INTRODUCE BIFROST?

BIFROST started as a middleware platform that enables developers to create Decentralized Applications (DApps) on top of multiple protocols. BIFROST is not restrained to a single blockchain and creates a new environment where developers can combine the best protocols.

Through Bifrost’s multichain technology, DApps are faster, cheaper, more transparent, and more flexible. Developers are able to use BIFROST to develop a substantially more scalable and flexible DApp by selecting the target blockchain on BIFROST.

In our quest to provide the best environment for optimal cross-chain development, we decided to create our own network to connect the diverse ecosystem of blockchains. As we are witnessing a global crypto adoption stage and more demand for a better Web3 experience, the blockchain space still faces issues of providing efficient infrastructure for financial services, gaming, and other applications. We believe it can be achieved by enabling secure and robust interoperability so developers can get the best from each network. That being said, BIFROST is now shifting focus to expand to a DPoS blockchain network and accelerate our overarching project vision: to make DApps work.

Currently, the BIFROST Testnet is live. BIFROST Network’s unique design distinguishes it from other interoperability solutions and layer-one blockchains. The network is built upon the idea of utilizing the best available solutions such as Substrate’s NPoS and EVM, and enhancing them with custom-built pieces of architecture to ensure the best user experience when it comes to cross-chain communication.

History and Team

BIFROST was founded in 2017 by two professors and another founder with extensive experience in finance and computer science, Dohyun Pak, Jonghyup Lee and Changhyun Yoo with the goal of developing a multichain middleware platform that enables developers to create Decentralized Apps (DApps) on top of multiple protocols.

BIFROST has introduced a number of decentralized finance (DeFi) products, including BiFi, BiFi X, ChainRunner, Biport, and now focusing on building a multichain ecosystem inside of our network by utilizing the proprietary built multichain technology of BIFROST.

BIFROST recently raised $8.4 million, following the seed funding of $3.3 million back in 2019 from some of the biggest equity firms in South Korea, including Korea Investment Partners Co., Ltd, STIC Ventures, and other notable investors.

The BIFROST Network

The BIFROST Network is a layer-one blockchain based on a Substrate development framework that enables cross-chain communication. It is a generalized, externally-verified message passing network that aims to connect otherwise separated networks. BFC is the native token that is used for fees in the network and on-chain governance.

The main focus of the BIFROST Network is interchain communication that is enabled by the “Remote Blockchain Call” (RBC) protocol. BIFROST Network acts as an external verifier for actions happening on the chains it supports, and relays them over from the source chain to the destination chain. The network is aimed at maximizing decentralization and security in cross-chain message passing while maintaining reasonable transaction costs. To do so, two unique elements are implemented into its architecture — Relayers and Socket Contracts.

Cross-Chain Action Protocol

As BIFROST Network is in the testnet and the mainnet is soon to be rolled out, we can outline some of the features.

• Built-in Cross-chain Bridge and BIFROST Multichain DEX scheduled
• A core network that provides a one-stop all-in-one multichain dApp development environment
• A secure and efficient network that provides its own oracle services (Token Price Feeds)
• EVM-compatible Developer-friendly network with high scalability
• High connectivity and compatibility with BIFROST’s multichain dApps such as Chainrunner and Biport
• Additional NFT rewards that indicate the contribution of the BIFROST ecosystem

More details about the validator rewards, network components, and architecture will be shared in an article coming soon.

The BIFROST Multichain Ecosystem

Interoperability is the biggest technical challenge that remains for blockchains. Without it, DApps are confined to one blockchain, struggling to achieve scalability.

Currently, BIFROST provides a flexible and seamless blockchain payment environment, a crypto asset custody and management service, and both deposit and lending services across multiple networks.

Here’s a short summary of some of the applications currently running in the BIFROST ecosystem:

BIFI: BiFi is a multichain lending and liquidity management platform that offers the first decentralized Bitcoin-collateralized lending against Ethereum assets, and vice versa. Through multichain connectivity, BiFi aims to build a financial infrastructure connecting all the capital markets to allow capital and data to flow seamlessly from one blockchain to another. With the release of the BIFROST Network, BiFi will become a fully functional cross-chain lending platform supporting native assets on the most popular networks.

BIPORT: Biport is a decentralized multichain wallet that allows users to send, receive, and store a wide range of assets scattered across different blockchains in one place. Starting with the decentralized lending platform BiFi, Biport integrates DeFi features directly within the app to provide users with the best multichain DeFi experience without compromising security.

BIFI X: BiFi X is an automated leverage trading platform that allows users to open yield farming and margin trading positions in a few clicks. Using flash loans to perform the leverage in a single transaction, BiFi X improves the leverage trading experience of users and provides an efficient way to maximize returns while saving time and multiple transaction fees.

ChainRunner Q: ChainRunner Q is designed to be the most flexible automated DeFi aggregator built for end-users to easily use multiple blockchain services. With its pre-built scenarios, ChainRunner Q focuses on providing users a simple and effortless way to provide blockchain services in one unified platform where users can readily execute complex DeFi strategies — such as swap, buy, stake, or lend — all available on the ChainRunner scenario map

Additionally, BIFROST uses the BFC token, which is the native coin of the BIFROST Network that serves as the backbone of the BIFROST multichain ecosystem. BFC is used as the network fee for running smart contracts and executing transactions on the BIFROST Network. By enhancing network operation and security through staking, providing block rewards, and ensuring governance, BFC plays a critical role in enhancing network security and performance of DApps. Notably, as the native coin, BFC functions as the following.

Cross-chain Wallets in the Web3 ecosystem

Looking into future of Web-3 wallets and introducing Biport, a natively cross-chain wallet.

While to this day, the most popular self-custodial Web-3 wallet are those focused on just one chain (or, in the case of EVM-compatible chains, a set of them), it’s clear that a Web-3 wallet should evolve to better serve both sophisticated and non-sophisticated users.

The market is still dominated by the wallets that have been the first to the market and have the most extensive user base,, at least partly due to their first-mover advantage. Metamask, the most dominant Web-3 wallet with more than 10 million downloads for its extension in Chrome Store and an additional 10 million in Google Play, was released by Consensys in 2016, less than a year after the Ethereum network itself. Phantom, Metamask’s counterpart focused on the Solana network, was one of the first Solana wallets with more than 2 million downloads in Chrome Store.

Designing a wallet is no easy — as the crypto industry matures, there are more and more potential user groups developers have to target. When Metamask was released, just sending transactions was the only functionality most users desired. Nowdays, with the rise of DeFi and NFTs, wallets have become more of a super-app, or a Web-3 browser. Additional challenge is the different level of sophistication of potential users — while some would desire advance features such as choosing a DeFi provider, others might be confused by how to deal with a recovery phrase. Add to that cross-chain future we’re heading to, and the task of designing a Web-3 wallets becomes even more non-trivial.

Interoperability

As we’re heading toward a cross-chain future, users expecting their Web-3 wallet to support cross-chain functionality. Having a separate wallet extension for each chain, as well as changing network each time user interact with a new chain, is a terrible user experience. The new generation of crypto wallets, such as XDEFI, are able to automatically detect the network Web-3 app is using, as well as automatically add assets to the right network from the user on-chain balance.

Moreover, a cross-chain Web-3 wallet of the next generation should also support an in-app bridging of native tokens, as well as integrated cross-chain DEX for token swaps.

DeFi

DeFi might be confusing for non-sophisticated users. Web-3 wallets supporting in-app basic DeFi functionality can open the magic of decentralized finance to people that don’t have a desire or time to learn complicated concepts. Deposits to lending markets, swaps, staking services, and some trading functionality should be available from a Web-3 wallet and be as easy as managing finances from a Web-2 banking app.

There is a lot developers can do to make the life of more sophisticated users easier as well. Just showing the balances of LP positions in AMM-based DEXes and other types of yield farms would be a decent upgrade in user experience. Providing advanced features, such as yield aggregation and access to DEX aggregators, such as 1inch would improve UX and security even further.

Eventually, a browser extension wallet, and especially the mobile app, might replace a good part of interfaces and call smart contracts of popular DeFi apps in the backend.

NFT

NFTs, being a social and cultural concept, can potentially onboard the next big wave of users to crypto. Hence, it essentialant to provide these users with an easy solution to monitor and potentially trade their artwork most conveniently. This aspect is already recognized by a number of mobile wallets, with even Metamask Mobile providing a very simplistic interface for NFTs.

New developments in NFT space, such as growing popularity of AMMs such as Sudoswap and aggregators such as Gem and Blur, provides new opportunities for wallets to integrate these solutions with an in-app interface.

Biport wallet

Biport wallet is a natively cross-chain Web-3 wallet developed by the BIFROST team. With extension already available in Chrome Store, it provides users with frictionless chain-agnostic user experience in five networks — Ethereum, BNB Chain, Polygon, Klaytn, and Avalanche, as well as BIFROST Network testnet. With just one recovery phrase, users can access these chains, all the assets on apps on top of them, without a need of changing networks or wallets manually. A mobile app is currently in the beta testing and will soon become available for everyone.

Today, a number of DeFi apps are already integrated into Biport browser extension — lending platform BiFi, DEX aggregator Chainrunner, among others. Following the release of BIFROST Network mainnet and subsequent launch of Cross-chain DEX, its functionality will be integrated into the wallet. We’re planning on integrating the most popular and trustworthy DeFi apps to maximize the wallet for flexibility and better user experience.

If you want to try Biport out, please download the extension from Chrome Store and let us think what do you think.