a native token, DVF, that users can trade or stake for governance rights.
Rhino Fi operates semi-independently from the Ethereum mainnet. This process alleviates congestion on the Ethereum mainnet and reduces gas fees while providing complete on-chain security. The platform’s technology relies on a validation engine known as a ‘roll up’ that bundles and processes transactions in bulk for improved speed. Additionally, each transaction is validated using zero-knowledge proofing for enhanced user privacy.
Key Takeaways
- Rhino Fi is a multi-chain, self-custodial DeFi platform that operates on Ethereum’s layer 2, offering swaps, yield, staking, and trading services.
- In 2021, Rhino Fi initially focused on ERC-20 token trading and cross-chain swaps before expanding into the bridging market in 2023 and now connects 13 blockchains.
- The platform launched the first zero-knowledge rollup-powered DEX in 2020, has processed over USD 1.5B in trading volume, and has a native token, DVF.
- Rhino Fi operates semi-independently from the Ethereum mainnet, settling transactions before posting the records back on layer 1, reducing congestion and gas fees on the mainnet.
- The platform’s technology relies on a validation engine known as a ‘roll up’ that processes transactions in bulk for improved speed. Each transaction is validated using zero-knowledge proofing for enhanced user privacy.
