How EPNS helps Li.FI users ?

After the hype created by the World of Cryptocurrency came DeFi, decentralized finance, an open, decentralized, and transparent alternate financial system with its applications and protocols built on Blockchains, most of them on Ethereum Blockchains.

DeFi ecosystem has brought in several benefits and innovative applications of financial services while eliminating the intermediary parties. Many upcoming DeFi projects are lined up on different Blockchains. But the benefit of DeFi protocols and applications cannot be enjoyed to their full potential as DeFi projects are spread over various Blockchains and each Blockchain has walled gardens i.e., keeping user data and technology within the organization thus disallowing users to interact with different decentralized applications for specific use cases and users are stuck with their funds on a single blockchain.

Users miss out on superior and innovative opportunities created by dApps on different Blockchain networks. This causes hindrance in the mass adoption of DeFi protocols and creates an unanimated user experience. New entrants and non-tech-savvy people feel too overwhelmed to participate in DeFi protocols as finding bridges and swapping seem complex activities to do by themselves. Li Finance, an up-and-coming DeFi protocol, acknowledged this issue and came up with a solution by creating a way for users to experience interoperability within the DeFi ecosystem. No more being stuck with funds on a single blockchain.

Let’s understand in depth what is Li Finance, what it does and how will Li Finance benefit from its collaboration with EPNS.

What is Li.Finance?

Li.Finance, Li stands for Linked, is a cross-chain bridge aggregator, it supports the swapping of native tokens of different blockchains with each other. To summarise Li.Finance is a lot like 1inch and Paraswap for bridges.

For example, you can swap USDT on your Ethereum network with BNB on the BSC network, through Li. Finance. Hence, allowing different tokens on different networks to be swapped.

Before we move forward let us understand what a bridge is. A bridge is a connection that aids in transferring tokens between different Blockchains having different protocols and governance models thus providing interoperability.

The Li.Finance protocol selects the best bridge for swapping by connecting different Decentralized Exchanges (DEXes) and Decentralized Exchanges (DEX) Aggregators, before and after the bridge facilitating not just the swapping of stablecoins but any-2-any swap cross chains.

For example, AAVE on Polygon -> DAI on Polygon using Paraswap -> DAI on Avalanche using NXTP -> SPELL on Avalanche using Paraswap Integration of Li.Finance protocols, API i.e., interface and SDK i.e., tools, dApps in the DeFi ecosystem will allow users to surpass compatibility barriers between different blockchain networks and carry out transactions.

Li.Finance is based on the thesis that the future is multichain, due to DEX aggregators a path to mass adoption will be paved and on an infrastructural level, its cross-chain bridging solution will play a vital role. Through Li.Finance users can move their funds in new interesting dApps based on a chain they don’t have funds in without going through the pain of researching bridges to that chain before they can begin using the dApp.

Owing to the interoperability provided by Li.Finance users will benefit from different investment opportunities, superior yield farming, borrowing and lending pools, and staking spread across different Blockchain networks. Decentralized Apps can interact across chains and allow users to collateralize, borrow and repay loans on different chains. Users can on the spot swap and move any asset on any chain into their preferred asset on their dApp. This will enhance and user experience and make the DeFi ecosystem more user-friendly and facilitate mainstream adoption of DeFi.

Users will not have to leave the dApps as the swapping is made available on API which comes with SDK, iFrame solutions, and also as widgets that can be directly plugged into their products.

Since multi-chain transactions can be executed by Li.Finance users, it is a tedious task checking for manual updates for transactions confirmations. There is a vacuum created for a decentralized communication system providing real-time Push notifications about the status of the transaction. To fill that vacuum and provide immediate updates instead of manually checking for transactions updates now and then EPNS comes into the picture.

How will EPNS support Li.Finance ?

Contradictory to how Web 1 and Web 2 platforms operate, where every mail received, tweet retweeted,text, or Among Us reminder is sent through push notifications, the Web 3 applications don’t provide any such notification instead users have to manually keep checking for transaction updates. Thus, making this a poor user experience as users can miss out on important and time-sensitive notifications. This is where EPNS shines, subscribers of EPNS channels can directly receive Push notifications in real-time on their personal devices. The EPNS protocol is platform-agnostic and it allows any smart contract, dApps, or traditional servers to send notifications to the user’s wallet address.

Under the pilot collaboration of EPNS and Li.Finance the user experience will be enhanced. It aims to provide a seamless and coherent way for the protocol to communicate with its users. Even with Li.Finance overcoming the hurdle of complex bridging of assets across different chains does not eliminate the annoyance that waiting for cross-chain transaction updates and confirmation entails.

Through the EPNS protocol, users will not have to keep on manually checking the block explorer every 10 seconds or having to constantly stare at their device screen instead a direct Push notification will be received about the transaction status, thus saving a lot of time and effort of users.

Li.Finance users will directly receive real-time information about the status update of bridge transfers, on subscribing to the channel for Li.Finance on the EPNS protocol. Most importantly Li.Finance users can receive urgent and up-to-date information on the security bridges and Li.Finance can immediately notify users of any security issue like smart contract bugs, hacking, congestion, or any other chain security issue thus allowing users to avoid transacting on the hacked or bugged network chain.

With Li.Finance providing a cross-chain bridging of assets the partnership with EPNS will provide ease to its users about the success of the transaction through Push notifications. It is strongly believed that the collaboration between EPNS and Li.Finance will be high-yielding and adapt to meet the ever-changing requirements of the users.

The EPNS and Li.Finance collab will help in making both the protocols an integral part of the Blockchain Ecosystem and Web 3 applications.

Sign up on CoinDCX now, the leading Indian Crypto Exchange.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s