BIFROST
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BIFROST

BIFROST Will Become A Cross-Chain Network: BFC Token Burn & BFC Staking Launch

Participate in BFC Staking for 20% APR before the official launch of the network

BIFROST initially took off as a multichain middleware project designed 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 network efficiency and scalable financial infrastructure. 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. Refer to our Roadmap.

Why we’re building a DPoS Network

Through the introduction of BIFROST network, we aim to build a DApp-friendly environment enabling cross-chain activities to provide real-world applications and innovative functionalities over time. BFC will be used as the native coin to ensure network security through a process of staking, based on the Delegated Proof of Stake (DPoS) algorithm to reach consensus efficiently and democratically. Holders who stake BFC will vote on delegates to elect the validator nodes that help secure the network. Gas fees for transactions that occur across the network will be significantly reduced as compared to the expensive gas fees on Ethereum and various PoW networks.

BIFROST: A Borderless Cross-Chain Financial Network

BIFROST network will be designed to provide new and practical functionalities with an emphasis on cross-chain financial innovations, such as lending, DEX, payments, and more. With this approach, BIFROST will roll out the first native cross-chain lending services and provide users with seamless cross-chain swaps, payments, and exchanges (DEX) across multiple networks.

We anticipate demonstrating the true potential of multichain technology through the power of both BIFROST and Biport. This sustainable, community-governed, and cost-efficient network will provide powerful solutions for DApps to scale and support global adoption.

BFC Token Burn

BIFROST’s expansion to a network will change the way in which BFC operates, with BFC storing both value and voting power in the DPoS system. To that end, we have burned a total of 1,600,000,000 of BFC (40% of initial total supply) on February 10, 2022 at 2:00 AM (UTC).

  • Initial Total Supply: 4,000,000,000 BFC
  • Total Supply after BFC burn on March 14, 2021: 3,968,584,074 BFC
  • Total Supply after BFC burn on Feb 10, 2022: 2,368,584,074 BFC

BFC Burn Transaction: https://etherscan.io/address/0x000000000000000000000000000000000000dEaD

BFC Tokens Burned on February 10, 2022 at 2:00 AM (UTC)

Participate in BFC Staking

Starting today, BFC investors can stake BFC on staking.thebifrost.io to earn 20% APR. The staking period will last until the launch of the network (expected Q2/Q3 2022). Participating in BFC staking early to maximize your holdings and contribute to the network.

So, why are we opening a pre-staking opportunity before launch?

Built on the DPoS consensus concept, BIFROST will need votes from users of the network to elect delegates that will validate the next block. Staking BFC pre-launch will help provide the votes and delegates for the initial validators of the network.

Once staked, BFC will be safely stored in a smart contract. At the network launch, all staked BFC will be transferred to the BIFROST network (cross-chain). Then the staked funds will be automatically used to vote and elect the initial validators of the network.

You will need to connect Biport wallet with BFC funds to start staking.

BFC Staking Process

Staking Period

  • February 10, 2022 to BIFROST Network Launch

Staking Policy

  • All staked funds will generate 20% APR (in BFC) until network launch
  • The number of times and the amount you can stake is unlimited
  • Staked BFC will be transferred to the BIFROST network and votes will be automatically used to elect delegates at launch
  • You may withdraw your staked BFC at any time before or after network launch (see Early Withdrawal Policy below for withdrawing before launch).

Early Withdrawal Policy

  • Early Withdrawal refers to withdrawing your staked BFC before the network launch
  • Early withdrawals will result in the change of reward rates from 20% APR to 5% APR for the entire staking period. Interest will stop accruing once the withdrawal is requested.
  • You will be able to withdraw your staked BFC and the accrued staking rewards 21 days after the withdrawal request

💡 Withdrawing BFC Post-Launch: Staked BFC will be withdrawn from the BIFROST network and can be bridged back to the Ethereum network.

Learn how to stake BFC

  1. Visit staking.thebifrost.io and click Stake BFC. This will take you to the Staking Section.

2. Click Connect Biport. If you don’t have Biport installed, download the wallet to start staking.

3. Once your wallet is connected, enter the amount of BFC to stake and click Stake BFC.

4. Click Approve on the pop-up to allow BFC staking contract to access your BFC.

5. Check the Ethereum gas fee on Biport Wallet and click Confirm.

6. Return to the Staking Section, click Stake BFC and confirm the gas fee.

7. BFC staking is complete!

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BIFROST

BIFROST

Universal Multichain Middleware for DApps: https://thebifrost.io/