Crypto Startup LI.FI Spins Up Bridge, DEX Aggregator
The retail-facing platform uses a noncustodial setup, CEO Philipp Zentner said.
DENVER — Crypto trading aggregator LI.FI has rolled out a token bridge and decentralized exchange aggregator that the startup’s founder said reduces the cost of moving crypto assets across chains.
The platform, jumper.exchange, traverses a bevy of trading venues as well as bridging to find the cheapest and fastest path to swap tokens and blockchains. It works across much of the Ethereum Virtual Machine ecosystem and plans to go further, CEO Philipp Zentner said in an interview.
While there are already plenty of bridge aggregators and DEX aggregators out there, Zentner said that “the user journey is just not good.” LI.FI’s combined platform is a noncustodial setup that doesn’t introduce more risk into the equation and in fact vets bridges and decentralized exchanges to make sure they’re safe to use, according to Zentner.
“We take off that huge research overhead you have as a user to navigate across the 70 bridges that are out there – so many bridging projects and new ones coming up,” Zentner said. “And they all have different security models, trust assumptions, attack vectors. It's just hard to really go deep enough in the details to understand them and to make your own decision.”
Zentner said LI.FI does not charge a fee for retail users. “We are first and foremost a B2B company,” he said, explaining LI.FI provides APIs to other companies. The new retail-facing bridge and swap aggregator is free, he said. An API allows a third party to use a standard programming call to access data on a given platform.
“We tried to get this week to $100 million in volume,” Zentner said here during the ETHDenver conference. He wasn’t sure where the startup’s numbers landed, but said performance was strong.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.