The DeFi platform Offshift today announced a major rebrand. The protocol, which is built on Ethereum, will revamp its website, whitepaper and change how it interacts on social media.
Offshift, which runs on Ethereum and Polkadot, said in a Medium post the revamp will restructure its value proposition.
But the company did say that its purpose, platform and core principles remain unchanged; To allow users to convert ERC-20 tokens into private zkAssets.
“It goes without saying that our purpose, our platform, and our core principles remain unchanged; we are a like-minded team of individuals dedicated to protecting privacy rights in the digital space, and we will continue to develop our application on that accord,” the company said in a statement.
The revamp includes a new interface and website, increased engagement on social media, regular blog posts plus an updated whitepaper. The anonymous group banded together to coin the term ‘PriFi’ (private finance) as a simple way to describe what they do. The revamp comes ahead of its Mainnet release later in 2021.
“Thus, as we continue toward a highly anticipated Mainnet release, we will be dedicating increased attention to our presentation and community-facing channels,” the company added.
Why is OffShift Important?
Offshift is a cryptographically private offshore storage & DeFi protocol on Ethereum and Polkadot and is the first dual-sided public/private protocol to be built entirely on a permissionless chain.
Offshift has integrated Chainlink’s market-leading decentralised oracle network to securely and reliably bring accurate, transparent, real-time price data from the off-chain world to the Offshift ecosystem on Ethereum.
Users can mint, burn, and trade zkAssets based on a fair market price of the underlying collateral at the time of the shift, leading to private digital assets within decentralized finance, aka DeFi. OffShift’s XFT token was trading at $1.91 at the time of this writing according to data from Coingecko.