What is Bifrost (BNC)?
BNC is the native token of Bifrost, which is a web3 derivatives protocol. It is a parachain based on Polkadot. Bifrost provides users with decentralized cross-chain liquidity for staked assets. Besides, it allows the swapping and borrowing of crypto assets. Check out the Bifrost price chart featured above to see the current BNC price.
Bifrost was created specifically to speed up the liquidity for staked assets across various networks. |n order to receive staking liquidity users have to mint Staking Derivatives Voucher Tokens (vTokens). They can do that by depositing staking tokens. Besides, users get rewarded for staking. To get that cross-chain liquidity for staked assets, Bifrost utilizes the cross-consensus message (XCM) mechanism.
With Bifrost, parachains, heterogeneous chains, and Polkadot relay chains can all benefit from consistent cross-chain interest-bearing derivatives. The Bifrost protocol reduces the threshold for users to stake, raises the multi-chain staking ratio, and broadens the base of ecosystem applications. This is accomplished by aggregating more than 80% of the staking liquidity on PoS consensus chains through cross-chain derivatives.
Use Cases of BNC Tokens
Primarily, BNC is a governance token that is used for on-chain governance. It provides token holders with the right to vote on various decisions concerning the future of the Bifrost crypto project, node election, Treasury allocation, and so on.
Besides that, the Bifrost token is, overall, the fuel of the project as it is used for transfers, transactions, staking, rewarding, and other functions within the Bifrost parachain.
If you're planning to acquire Bifrost coins, don't forget to make a thorough BNC price analysis beforehand. Used the Bifrost price chart above for doing that.
Who Founded Bifrost?
Bifrost's co-founder is Lurpis Wang. He has a degree in computer science. In the past, Wang has held positions at Ping++ and Weibo Corporation. Additionally, he founded Liebi Pool.
Many prestigious venture capital companies have invested more than $2.15 million in the Bifrost crypto project. Besides, Bifrost was one of the first beneficiaries of a web3 Foundation Grant, which qualified it for membership in both the web3 Bootcamp and the Substrate Builders Program.
Tokenomics of BNC
BNC token has a max supply of 80 million. Half of the token supply was dedicated to the ecosystem while 20% is owned by the founders and team of the Bifrost. The rest of the tokens were distributed as follows: seed round (10%), private round (5%), marketing (3%), mint drop (2%), and Foundation (10%).
Since the supply of Bifrost coins is fixed, it might become more scarce in the future. This, in turn, could potentially increase the BNC price. To check the current one, don't forget to take a look at the Bifrost price chart.
