Introducing the BiFi Token

Published in

Bifrost

3 min readNov 27, 2020

Hello, it’s BIFROST Team!

BiFi, the multichain DeFi platform powered by Bifrost, is to launch very soon. BiFi will initially support borrowing and lending, and of course — yield farming! BiFi will eventually support a wider range of DeFi products along with its own multichain wallet, Bifrost Wallet, that supports assets beyond ERC-20.

The BIFROST ($BFC) Initial DEX Offering (IDO) on Uniswap will be on December 1, 2020 at 11:00 AM UTC.

Before the launch of BiFi, let’s look at the role of BIFI token, BiFi token distribution plan, and how to earn BIFI token.

What is BIFI Token?

BIFI token is the governance token for BiFi — the multichain DeFi platform for borrowing, lending, and investing. Holders of BIFI token can vote on proposals to improve the BiFi service. Users will also be able to use BIFI token for various financial services on BiFi, such as investment, insurance, and trading. Lastly, BIFI token is going to be used as a fee when using multichain services. As BiFi is built on the multichain middleware platform Bifrost, it needs to lock-up and pay a certain amount of BFC (Bifrost token) when using Bifrost.

What is BiFi Token Distribution Plan?

There will be a total of 1B BiFi tokens. Initial supply of BiFi token is 100M — 10% of total supply.

The BiFi token will be distributed in two ways:

50M BiFi tokens will be distributed in the first month BiFi launches and can be earned by BFC/ETH liquidity pool mining or BFC staking on BiFi.
50M BiFi tokens will be initially supplied on Uniswap.

40% of 1B BiFi tokens is allocated to Service Incentives. 20% is allocated for Yield Farming, which includes liquidity pool mining (BFC/ETH) and staking (BFC). Then, 15% is allocated to Team and 15% to Treasury & insurance.

After the initial distribution of 100M BiFi tokens, 36%, 27%, 18%, and 9% of BiFi tokens will be distributed for the next four years, respectively. When all 1B BiFi tokens have been distributed, 2% of 1B BiFi tokens will be inflated each year.

See the chart below to see the details of BiFi token distribution:

📌 Distribution of token can be changed through governance of BiFi.

How to Earn BiFi Token

There are three ways to earn BiFi tokens:

1. Purchase BiFi tokens on exchanges.

2. Earn BiFi tokens by liquidity pool mining (BFC/ETH) and staking (BFC) on BiFi.

3. Deposit or borrow assets on BiFi. BiFi tokens will be distributed to users who use lending services.

About BiFi

BiFi is a multichain DeFi platform built on Bifrost that connects directly to Bitcoin and other blockchains, thereby expanding the DeFi ecosystem currently limited to Ethereum. Save, lend, invest with ETH, USDT and even BTC with BiFi.

Stay with Bifrost & BiFi