Deep dive into BIFROST Ecosystem
The current state and future plans for expanding the ecosystem
BIFROST has always been focused on building cross-chain solutions. We’ve developed many products that helped users to eliminate friction in transacting between different chains, and it’s been an amazing journey. Now, as Bifrost Incentivized Testnet (BIT) is coming to an end and the launch of the BIFROST Network mainnet is right around the corner, we want to share the state of the BIFROST ecosystem, as well as our future expansion plans.
About BIFROST
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 DeFi products, including BiFi, BiFi X, ChainRunner, and Biport (more on that below), 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.
BIFROST ecosystem today
BIFROST ecosystem in its current state represents a set of products, all of which are focused on enhancing cross-chain user experience but are not necessarily connected to each other. BIFROST Network will be a link between existing products and the platform for developers to build the next generation of cross-chain applications.
BiFi
BiFi is a lending and borrowing platform developed by the BIFROST team in 2020. Focusing on interoperability, BiFi is deployed on Ethereum mainnet, Avalanche, BNB Chain, and Klaytn. Furthermore, BiFi was among the first DeFi protocols to integrate native BTC. Currently, BiFi has more than $17 million of TVL and offers above-average yield for investors across multiple markets. Bifi has its own token $BIFI.
Biport Wallet
Biport wallet is a natively cross-chain Web-3 wallet. 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.
You can read more about Biport and web3 wallets in our blogpost.
ChainRunner Q
ChainRunner Q is a comprehensive DeFi aggregator that interconnects DeFi applications on different chains. The goal of ChainRunner Q is to make it easier to use DeFi, eliminate the need for browsing over different websites and apps, and have everything users need in one place. Chainrunner Q currently supports spot exchanges and lending markets, namely Compound, Aave V2, BiFi, BiFi X, and SushiSwap. By using aggregator and not the official interface of these apps, users will always benefit from the best possible prices (on AMMs) or rates (in lending protocols), as well as reduced gas fees due to gas optimization built in the contracts.
BiFi X & Owly
Both BiFi and Owly are tools for DeFi portfolio management. While BiFi X provides users with leveraged yield farming and margin trading with up to 4x leverage, Owly offers curated trading strategies. With Owly, anyone can build out a winning trading strategy and a complex portfolio with minimized trading steps, in-app swaps, and asset management functionality.
BIFROST Ecosystem post-mainnet launch
BIFROST Network
BIFROST Network is an EVM-compatible layer one blockchain based on a Substrate development framework that enables cross-chain communication. From the beginning, it will enable cross-chain actions across Ethereum, Klaytn, BNB Chain, and Avalanche, with more chains to be integrated in the future. You can find more information on BIFROST Network in our blogpost.
BIFROST Network relies on the on-chain governance that is facilitated through the governance portal (as of now in the testnet), with discussions on the governance forum.
BIFROST’s block explorer shows all the events happening in the network, including cross-chain transactions (as of now in the testnet).
BIFROST Ecosystem
Existing applications developed by the BIFROST team will be migrating to the BIFROST Network, and the new products are under development. BiFi, the lending/borrowing market, alongside the Cross-Chain DEX will be pillars of the BIFROST DeFi ecosystem. ChainRunner will play the role of the router for the trades across chains in the DEX. Having these natively cross-chain products on BIFROST Network will enable the next level of user experience due to synergies and composability that becomes possible. You can find more information about the incoming decentralized exchange in our blogpost.
As BIFROST Network is developers-friendly given the applications could be written in Solidity, we will be working to attract talents to our ecosystem. BIFROST provides an opportunity for developers to build natively chain-agnostic applications. To bootstrap the development and talent acquisition, we’ll launch a grant program as well as special programs to attract liquidity. Stay tuned for more information!
Learn more
We have exciting news coming soon! Follow us on Twitter and join our Discord community to not miss opportunities to participate.
If you are as excited about the cross-chain future as we are, and want to build cool applications on BIFROST Network, contact us!
