Bifrost

Bifrost is a project based on Kusam that allows users to participate in decentralized financial (DeFi) applications while earning rewards for their cryptocurrency.

Cryptocurrency staking allows users to lock their tokens in smart contracts to earn stake rewards. However, one of the main limitations of a traditional startup is that those who block your cryptocurrency cannot access your funds to participate in various DeFi events.

The Bifrost team aims to remove this particular blocker by introducing Liquid Stake, a concept that allows users to wager on any cryptocurrency using the Bifrost platform such as DOT or ETH and receive vTokens of equal value (vDOT or vETH) in return.

The Bifrost Token allows users to contribute tokens for staking and in turn provide vTokens that provide liquidity for staking. Users who stake on tokens receive wagering rewards in exchange for locked tokens. The BNC currency is used to collect wagering rewards and verify transactions.

BFC (Bifrost Token) is the currency of the Bifrost multichain ecosystem. Developers pay BFC to use multi-chain middleware to develop and run their DApps, which minimizes the cost of gas fees when using multiple blockchain protocols compared to using a single blockchain. Specifically, they will be required to deposit a certain amount of BFC and commissions will be deducted from it. When the rate drops below the cap, they will be forced to buy BFC to reach the cap again.

The first DApp powered by Bifrost is BiFi's multi-chain DeFi platform. Using Bifrost's multi-chain technology, BiFi can directly connect to multiple blockchains such as Bitcoin, Tron, and Klaytn, thereby expanding the DeFi ecosystem that is currently limited to Ethereum.