SEOUL, South Korea, Feb. 10, 2022 /PRNewswire/ — BIFROST initially took off as a multichain middleware project designed to connect the diverse ecosystem of blockchains. As people 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.
Why BIFROST is building a DPoS Network
Through the introduction of BIFROST network, BIFROST aims 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, p ayments, and exchanges (DEX) across multiple networks.
BIFROST anticipates 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.
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 early in BFC staking is a great way to maximize the holdings and contribute to the network.
Why is there 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.
Users will need to connect Biport wallet with BFC funds to start staking.
- February 10, 2022 to BIFROST Network Launch (Q2/Q3 2022)
- All staked funds will generate 20% APR (in BFC) until network launch
- The number of times and the amount users can stake is unlimited
- Staked BFC will be transferred to the BIFROST network and votes will be automatically used to elect delegates at launch
- Users 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 users’ 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
- Users will be able to withdraw their staked BFC and the accrued staking rewards 21 days after the withdrawal request.
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