Bifrost’s November Update: Tokenomics 2.0, bbBNC Growth, and Key Product Milestones

Bifrost has had a dynamic November, marked by significant product updates, community engagement, and a strong showing in transparency. This past month has seen the successful launch of our innovative Tokenomics 2.0, the impressive growth of our bbBNC token, and crucial advancements in our core infrastructure.

Runtime Upgrades and Protocol Enhancements

Our development team has been hard at work, pushing forward with essential upgrades to the Bifrost network. Key highlights include:

• Runtime 22001 (Upgraded): Now supports the Polkadot AssetHub Migration (AHM), enhancing interoperability.
• Runtime 22002 (Upgraded): Features optimized BNC P<>K cross-asset fee logic, streamlining transactions.
• Runtime 23000 (Under Development): This upcoming release will bring exciting new features, including vETH SLP support for the Snowbridge ETH SLPv2 protocol, universal XCM type compatibility, and an extended compatibility for SLPx with AssetHub. A permanent locking option for bbBNC and refactored XCM cross-chain transaction components are also in the pipeline, alongside global vToken exchange-rate security enhancements.

Testing and New Features: Omni LS & Dapp

Our latest versions of Omni LS and the Bifrost Dapp are currently in testing, with Omni LS 1.10.0 and Dapp 1.10.0 both slated to support vETH 3.0. This signifies a major step forward in our liquid staking capabilities.

Product Performance and Growth

Bifrost continues to demonstrate robust growth in the DeFi space. This month, our Total Value Locked (TVL) reached an impressive $63,551,911.

• vBNC Dominance: Our flagship product, vBNC, has shone brightly, achieving a total minting volume (TVS) of 14,842,924 vBNC and securing over $1.36 million in TVL. This represents a remarkable 63% month-over-month growth.

• bbBNC Momentum: Since the introduction of our buyback mechanism, bbBNC – the core revenue-sharing token – has seen over 10,000,000 BNC locked. Bifrost has actively bought back 1,102,067 BNC and burned 123,109.13 BNC, with an average lock time of 442 days. You can explore the real-time performance on the bbBNC dashboard.

  

• vMANTA 2.0 Migration Complete: In alignment with Manta Network’s move to Ethereum for native staking, the vMANTA 2.0 migration is now successfully completed. Users can mint the upgraded vMANTA directly on Ethereum mainnet via omni.ls. For detailed instructions, refer to our guide.

Marketing & Community Highlights

November was a busy month for community engagement and transparency initiatives:

• November 1: Launch of Tokenomics 2.0: bbBNC (Buy Back BNC): We officially rolled out Tokenomics 2.0, introducing bbBNC as the revenue-sharing lock certificate for BNC. This model directs 100% of protocol profits to buy back BNC, with 10% burned and 90% distributed to bbBNC holders.
• November 4: bbBNC Twitter Space: We hosted an engaging Twitter Space to deep dive into bbBNC’s utilities, reward mechanics, and the structure of our new economic model.
• November 4: Blockworks Token Transparency Framework: Bifrost achieved an outstanding score of 38 out of 40, underscoring our commitment to industry-leading transparency in revenue disclosure, governance, treasury structure, and tokenholder alignment.
• November 14: People Chain Incentive Deep Dive: Our Co-Founder Lurpis joined a PolkaWorld livestream to discuss the design and value proposition of the “People Chain” activation campaign.
• November 15–20: Bifrost at Sub0, Buenos Aires: Our Dev Rel Victor attended Polkadot’s Sub0 conference, delivering a compelling talk titled “Yield Fusion: Bifrost’s Strategy for Yield Aggregation.” See the highlights here.

Bifrost remains dedicated to innovation, transparency, and community growth. We are excited about the ongoing development of our protocol and the increasing value we bring to our users and the broader DeFi ecosystem. Stay tuned for more updates as we continue to build the future of decentralized finance.