Bifrost Network, a Substrate framework-built L1 blockchain for cross-chain communication, has collaborated with Nansen, a prominent on-chain analytics firm. As a part of this collaboration, Nansen will operate as a node validator for the Bifrost Network. With this integration, Bifrost Network intends to increase the reliability and transparency of its ecosystem.
The strategic partnership indicates Bifrost Network’s endeavors to facilitate users with the latest technological advancements. As a result of this integration, the platform is focusing on increasing its user base to a significant extent.
Bifrost Network Advancing Reliability and Transparency
Nansen’s integration into Bifrost Network as its node validator pays a considerable attention to enhancing trustworthiness, reliability, and transparency. Nansen has gained a significant attention for its latest tools for blockchain analytics. It offers comprehensive insights into the wider on-chain data. Hence, it is popular as a reliable entity within the Web3 world. By taking part in the validation process of Bifrost Network, Nansen will boost the operational integrity, decentralization, and security of the platform.
The multi-chain L1 ecosystem of Bifrost Network backs both non-EVM and EVM environments. It delivers an optimized infrastructure to facilitate dApps. The unique architecture of Bifrost Network enables an unparalleled interoperability while also improving blockchain efficiency. A core feature of the platform deals with BTCFi which is a financial service to delivers Bitcoin liquidity, in a decentralized setting. Thus, the consumers can borrow the stablecoin $BtcUSD which possesses collateral in the form of $BTC.
Offering BTCFi with $BtcUSD to Benefit Developers and Investors
$BtcUSD lets users generate more yield while keeping their $BTC holdings. BTCFi will reportedly redefine Bitcoin-based decentralized finance services. It will create exclusive opportunities to benefit developers and investors alike. Moreover, Bifrost Network also leverages Bitcoin Relaying Protocol and Cross-Chain Communication Protocol to guarantee completely verified and trustless transfers.
Along with becoming the official node validator for Bifrost Network, Nansen is also providing additional benefits. Particularly, it will provide efficiency concerning the blockchain research as well as the advanced analytics. These functionalities will reportedly contribute substantially to the innovation and ecosystem growth of the Bifrost Network. According to Bifrost Network, this collaboration underscores a huge leap toward establishing a relatively robust and transparent DeFi ecosystem.
