BiFi
Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.
BiFi runs pooled lending across Bifrost Network, Ethereum, BNB Chain, Klaytn and Avalanche, including cross-chain collateral and borrowing flows. The protocol API read on 2026-08-15 reported about $4.52M of lending TVL, mostly on Bifrost Network, plus about $3,880 separately tagged as Ethereum staking. Aggregate and market-level liquidity remain far below the shared v1 $100M materiality line, so the below-materiality dossier controls without treating staking or borrowed capacity as supplied exit liquidity.
- TVL sustained above $100M for 30 days
The research file
Applicability to the surveyed record
BiFi documents pooled lending in which users supply assets, earn utilization-driven interest, use deposits as collateral, and borrow subject to asset-specific loan-to-value limits and liquidation. Its current cross-chain guide shows collateral supplied on BNB Chain and borrowing on Bifrost Network, establishing the lending mechanism and broader perimeter.
Current observation and perimeter
The DefiLlama protocol API read on 2026-08-15 classified BiFi as Lending and showed approximately $4.52M TVL across Bifrost Network, Ethereum, Binance, Klaytn, and Avalanche, with most value on Bifrost Network. This corrects the older single-chain description but remains far below the shared v1 $100M materiality threshold.
Control and exit applicability
Supply and borrow rates adjust with market utilization; withdrawals include accrued interest but are constrained by collateral and available pool liquidity, while undercollateralized borrowers face liquidation. Cross-chain positions additionally depend on Bifrost message processing and selected source and destination networks, so the small aggregate venue and thinner individual markets are directly relevant to an advised exit.
Why the class rule decides
The shared v1 below-materiality dossier controls because current aggregate BiFi TVL remains under $100M despite live cross-chain lending. Reopen after DefiLlama TVL remains above $100M for 30 consecutive days, then review market-level liquidity and utilization, interest and liquidation parameters, oracle and Bifrost controls, cross-chain failure modes, admin and governance authority, audits and incidents, executable withdrawals, stressed exits, and named lending alternatives.
Sources
The claims above trace to these. Where a number could not be independently verified, the thesis says so.
- BiFi — cross-chain lending overview · primary · accessed 2026-08-15
Supports: cross-chain lending, Bifrost Network, supply APY, borrow rate, utilization, liquidity - BiFi — lend and borrow · primary · accessed 2026-08-15
Supports: BNB Chain collateral, Bifrost borrowing, supply flow, borrow flow, cross-chain perimeter - BiFi — depositing and withdrawing · primary · accessed 2026-08-15
Supports: supported networks, deposit interest, withdrawal, collateral ratio, borrow limit - BiFi — borrowing and liquidation · primary · accessed 2026-08-15
Supports: collateralized borrowing, LTV, liquidation triggers, repayment - DefiLlama — BiFi survey record · secondary · accessed 2026-08-15
Supports: current TVL, current chain perimeter, Lending category, survey observation
Inherited controls
The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.
| Chain | Verdict | Grade | Control constraint |
|---|---|---|---|
| Ethereum | Approved | sovereign | No sequencer, no upgrade key, no operator who can be compelled — rule changes require social consensus. |
| Avalanche | Approved · limits | crypto-backed | no party can freeze or seize C-Chain funds, but one vendor writes the only production client and Messari measured over a third of stake hosted on AWS. |
| BNB Smart Chain | Rejected | freezable | the validator set concentrates around one company, and the chain has been halted by decision. |