Lif3, initially launched on the Fantom (FTM) network, has made significant advancements in the DeFi space, particularly with its strategic migration to the Ethereum (ETH) network.
This move is instrumental in simplifying user interactions with DeFi, offering more straightforward processes with popular cryptocurrencies like USDT and ETH. The transition is a crucial step in the buildup to the launch of the Lif3 Chain, a specially designed Layer-1 Blockchain.
Lif3’s migration to Ethereum was motivated by the desire to make DeFi more accessible and user-friendly. Kean Laurens, Lif3’s Product Manager, highlighted the familiarity and trust users have in Ethereum and how this transition simplifies entering the Lif3 Ecosystem.
The ecosystem is set to expand its reach into iGaming, music, and entertainment. The introduction of the L3 Reserve and the development of the Lif3 Protocol are geared towards creating a more versatile and engaging ecosystem.
Multi-chain strategy and user experience
LayerZero Cross-Chain Updates:
— Lif3.com (@Official_LIF3) July 28, 2023
Lif3 conducted an extensive analysis to identify the most suitable partner for sustainable token bridging and multi-chain. The key factors in this decision-making process went beyond just ensuring top-notch security. They also considered partners capable of delivering the best user experience, offering upgradable contract flows, and providing confidence in the backing and funding of the team.
Kean mentioned the partnership with Layer Zero, emphasizing its role in streamlining token bridging and supporting easy adoption on the upcoming Lif3 Chain Layer 1, stating:
“We settled on Layer Zero as their technology and support is of the best, the team is known, registered, and backed by some of the biggest players in the industry such as a16z, PayPal Ventures, Coinbase Ventures, Binance labs, Sequoia, Spartan and more,” Kean explains.
Testing and perfecting the Lif3 Chain
The public testnet phase of the Lif3 Chain represents a pivotal milestone in the project’s development. Kean underlined the importance of this phase, inviting public testing to ensure the chain’s robustness before the official launch of the mainnet.
Lif3’s journey in the DeFi sector, marked by its migration to Ethereum and the introduction of Lif3 Trade on the BNB Chain, reflects its adaptive strategies in a changing market. The project’s emphasis on multi-chain capabilities and strategic partnerships, including with Layer Zero, indicates its approach to addressing the evolving demands of blockchain technology and DeFi users.