Bifrost (Rainbow Bridge) is the Polkadot ecological DeFi basic protocol, and it is also one of the first parachains launched by Kusama. It is committed to becoming an infrastructure for pledged assets to provide liquidity. Currently, it has launched card slots for Staking and Polkadot parachains. (Crowdloan) derivative vToken. At present, it has successfully obtained millions of dollars in financing from NGC, SNZ, DFG, CMS and other institutions and the Grant of Web3 Foundation. It is also a member of Substrate Builders Program and Web3 Bootcamp.

What is Bifrost (BNC)?

Bifrost (BNC) is a Polkadot-based parachain designed to provide liquidity and staking without nomination delays. Bifrost is a decentralized finance (DeFi) project in the Polkadot ecosystem that allows users to deposit their Staking tokens and mint vTokens (Staking Derivatives Voucher Token) to obtain Staking liquidity, and when tokens are locked by smart contracts Earn staking rewards. Using Bifrost, you can convert Proof-of-Stake (PoS) tokens into vTokens; for example, DOTs can be converted into vDOTs.

Development of Bifrost began in Q3 2019. According to the developer, the project aims to solve problems such as ensuring Staking liquidity without affecting the original chain governance structure, and lowering the Staking threshold in a decentralized manner.

Organizations backing Bifrost include Hypersphere Ventures, NGC Ventures, Longhash Ventures, WEB3, SNZ Holding, Consensus Lab, Digital Renaissance, Liebi, Youbi Capital, and Digital Finance Group.
Bifrost is also a member of the Substrate Builders Program and Web3 Bootcamp.

Who is the founder of Bifrost?

Lurpis Wang is the CEO and co-founder of Bifrost. He holds a degree from Huazhong University of Science and Technology. Worked at Weibo Company and Ping++. He also founded Liebi Pool, a DeFi project on the IOST network.

In 2019, Wang formed a team with Maarten Henskens, Bonnie Nie, Ross McDonald, Dawns Xu and launched Bifrost.

What sets Bifrost (BNC) apart?

Bifrost aims to provide liquidity to 80% of the PoS network by allowing users to convert PoS cryptocurrencies into vTokens via a transfer bridge. This can be done at any time with the option to earn extra income and liquidity from betting.

vTokens can be used to optimize data in a variety of contexts, including DeFi, decentralized applications (DApps), and decentralized (DEXs) and centralized (CEXs) exchanges. According to the developers of Bifrost, vTokens allow users to hedge against lock-up risks and double DeFi and Staking rewards.

Bifrost maintains a high degree of transparency of all actions on its parachains, allows the supervision of business parameters through democratic governance, provides cross-chain support through Polkadot relay, provides vToken rewards regardless of which validator users use, and supports staking 100% .

How secure is the Bifrost network?

Bifrost is a Polkadot parachain project. Polkadot uses a relay chain plus a parachain framework. Parachains don't have to provide security, but can use Polkadot's security. Polkadot also provides secure communication between networks. With the help of the relay chain, the cross-chain transmission of messages can be carried out in a concept called "shared security" without any additional trust mechanism.

To enhance parachain security and incentivize proper validator behavior, Bifrost employs Polkadot's Slash mechanism and Nominated Proof-of-Stake (NPoS) rules in a native solution called the "Slash Risk Prevention and Control Mechanism".