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BitFi Review 2026: bfUSD and bfBTC CeDeFi Yield

BitFi is a CeDeFi platform that pairs off-chain delta-neutral trading with on-chain tokens, bfUSD and bfBTC, to pay yield on stablecoins and Bitcoin. It holds about $254M in TVL, but part of its risk sits with off-chain trading and custody.

By the DappsAtlas editorial team · Updated Nov 4, 2026

DappsAtlas score

6.8/10

Good

Visit BitFi Basis

Our verdict on BitFi Basis

6.8/10

BitFi suits crypto holders who want yield on stablecoins or BTC and accept a hybrid CeFi and DeFi model. Its main strength is scale, with about $254M in TVL, and a clear split between bfUSD and bfBTC products. The main caveat is that returns rely on an off-chain trading team and custodian, and DefiLlama lists no audits. Read the audit report and documentation, and size positions with that counterparty risk in mind.

Score breakdown

How BitFi Basis scores

Security: 6.0/10
Ease of use: 7.0/10
Fees: n/a
Features: n/a

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is BitFi Basis?

BitFi is a CeDeFi platform that describes itself as an on-chain asset management platform. It issues bfUSD, a yield-bearing stablecoin, and bfBTC, a yield-bearing Bitcoin liquid staking token. DefiLlama files it under Basis Trading and has tracked it since February 2025.

DefiLlama shows about $253.7M in TVL, up 0.2% over seven days, across BNB Chain, Ethereum, Base, Pharos, Hemi, Bitlayer and Core. It lists no native token and no audits, though the homepage points to an audit report.

The project is not the same as the Bitfi hardware wallet from 2018, which appears in public reporting and is an unrelated product.

How BitFi Basis works

BitFi takes deposits of stablecoins or BTC and issues yield-bearing tokens in return: bfUSD for dollars and bfBTC for Bitcoin. The funds are deployed into a mix of CeFi and DeFi strategies. The homepage says about 90% of the CeFi portfolio is delta-neutral and 10% tactical.

Delta-neutral, or basis trading, usually means holding an asset while taking an offsetting derivatives position, so price moves cancel out and the trader earns funding or futures premiums. Returns depend on market conditions and can fall or turn negative. BitFi says its trading team runs these strategies and that assets are held with the custodian Ceffu.

On the DeFi side, the tokens can be used with ecosystem partners such as lending markets, wallets and other protocols, which BitFi says adds further yield. This layered design is why the project calls itself CeDeFi.

7 features

Key features

bfUSD yield stablecoin

A yield-bearing stablecoin with two selectable strategies: Pulsar for higher yield with moderate risk, and Horizon for stable yield with the lowest risk.

bfBTC liquid staking

A yield-bearing Bitcoin liquid staking token using a hybrid of CeFi and DeFi strategies for BTC-denominated yield.

Delta-neutral core

The homepage says about 90% of the strategy is delta-neutral for stability and 10% is tactical for upside.

Institutional custody

Assets are said to be held with Ceffu's institutional custody infrastructure, alongside smart contracts.

DeFi ecosystem integrations

The project says it works with 20+ ecosystem partners across DeFi, wallets, chains and infrastructure, with 4-15+% ecosystem APY.

Multi-chain presence

Deployments across seven chains, including Ethereum, BNB Chain and Base, according to DefiLlama.

Dashboard and points

The site offers a dashboard and a points rewards program for users.

Pros and cons

What we like

Sizeable TVL of roughly $254M suggests meaningful user adoption.
Two products cover both stablecoin and Bitcoin holders.
Multi-chain deployment across seven networks, including Ethereum, BNB Chain and Base.
Names an institutional custodian, Ceffu, rather than leaving custody unspecified.
The Horizon and Pulsar strategies let users choose a risk level.

Watch out for

No audits are listed on DefiLlama (0 listed), although the homepage refers to an audit report; readers should check it directly.
Part of the strategy runs off-chain with a CeFi trading team and custodian, which adds counterparty risk that smart contracts do not remove.
Headline yield ranges (5-8% BTC, 15-30+% stablecoin) are the project's own figures and are not guaranteed.
No governance token is listed, and the homepage does not explain how fees are split.
The name is shared with an unrelated hardware wallet company, which can cause confusion in public reporting.
Delta-neutral basis strategies can lose money in extreme funding-rate or exchange-failure scenarios.

BitFi Basis fees

BitFi's fees are not published publicly available for this review. The homepage gives yield ranges but no management, performance or withdrawal fee figures.

Users should check the documentation and the dashboard before depositing. Look at how yield is net of fees, any lock periods (the page mentions a one-year principal option) and network gas costs on the chain they use.

Is BitFi Basis safe?

BitFi says assets are secured by smart contracts and institutional custodians, naming Ceffu for custody, and refers to extensive audits with a published audit report. DefiLlama lists zero audits, so readers should open the audit report and confirm who audited what and when.

Because part of the strategy runs off-chain with a trading team and exchange positions, users face counterparty, custody and operational risk beyond smart-contract bugs. The project does not describe any past incident or regulatory status. Do not deposit funds you cannot afford to lose.

6 steps

How to get started with BitFi Basis

1
Read the documentation and the audit report linked on the BitFi site.
2
Choose a product: bfUSD for stablecoin yield or bfBTC for Bitcoin yield.
3
Connect a compatible wallet on a supported chain such as Ethereum, BNB Chain or Base.
4
For bfUSD, pick between the Pulsar and Horizon strategies and note any lock period.
5
Deposit a small amount first and check the dashboard for the yield, fees and withdrawal terms.
6
Track your position and be aware that yields change and are not guaranteed.

Open BitFi Basis

Who BitFi Basis is for

BitFi is for crypto holders comfortable with CeDeFi who want yield on stablecoins or Bitcoin without running trading strategies themselves. It is less suited to users who want fully on-chain, trustless products or who cannot tolerate custodian and trading-desk risk.

BitFi Basis FAQs

What is BitFi?

BitFi is a CeDeFi asset management platform. Users deposit USD stablecoins or BTC and receive yield-bearing tokens, bfUSD and bfBTC, backed by a mix of CeFi and DeFi strategies.

What is bfUSD?

The homepage describes bfUSD as a yield-bearing stablecoin with customizable yield strategies. It names two options: the Pulsar strategy (high yield, moderate risk) and the Horizon strategy (stable yield, lowest risk).

What is bfBTC?

bfBTC is described as a native yield-bearing Bitcoin liquid staking token. It uses a hybrid of CeFi and DeFi strategies to aim for BTC-denominated yield.

What yields does BitFi advertise?

The homepage cites 5-8% for Bitcoin-denominated yield and 15-30+% for stablecoin-denominated yield. These are the project's own figures. A Google snippet showed 6.62% APY for bfBTC at one point. Rates change and are not guaranteed.

Is BitFi safe?

The homepage says assets are secured by smart contracts and institutional custodians, and names Ceffu for custody. It also says it has audits, but DefiLlama lists none. No strategy is risk-free, so check the audit report and understand the off-chain risk first.

Which blockchains does BitFi support?

DefiLlama lists BNB Chain, Ethereum, Base, Pharos, Hemi, Bitlayer and Core.

Is BitFi the same as the Bitfi hardware wallet?

No. The Bitfi hardware wallet from 2018 is an unrelated product. The BitFi covered here is a yield platform at bitfi.one, listed on DefiLlama since February 2025.

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