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Satoshi Club

Bifrost x Satoshi CLUB AMA Session 15 Jan 2020

Hello, Satoshi clubbers and guests of this site. Today we would like to tell you about the AMA session with our friend from Bifrost. The AMA took place on January 15th and our guests were Dohyun Pak — co-founder and CEO of Bifrost & BiFi.

The total reward pool was 800$ and has been splitted in 3 parts.

In this AMA Recap we will try to summarise the most interesting points for you.

Part 1 — Introduction and questions from the Telegram

Hello Satoshi Club! We are happy to announce our AMA session with Bifrost! Welcome to Satoshi Club

hello @Bifrost01 welcome to Satoshi Club!

Hi to all thank you for having me here

@Bifrost01 welcome here

Happy to see you in Satoshi Club!

How are you today?

I am doing great how are you Mary?

I am great as well! So, let’s start?

Yes let’s dive in

Please, introduce yourself and Bitfrost project to our members

Sure. Hello everyone nice to meet you all.
I’m Dohyun Pak and I am the co-founder and CEO of Bifrost & BiFi. For over 10 years, I have developed and managed complex derivative products for financial institutions in the US and Korea. I received a Ph.D. in financial engineering at the University of Michigan, Ann Arbor, and I currently serve as the professor of mathematical finance at Gachon University.

Oh, amazing experience!

How old is Bifrost?

Bifrost is a multichain middleware platform and BiFi is the first DApp on top of Bifrost and BiFI is a multichain DeFi platform

BIfrost is 3 years old

It’s not a young company

you had time to develop it

Which country are you based in?

We are based in South Korea

Is it crypto friendly?

Yes there are many crypto supporters in Korea

That’s great!

Dohyuns, thank you for your intro!

Are you ready for the questions from our community?

Sure let’s dive into questions

Q1 from Telegram Username @NataliyaKil

BFC Bot is a Telegram Chatbot created by BIFROST to educate about Bifrost, grow our community, and keep it active. It rewards members with Points for making referrals and contributions, and Bifrost converts the Points into BFC_K every month. The conversion happens in the middle of every month and gets announced on our Medium ( So basically, you can earn BFC_K by checking in daily in our Bifrost Group, chatting with community members, jackpot points that randomly rewards points.

When our multichain wallet on BiFi releases in early 2021, members will be able to convert the Klaytn-based BFC_K Token to our Ethereum-based BFC Token in the Bifrost Wallet.

can people use your bot in different Telegram chats? or this bot made special for your chatroom?

Can check out BFC Bot in our Telegram group

Bifrost Global:
Bifrost Korea:
Bifrost Vietnam:
Bifrost Japan:
Bifrost Indonesia:

Our bot was formally made for our own Telegram groups, but we have recently expanded the use of our BFC Bot to different Telegram Groups who want to try out our product. We welcome anyone to message our CMs if you are interested in trying out the bot if you have your own group!

It’s crypto, everyone want to try

sure, another tg groups will use it!

Let’s proceed or you want to add something?

good way to get rewarded with crypto

I am done with the first question and we can move onto the next question

let’s do it!

Q2 from Telegram Username @AugusS7

User can change the types of blockchain anytime. For example in gaming DApp, users can choose Tron for battle when they need faster speed and choose Ethereum for items to save records. Developers can change the types of blockchain anytime when they wish to do so. All the migrations and codes will be deployed by Bifrost under the hood, so there will not be much for developers to do.

Is it already working?

does user has to pay any sort of fees, while changing blockchains?

Currently Bifrost is focusing on DeFi and suite for developers will be launched on Q2

Yes users have to pay BFC as gas fees whenever they use multichain services.

Great! Can’t wait to see this going live! It will be something new and easy to use

got it

Thank you, @Bifrost01 for your answers!

Ready for the third question?

Of course, let’s move on the third question

Q3 from Telegram Username @Highpee

First off, BiFi is not a multichain middleware. It is a DeFi platform powered by the multichain technology of Bifrost. Thus, BiFi uses the technology of Bifrost to connect to different blockchains.

I am aware that a lot of DeFi services got hacked recently. However, those contracts were still going through testing or in the development phase. To prevent the hacks or any loss for our users, we go through numerous testings and we do not release the service until it confirm and pass all tests. Also, we go through audits not just from one company, but from various companies. This applies to Bifrost multichain technology as well. Check out our Medium Post about BFC Token audit reports here ( We recently also received BiFi audits from Theori and we will keep sharing the audit reports on our Medium.

Yes, testing and audits are important now. Who can participate in testing?

great! but why you didn’t publish audit results on Etherscan?

Before the launch of the new product, we are doing test within our team and some of the experts such as our advisors.

There are many things going on right now and we recently submitted the audits and we are waiting for the updates

Got it


thank you for answers! ready for the next question? @Bifrost01

Yes we can move onto the next question

Q4 from Telegram user @Michelth

Bifrost has a Recipe component that ensures optimal service. Recipe is a smart contract codes with guaranteed code-level flexibility. With Recipe, we support the deployment of the codes and services. Current service does not support migration of data. We are still developing Bifrost to support the migration to lessen the burden for the users. Operators can easily migrate using Bifrost Builder.

When do you have plans to integrate this migration? Do you have any timeframes?

We plan to integrate migration when our Bifrost Suite comes out in the last half of 2021.

Not so long to wait

Do you want to add something or we can go to the next question?

Nope we can move onto the next question

Q5 from Telegram Username @Korryl

Once you make a deposit on our Lending service, you can borrow against it as a collateral. The collateral ratio for for each token is different. For example, if the collateral ratio for a token is 80%, you will be able to deposit 100 tokens and borrow 80 tokens worth of different assets. When you do so, your net debt-to-asset ratio will be 80% (80 in borrow against 100 in deposit). a

You can check the debt-to-asset ratio on the Lending page. Each asset may have a different collateral ratio, so be sure to check when you do a deposit or borrow. Note that if your net debt-to-asset ratio reaches more than 90%, your collateral is at the risk of liquidation so always keep your eye on the collateral ratio.

You can read more about our Lending service on our Medium ( post.

Do you have any statistics how many users already use your lending system?

yes, statistics would be nice

User data is confidential because we are in Open Beta. However, I can tell you that we recently surpassed $10M on our deposits and borrows.

impressive start

Very nice numbers

thank you for answer! ready for the last question from part 1?


Sure let’s move on

Q6 from Telegram Username @Brainchest

Bifrost and BiFi team is a group of financial experts and developers with various backgrounds. I have developed and managed complex derivative products for financial institutions in NYC and Korea for more than 10 years, and our COO has worked in finance, developing games and softwares for many as well. Coming from a mathematical science and hacking background, our CTO is especially focused on security of our services.

We are constantly speculating which pair to support on BiFi based on price volatility. That’s why we are not supporting many pairs right now because there may be drastic changes in the price of assets which can cause great harms to both BiFi and our users. Think of the blackswan event last year. We are unlike most other existing DeFis — we always put security as our priority when we are developing our services, and we have greater visions for creating an equal, decentralized, and finance for all attitude.

Yes, prices are changing in some seconds)

Agree especially in these days

It’s really good, that security is your priority, i think Bitfrost users appreciate this and give you even more support

Part 2 — live questions from the Telegram community

Q1 from Telegram user @topind7

As I mentioned in the intro we have different local communities below are the links to our Telegram Group:
Bifrost Notice:
Bifrost Global:
Bifrost Korea:
Bifrost Vietnam:
Bifrost Japan:
Bifrost Indonesia:

Also we are planning to expand to different regions and there is no local communities for you then you can join the global group and join when local community is created. Currently you can check out thr information of Bifrost and BiFi on our Medium

Q2 from Telegram user @Gutike95

Yes, we make it all simple! Bifrost enables DApp developers to write smart contracts for multiple blockchains in a unified environment. They can simply select target blockchain for each part of the code, then Bifrost will transpile, compile, and deploy the code into the target blockchains at once. Developers can even switch the target blockchain as new and better protocols become available.

Q3 from Telegram user @lzam

Interest rates in other DeFi changes on the market condition and users can check the interest rate. Thus, BiFi has its own formula for the interest rate and collateral ratio too. We believe that more people will use Lending and Borrowing if we connect tokens from other blockchain protocols such as Bitcoin, Tron and Klaytn with more financial services.

Q4 from Telegram user @CryptoDurden

Bifrost is built from the scractch and we created our own codes for BiFi as well. This is the reason that we are going audits from different compaines such as Hexlant and Theori. Currently, we are going through audits and we will share the reports ASAP.

Q5 from Telegram user @KINGVINU7

Our competitors are all trying to create their own ecosystem. This will only result in more fragmentation of the blockchain ecosystem, where every ecosystem is trying to compete and cannibalize users, holders, and developers. Bifrost has a unique approach, where we are trying to create a universal language for blockchains and smart contracts, so we can connect any of these blockchain ecosystems and make blockchains completely interoperable, scalable, and flexible for developers.

Q6 from Telegram user @doithay1617

Of course users in group can learn information and communicte with us. Also they can earn BFC_K when they chat and share good infornation. When they share good information admins can tip you or react with emojis, admins replaying through emoji means that you can earn BFC_K.

Q7 from Telegram user @zaferce

BFC (Bifrost token) is the currency of Bifrost’s multichain ecosystem. Developers pay BFC for using the multichain middleware to develop and operate their DApps, minimizing the cost of gas fees when using multiple blockchain protocols than when using one blockchain. More specifically, they will be required to stake a certain amount of BFC and the fees will be deducted from it. Once the staked amount reaches below a threshold level, they will be asked to purchase BFC to meet the threshold again.

Q8 from Telegram user @Korryl

Many people are asking this question whether Bifrost has a plan to burn or buyback BFC tokens. At this moment we do not have plans to burn or buyback our tokens and you can learn more information on our Medium post.

Q9 from Telegram user @Nickkiii

Our Medium blog has several posts for instructions on using the BiFi service, from setting up MetaMask, buying BFC and BiFi, and using each services (Lending, Pooling, Staking) on BiFi.

Our YouTube channel has tutorials on Lending & Rewards (

This is the link to the Medium Post on Lending & Rewards program (

Q10 from Telegram user @Shaa93

Please do not confuse Bifrost with ‘Bitfrost’. I am aware a lot of users get confused with another company with the same name as ours. However, we are a blockchain middleware platform and does not have our own blockchain. Please make sure you are not confusing us with the other!

Bifrost is the multichain middleware platform that enables DApps to connect to different blockchains. BiFi is the first DApp powered by the multichain technology of Bifrost. Using the technology of Bifrost, BiFi can use different tokens and coins from different blockchains and protocols on its services. Through this multichain connectivity, BiFi will lower the gas fees, increase accessibility, and expand the ecosystem to enable more innovative financial products to more people.

Our websites are and

Part 3 — Quiz Results

In the final part we tested your knowledge in terms of Bifrost. They’ve prepared 4 questions for this part. The total reward pool for quiz was 500$.

English Telegram group:
Russian Telegram group:

Spanish Telegram group:
Telegram Channel:

Bifrost Community:



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