{"id":"deversifi","title":"DeversiFi","content":"Rhino.fi, formerly known as DeversiFi, is a multi-chain, self-custodial DeFi platform built using StarkWare's zkSTARK layer 2 scaling technology for its high-speed trading environment. The platform was initially incubated by [Bitfinex](https://iq.wiki/wiki/bitfinex) as Ethfinex Trustless. It became a fully independent entity as DeversiFi in 2019 and launched its StarkWare-powered exchange on June 3, 2020. In July 2022, the platform rebranded to Rhino.fi to reflect its expansion into a multi-chain gateway for decentralized finance.[\\[6\\]](#cite-id-2xtbfnpkz68)[\\[4\\]](#cite-id-zonvvrmn3g)\n\n## Overview\n\nRhino.fi's history began in 2017 with its launch as Ethfinex Trustless, a decentralized exchange (DEX) incubated by [Bitfinex](https://iq.wiki/wiki/bitfinex). In August 2019, it became the fully independent platform DeversiFi. A major milestone occurred in June 2020 with the launch of DeversiFi 2.0, which integrated StarkWare’s zkSTARK layer-2 scaling technology.[\\[1\\]](#cite-id-t41yyalmd1r)\n\nThe zkSTARK integration utilizes zero-knowledge proof (ZKP) technology to bring scalability to non-custodial trading. This is achieved by processing trades in batches off-chain and then submitting a single cryptographic proof to the [Ethereum](https://iq.wiki/wiki/ethereum) blockchain for each batch, enabling thousands of transactions per second without compromising on security.[\\[7\\]](#cite-id-diApgef5dRdM7sXe)\n\nAs part of the 2020 relaunch as DeversiFi, the platform established a Data Availability Committee (DAC), with members including ConsenSys and [Bitfinex](https://iq.wiki/wiki/bitfinex). The committee's role is to ensure the safety of user funds by retaining a copy of account balances, which can be used to restore the state of the exchange should the platform and StarkWare's systems ever go offline simultaneously.[\\[7\\]](#cite-id-diApgef5dRdM7sXe)\n\nFollowing its 2022 rebrand to Rhino.fi, the platform expanded its focus beyond a single L2 exchange to become a multi-chain platform, offering services like cross-chain swaps and bridging between various blockchains including [Ethereum](https://iq.wiki/wiki/ethereum), [Polygon](https://iq.wiki/wiki/polygon), and [BNB Chain](https://iq.wiki/wiki/binance-smart-chain).\n\n## Partnership with Loopring\n\nIn December 2020, DeversiFi and [Loopring](https://iq.wiki/wiki/loopring), two early pioneers of zk-rollup technology, formed a strategic partnership to improve and promote layer 2 scalability solutions. The exchanges created a committee named \"L2 Squared\" (or L²) to advance the adoption of layer 2. To mark the alliance's launch, DeversiFi and [Loopring](https://iq.wiki/wiki/loopring) conducted a token swap of their respective native tokens at the time, NEC and LRC.[\\[1\\]](#cite-id-t41yyalmd1r)\n\nThe L² alliance focused on several key areas, including educational initiatives to explain the benefits of layer 2 technology over standard [Ethereum](https://iq.wiki/wiki/ethereum) transactions and pushing for wider wallet integration. On a technical level, the alliance worked toward developing composability standards between layer 1 and layer 2, as well as between different layer 2 systems, to improve the user experience across the ecosystem.[\\[2\\]](#cite-id-07u24b9t2nmt)\n\n## DVF Token (formerly NEC)\n\nWith the rebrand to Rhino.fi, the platform's original Nectar (NEC) token was replaced by the new DVF token. DVF serves as the native utility and governance token for the Rhino.fi ecosystem. NEC holders were able to swap their tokens for DVF following the rebrand.\n\nThe original Nectar (NEC) token was created in 2017 and launched in 2018 to incentivize liquidity on the Ethfinex exchange. Initially, NEC was an inflationary token, but it later transitioned to a deflationary model with the launch of Nectar 2.0. This model introduced a \"buy & burn\" mechanism where up to 50% of DeversiFi trading fee revenues were used to purchase and burn NEC tokens.[\\[2\\]](#cite-id-07u24b9t2nmt)[\\[5\\]](#cite-id-lys52tjs0ne)\n\nThe DVF token now functions as the core of the Rhino.fi platform, providing holders with utility such as trading fee discounts and the ability to participate in governance by voting on proposals related to the platform's development and treasury.\n\n## Governance and DAO\n\nGovernance of the platform has evolved from the original Nectar DAO (NecDAO) to a new decentralized autonomous organization structure centered around the DVF token. DVF holders can stake their tokens to participate in the Rhino.fi DAO and vote on key decisions that shape the future of the ecosystem.\n\nThe foundation for the DAO was laid when 17,807 ETH, pledged to NEC holders from Ethfinex exchange fees, was deployed into the NecDAO treasury.[\\[3\\]](#cite-id-pvqk3bqyzz)\n\nOn August 12, 2020, in a significant step for the then-NecDAO, [ParaFi Capital](https://iq.wiki/wiki/parafi-capital) and D1 Ventures each purchased $450,000 worth of NEC tokens and staked them, taking a leading role in the early governance of the DeversiFi ecosystem.[\\[2\\]](#cite-id-07u24b9t2nmt)","summary":"DeversiFi is a cryptocurrency exchange built using the StarkWare zkSTARK layer 2 technology.  It is now known as RhinoFi.","images":[{"id":"QmemvP97k6sY9a113rfruYkrgx1KH4h1DPZBhTSxpyuR7q","type":"image/jpeg, image/png"}],"categories":[{"id":"exchanges","title":"Exchanges"}],"tags":[],"media":[],"metadata":[{"id":"twitter_profile","value":"https://twitter.com/rhinofi"},{"id":"website","value":"https://rhino.fi/"},{"id":"references","value":"[{\"id\":\"t41yyalmd1r\",\"url\":\"https://cointelegraph.com/news/deversifi-20-dex-integrates-starkware-to-enable-9k-trades-per-second\",\"description\":\"DeversiFi 2.0 DEx Integrates Starkware\",\"timestamp\":1658072479473},{\"id\":\"07u24b9t2nmt\",\"url\":\"https://nectar.community/dao\",\"description\":\"Nectar Community\",\"timestamp\":1658072527507},{\"id\":\"pvqk3bqyzz\",\"url\":\"https://decrypt.co/31338/ethereum-exchange-deversifi-upgrade-targets-pro-traders\",\"description\":\"Ethereum-based exchange DeversiFi \",\"timestamp\":1658072572197},{\"id\":\"zonvvrmn3g\",\"url\":\"https://cointelegraph.com/news/dexs-launch-l2-squared-alliance-to-promote-ethereum-scalability\",\"description\":\"DEXs launch ‘L2 Squared’ alliance\",\"timestamp\":1658072605848},{\"id\":\"lys52tjs0ne\",\"url\":\"https://medium.com/loopring-protocol/loopring-deversifi-announce-a-layer-2-committee-l%C2%B2-ca64151d4e95\",\"description\":\"Loopring & DeversiFi announce a Layer-2 Committee — L²\",\"timestamp\":1658072632472},{\"id\":\"2xtbfnpkz68\",\"url\":\"https://deversifi.helpy.io/en/docs/6-what-is-deversifi\",\"description\":\"Whitepaper\",\"timestamp\":1658072702447},{\"id\":\"diApgef5dRdM7sXe\",\"url\":\"https://coinexchangereviews.com/crypto-exchange/deversifi-review/#Key\\\\_Features\",\"description\":\"DeversiFi exchange review and guide\",\"timestamp\":1763167827757}]"},{"id":"previous_cid","value":"\"https://ipfs.everipedia.org/ipfs/QmXPZt7irvakT6GBLgctsVV8hTtTCQ6Ueti47d9bF33a6e\""},{"id":"commit-message","value":"\"Removed DeversiFi project description.\""},{"id":"previous_cid","value":"QmXPZt7irvakT6GBLgctsVV8hTtTCQ6Ueti47d9bF33a6e"}],"user":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"author":{"id":"0x704E3d9c38E339b15631C1bedd7aCfd476ADB7a6"},"operator":{"id":"0x1E23b34d3106F0C1c74D17f2Cd0F65cdb039b138"},"language":"en","version":1,"linkedWikis":{"blockchains":[],"founders":[],"speakers":[]},"recentActivity":"{\"items\":[{\"id\":\"e272b6ce-3270-43b6-a570-b4b68c6bc3f0\",\"title\":\"DeversiFi\",\"description\":\"DeversiFi is a cryptocurrency exchange built using the StarkWare zkSTARK layer 2 technology.  It is now known as RhinoFi.\",\"timestamp\":\"2025-11-15T00:55:13.851Z\",\"category\":\"Wiki Update\",\"status\":{\"icon\":\"RiGlobalLine\",\"label\":\"Wiki Updated\",\"iconClassName\":\"text-green-500\"},\"user\":{\"name\":\"0x704E3d9c38E339b15631C1bedd7aCfd476ADB7a6\",\"address\":\"0x1E23b34d3106F0C1c74D17f2Cd0F65cdb039b138\"},\"button\":{\"label\":\"View Summary\",\"icon\":\"RiFileTextLine\"},\"summarySections\":[{\"title\":\"Content\",\"subtitle\":\"The entire content was rewritten to reflect the platform's rebranding from DeversiFi to Rhino.fi.\",\"variant\":\"modified\",\"changeCount\":5,\"changes\":[\"The introduction and 'Overview' section were updated to introduce Rhino.fi as the new brand and detail its history and multi-chain expansion.\",\"Internal links to Bitfinex, Ethereum, Loopring, Polygon, BNB Chain, and ParaFi Capital were added.\",\"The 'NEC Token' section was renamed to 'DVF Token (formerly NEC)' and updated to describe the token swap and the new token's utility.\",\"The 'NecDAO' section was renamed to 'Governance and DAO' and updated to describe the new governance model centered around the DVF token.\",\"The 'Team' section, which listed key personnel, was removed.\"]},{\"title\":\"References\",\"subtitle\":\"The list of references was updated, resulting in a net removal of one reference.\",\"variant\":\"modified\",\"changeCount\":3,\"changes\":[\"Removed reference 'DeversiFi exchange review and guide' (coinexchangereviews.com).\",\"Removed reference 'DeversiFi Review' (hedgeweek.com).\",\"Added reference 'DeversiFi exchange review and guide' (coinexchangereviews.com) with a new ID.\"]},{\"title\":\"Tags\",\"subtitle\":\"All tags were removed from the article.\",\"variant\":\"removed\",\"changeCount\":2,\"changes\":[\"Removed tag 'cryptoexchanges'.\",\"Removed tag 'DEXes'.\"]}]}]}"}