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What is Bifrost coin (BFC) and how does it work?

by Financial Economy

Bifrost is a multichain middleware platform that enables developers to create Decentralized Applications (DApps) on top of multiple protocols. Not restrained to a single blockchain, Bifrost creates a new environment where developers can combine the best protocols to develop substantially more scalable and flexible DApps. Detailed information on what is Bifrost coin BFC and how does it work, how to buy, how much is the price, etc. is in the continuation of the content. For information about Unibright coin (UBT), you can check here.

What is Bifrost coin (BFC) and how does it work?

Bifrost Coin (BNC) is the native cryptocurrency of the Bifrost protocol, a Polkadot-based decentralized finance (DeFi) project that provides staking and liquidity. Bifrost allows users to deposit tokens for staking and in return give vTokens that provide staking liquidity. Users who stake tokens receive staking rewards in exchange for locked tokens. BNC Coin is used to collect staking rewards and verify transactions.

BFC (Bifrost token) is the currency of Bifrost’s multi-chain ecosystem. Developers pay BFC to use multi-chain middleware to develop and run their DApps, minimizing the cost of gas fees when using multiple blockchain protocols compared to using a single blockchain. More specifically, they will be required to deposit a certain amount of BFC and fees will be deducted from that. When the staked amount reaches below a threshold level, they will be required to purchase BFCs to meet the threshold again.

The first DApp powered by Bifrost is the multi-chain DeFi platform BiFi. Using Bifrost’s multi-chain technology, BiFi can directly connect to multiple blockchains such as Bitcoin, Tron, and Klaytn, thus expanding the DeFi ecosystem that is currently limited to Ethereum.

Where to buy BFC and how much does it cost?

Bifrost coin can be purchased from the listed exchanges. Before trading, it is necessary to make sure that the exchange is “trusted”. As of August 25, 2021, the value of 1 BFC is around $0.48.

Caution: The information contained in this content is for informational purposes only. It is not investment advice.

For information about crypto currency: https://en.wikipedia.org/wiki/Cryptocurrency

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