Bifrost 2025 Annual Report: A Year of Delivery

In 2025, the crypto industry faced no easy answers. While ETFs continued to channel institutional capital into the market, the year was equally defined by heightened volatility, closer regulatory scrutiny, and an unprecedented demand for sustainability.

Liquid staking has transcended its role as a mere yield tool—it has evolved into a critical infrastructure layer connecting multi-chain liquidity, governance, and DeFi returns.

If one word were to define Bifrost’s 2025, it would be “DELIVERY.”

We delivered on the promise of our new tokenomics model, bbBNC, aligning community and protocol interests more closely than ever before. We delivered on our yield layer vision, extending vToken accessibility to Ethereum and its Layer 2 networks. And we delivered on our commitment to long-term product iteration, closing the year with vETH 3.0—establishing the technical foundation for the next phase of growth.

Key Highlights

🎯 Buyback & Profit Sharing: A New Era

bbBNC represents the most important narrative shift for Bifrost in 2025. Historically, many DeFi governance tokens have struggled with a fundamental problem: beyond voting rights, holders had little exposure to the economic upside of protocol growth.

We designed bbBNC to break this pattern. Built on an enhanced veToken model, 100% of protocol profits are allocated to BNC buybacks, with 90% distributed directly to bbBNC holders.

The market response exceeded expectations:

• 16+ million BNC tokens locked (over 20% of total supply)
• 1.72+ million BNC repurchased cumulatively
• 172,000 BNC permanently burned

We believe that only when protocol success is meaningfully aligned with community interests can a truly durable ecosystem be built.

📊 Performance by the Numbers

2025 was a year of measurable growth:

• $8.07 million in total protocol revenue
• $1.2 million in gross profit
• 634,000+ total transactions
• 39,000 active addresses
• 1.16 million cumulative dApp page views
• 138,000 total community members
• 27,000+ vToken-holding addresses

These numbers reflect Bifrost’s transition into a more mature, profitable phase driven by sustainable protocol economics.

🚀 vToken Expansion: Multi-Chain Growth

vDOT remained our core growth engine:

• Minted supply increased from 7 million to 18 million (+157% growth)
• Peak issuance surpassed 24 million
• Continues to lead Polkadot as its most liquid staking asset

vBNC surged alongside bbBNC adoption:

• Minted supply approached 20 million by year-end
• Growth directly tied to revenue-sharing incentives

vASTR maintained steady momentum:

• Doubled from 50 million to 100 million
• Solid demand foundation from Astar ecosystem expansion

vMANTA experienced breakout growth:

• Minted supply rose from 8 million to 22 million (+175%)
• Driven by vMANTA 2.0 release with instant minting and improved UX

vETH 3.0: Entering the Ethereum Ecosystem

On December 18, 2025, Bifrost officially launched vETH 3.0—our most significant step into the Ethereum ecosystem to date.

With over $100 billion staked, Ethereum represents the largest value pool in DeFi. vETH 3.0 rethinks liquidity architecture from the ground up, delivering on the vision of “one LST, natively usable everywhere.”

Key Features:

• Native minting on Ethereum mainnet, Base, Arbitrum, Optimism, and Bifrost-Polkadot
• No complex bridging workflows required
• Seamless LST migration from stETH and rETH (coming soon)
• Deeper Hydration integration leveraging Omnipool and gigaETH strategies

vETH 3.0 marks Bifrost’s formal entry into the competition for omnichain LST infrastructure—a pivotal moment for the protocol.

Ecosystem Collaboration & Growth Initiatives

Reward Share Program (RSP)

The vToken Reward Share Program became a key driver of TVL growth. Partners who help grow Bifrost continue to share in the protocol’s success.

2025 Results:

• 15 RSP partners collaborating with Bifrost
• $1.8+ million in effective TVL driven
• Notable contributors: Subscan and WUD

This approach transforms partners into co-builders and long-term beneficiaries of value creation.

Liquid Wave: Community at Scale

Our largest community incentive initiative in protocol history:

• 100,000+ campaign page visits
• 37,131 participating addresses
• $3.17 million in TVL driven
• 135+ million WAVE points distributed

Liquid Wave represented a deep engagement experiment, introducing users to vToken value through a points-based system and phased tasks, converting them into long-term ecosystem participants.

DeFi Singularity

One of 2025’s most impactful collaborative initiatives:

• $4+ million in cross-chain TVL attracted
• Joint incentives with Hyperbridge
• Extended vDOT yield opportunities from Polkadot to Ethereum, Base, and beyond

Security & Infrastructure

For a liquid staking protocol managing tens of millions of dollars in assets, security is paramount.

Technical Upgrades:

• Runtime 20000/21000 upgrade series significantly improved performance and stability
• AssetHub migration support completed for Polkadot 2.0 era
• Hyperbridge deep integration established robust cross-chain communication

Security Measures:

• Partnership with Immunefi
• Bug bounty program with rewards up to $500,000
• Continuous security audits and monitoring

Global Presence & Community Engagement

In 2025, the Bifrost team remained committed to real-world community engagement:

• 10 cities worldwide visited
• 27 events participated in
• From Token2049 Singapore to Korea Blockchain Week Seoul
• Hong Kong to Buenos Aires

These weren’t merely visibility exercises—they served as vital channels for listening, feedback, and product iteration. Many of Bifrost’s most important decisions originated from face-to-face conversations with our community.

Developer Partnerships:

• Global hackathon with OneBlock and PaperMoon
• $12,000 total prize pool
• Fostering next-generation builders in the ecosystem

Looking Ahead: 2026 and Beyond

If “delivery” defines 2025, it refers not to a single outcome, but to a capability. This year, Bifrost chose to do the hard things well:

✅ Turned tokenomics into real buybacks and revenue distribution ✅ Transformed omnichain ambition into verifiable cross-chain functionality ✅ Distilled product iteration into reusable, long-term technical frameworks

We deliberately chose a path without shortcuts—stabilizing infrastructure first and grounding growth in genuine demand.

2026 Vision:

• Stronger systems and more diverse product suite
• Deeper collaboration across ecosystems
• Staking yield solutions for stablecoins, DeFi, and real-world assets
• Continuous exploration and persistent innovation

In a rapidly evolving crypto landscape, steady progress requires commitment to the industry and long-term trust of our community.

Conclusion

The period at the end of 2025 is also the starting point of 2026. We will continue to turn every promise into the next verifiable delivery.

Bifrost’s 2025 wasn’t defined by hype or headlines. It was defined by execution, alignment with community interests, and building infrastructure that matters. As we enter 2026, we carry forward this commitment: stronger, more resilient, and more community-aligned than ever before.