Bifrost (BFC) Price

What is Bifrost Network (BFC)?

Bifrost Network is an EVM-compatible Layer 1 blockchain designed to achieve interoperability and bring Web3 to Web2 users, bridging the gap between different blockchain ecosystems. It is equipped with advanced cross-chain functionalities that allow it to seamlessly connect various blockchain networks, including the Bitcoin Network. This capability enables decentralized applications (DApps) to utilize a wide array of cryptocurrencies from any supported blockchain, enhancing their operational scope and flexibility.

Bifrost stands out as a multichain interoperability platform that combines liquid staking and multi-chain functionalities, built on Kusama. It empowers users to engage in decentralized finance (DeFi) applications while earning staking rewards, and offers developers the ability to operate across multiple blockchain protocols. At its core, Bifrost aims to enhance the versatility of DApps and help them thrive in a multi-chain environment, effectively expanding the possibilities of decentralized finance.

The Cross-Chain Communication Protocol (CCCP) is key to Bifrost's operation, ensuring secure and fast inter-chain message transmission. This protocol connects networks like Bitcoin, EVM-based chains, and non-EVM systems through Bifrost's nodes, such as Full-nodes and Relayers. Bifrost also features an integrated oracle service that delivers off-chain data accurately, minimizing reliance on external oracles and lowering operational costs. Additionally, BTCFi is an asset management service that showcases Bifrost’s capabilities, providing a variety of use cases for native Bitcoin, integrating it into DeFi services, and thus extending the potential of decentralized finance.

How Does Bifrost Network Work?

Bifrost Network leverages multiple advanced technologies to create a seamless cross-chain ecosystem. One of the fundamental technologies is the Cross-Chain Communication Protocol (CCCP), which enables the transfer of messages and assets between distinct blockchain networks. CCCP connects Bitcoin, EVM-based, and non-EVM systems, allowing decentralized applications to operate in a true multi-chain capacity. By enabling inter-chain communication through dedicated nodes, Bifrost provides an environment where assets and data can flow freely across blockchains.

Bifrost also utilizes its built-in oracle service to provide accurate off-chain data without needing third-party oracles, enhancing both cost-efficiency and reliability. This integrated oracle ensures that decentralized finance applications and other blockchain services on the Bifrost Network can rely on consistent and trustworthy data. The native staking and liquidity features of Bifrost also allow users to earn staking rewards while maintaining liquidity, providing a significant advantage for DeFi participants who wish to maximize their assets' utility.

Another key feature of Bifrost is BTCFi, an asset management service that uses Bifrost's interoperability features to provide diverse use cases for native Bitcoin in DeFi. BTCFi allows users to leverage Bitcoin directly within the DeFi ecosystem, unlocking new opportunities for financial growth and inter-chain asset utilization. With BTCFi, Bifrost highlights its focus on enhancing blockchain interoperability and making decentralized finance accessible across different blockchain ecosystems.

Bifrost's Founding Team

Bifrost Network was founded by a team of blockchain visionaries dedicated to making blockchain ecosystems more interconnected and accessible. The founding team consists of Lurpis Wang, Zengfeng Wang, and Dohyun Pak, who have been instrumental in crafting a platform that brings Web3 capabilities to Web2 users through advanced interoperability.

Lurpis Wang and Zengfeng Wang have extensive experience in blockchain development and network architecture, contributing to Bifrost's innovative Cross-Chain Communication Protocol, which enables seamless inter-chain interactions. Dohyun Pak brings a deep understanding of both blockchain technology and business strategy, helping to shape Bifrost’s approach to expanding blockchain adoption and making DeFi more versatile. Together, they have created a network that facilitates cross-chain functionality, efficient data transmission, and multi-chain asset management, setting a new standard for blockchain interoperability.

The founders' innovative approach to combining interoperability with practical utility has enabled Bifrost to provide a platform that supports a variety of blockchain protocols, encouraging the development of decentralized applications that can operate in a truly interconnected manner. Their vision for the future of blockchain involves creating a seamless, cost-efficient, and highly versatile ecosystem where both developers and users can fully leverage the benefits of decentralized finance across multiple blockchain networks.

Bifrost’s Tokenomics

Bifrost Network is an EVM-compatible layer 1 blockchain designed for interoperability, enabling seamless cross-chain functionality between various networks, including Bitcoin, and supporting decentralized applications (DApps) across multiple chains. Its key features include the Cross-Chain Communication Protocol (CCCP) for secure, fast inter-chain messaging, and a built-in oracle system that reduces operational costs by providing off-chain data without relying on external oracles.
The total supply of Bifrost is currently capped at 2.58 billion tokens, with allocations as follows:

•    Public Sale 25%
•    Ecosystem 20%
•    Team 20%
•    Reserve 20%
•    Marketing 10.4%
•    Advisors 4%
•    Public Sale 0.6%

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