Article Summary, Automatically Generated By AI
About Bifrost
-
What is Bifrost (BNC)?
: A Liquid Staking app-chain for all blockchains, utilizing decentralized cross-chain interoperability. -
Mission
: Provide standardized cross-chain interest-bearing derivatives for Polkadot relay chains, parachains, and heterogeneous chains bridged with Polkadot. -
Funding
: Raised over
USD 2M
from top-tier venture capital firms. -
Founders
: Lurpis Wang, Maarten Henskens, Bonnie Nie, Ross McDonald, and Dawns Xu. -
Unique Features
:- Provides liquidity to <
About Bifrost: Unlocking the Power of Multichain Interoperability
Bifrost (BNC) Unveiled: A Comprehensive Overview
Bifrost is a pioneering Liquid Staking app-chain, meticulously designed to seamlessly integrate with all blockchains, leveraging decentralized cross-chain interoperability to empower users to effortlessly earn staking rewards and DeFi yields, while ensuring unparalleled flexibility, liquidity, and robust security across multiple chains.
Bifrost’s mission is to furnish standardized, cross-chain interest-bearing derivatives for Polkadot relay chains, parachains, and heterogeneous chains interconnected with Polkadot. Moreover, by aggregating over 80% of PoS consensus chains’ staking liquidity through cross-chain derivatives, our protocol effectively reduces users’ staking threshold, boosts the multi-chain staking ratio, and enhances the ecosystem’s application interest base, thereby creating a self-reinforcing, three-way positive cycle that empowers users, multi-chains, and ecosystem applications alike.
Bifrost has secured over USD 2 million in funding from esteemed venture capital firms, including NGC, SNZ, DFG, CMS, and other prominent institutions. Notably, Bifrost was an early recipient of a prestigious Web3 Foundation Grant and has been selected to participate in the esteemed Substrate Builders Program and the Web3 Bootcamp.
The Visionaries Behind Bifrost: Unveiling the Founding Team
Lurpis Wang, Co-founder of Bifrost, holds a degree from the esteemed Huazhong University of Science and Technology. His professional trajectory includes stints at Weibo Corporation and Ping++. Notably, he has also founded Liebi Pool, a pioneering DeFi project built on the IOST network.
In 2019, Wang convened a team comprising Maarten Henskens, Bonnie Nie, Ross McDonald, and Dawns Xu, thereby laying the foundation for Bifrost.
Unveiling the Unparalleled Attributes of Bifrost (BNC)
Bifrost is engineered to furnish liquidity to a substantial 80% of Proof-of-Stake (PoS) networks, empowering users to seamlessly convert PoS cryptocurrencies into vTokens via transmission bridges. This flexibility enables users to execute conversions at their discretion, with the added benefit of potentially generating supplementary income and liquidity from staking activities.
vTokens can be leveraged to optimize transactions across a diverse range of scenarios, including decentralized finance (DeFi), decentralized applications (DApps), and both decentralized (DEXs) and centralized (CEXs) exchanges. As envisioned by Bifrost’s developers, vTokens empower users to mitigate the risks associated with locked positions, while simultaneously doubling their DeFi and staking rewards.
Bifrost ensures utmost transparency in all its on-chain activities, enabling the democratic governance of business parameters, while facilitating seamless cross-chain interactions via Polkadot relay. Moreover, it offers vToken rewards to users, regardless of their chosen validator, and provides 100% staking guarantees.