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In 2025, the crypto industry did not arrive at an easy answer. 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 moved beyond being a yield tool—it has evolved into an infrastructure layer that connects 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 the new tokenomics “bbBNC”, aligning the interests of the community and the protocol more closely than ever before. We delivered on our yield layer vision, extending vToken accessibility to Ethereum and its Layer2 networks. And we delivered on our commitment to long-term product iteration, closing the year with the release of vETH 3.0—establishing the technical foundation for the next phase of growth. What follows is a review of Bifrost’s key milestones and achievements throughout the year. Key Insights Buyback & Profit Sharing Mode on: 100% of protocol profits are allocated to BNC buybacks, with 90% distributed to bbBNC holders, marking Bifrost’s transition into a phase of real profitability and yield sharing vToken minting expanded across the board: vDOT, vBNC, vASTR, and vMANTA all achieved multi-fold growth in staked volume Infrastructure takes shape: multiple cross-chain solutions integrated, enabling vTokens to natively enter heterogeneous ecosystems such as Ethereum, Base, Arbitrum, and BNB Chain Product stack completes a generational upgrade: the launch of vETH 3.0 and SLPx 2.0 solidifies Bifrost’s long-term direction as the staking yield layer. Performance Overview Numbers tell the most honest story. In 2025, Bifrost generated over $8.07 million in total protocol revenue, with gross profit reaching $1.2 million. This marked a clear transition into a more mature phase, driven by sustainable protocol profitability. On-chain activity remained strong throughout the year. Total transactions exceeded 634,000, with nearly 39,000 active addresses. The Bifrost dApp recorded more than 1.16 million cumulative page views and close to 39,000 unique users, indicating the emergence of a stable and recurring user base. Community growth also stayed healthy. By year-end, total community membership reached 138,000, with over 27,000 vToken-holding addresses and more than 130,000 BNC holders. Despite increased market volatility in the second half of the year, minting volumes across multiple vTokens continued to grow significantly—reflecting improved liquidity retention and stronger product stickiness across the protocol. bbBNC: Sharing with Holders This 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. bbBNC was designed to break this pattern. Built on an enhanced veToken model, bbBNC directs 100% of protocol profits toward BNC buybacks, with 90% distributed directly to bbBNC holders. Market response exceeded expectations. BNC locked rapidly surpassed 16 million tokens, accounting for over 20% of total supply. By year-end, the protocol had cumulatively repurchased more than 1.72 million BNC, of which 172,000 BNC were permanently burned. We believe that only when protocol success is meaningfully aligned with community interests can a truly durable ecosystem be built. vTokens: Broad-Based Growth Across the Stack In 2025, multiple vTokens under the Bifrost umbrella achieved substantial growth, reaffirming sustained demand for liquid staking across multi-chain environments. vDOT remained the core growth engine. Minted supply increased from approximately 7 million at the beginning of the year to 18 million by year-end—representing over 157% growth, with peak issuance surpassing 24 million. vDOT continues to lead the Polkadot ecosystem as its most liquid staking asset. vBNC growth was closely tied to the launch of the bbBNC economic model. As more users opted to lock BNC for protocol revenue participation, demand for vBNC rose in parallel, with minted supply approaching 20 million by year-end. vASTR maintained steady momentum, doubling from 50 million to 100 million over the course of the year. Continued expansion within the Astar ecosystem provided a solid demand foundation. vMANTA experienced breakout growth following the release of vMANTA 2.0. Minted supply rose from 8 million to 22 million, an increase of nearly 175%. Instant minting and improved cross-chain UX were the primary drivers behind this acceleration. vETH 3.0: The First Native ETH LST on Multichains On December 18, Bifrost officially launched vETH 3.0—its 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.” Users can mint vETH directly on Ethereum mainnet, Base, Arbitrum, Optimism, and Bifrost-Polkadot, without complex bridging workflows. vETH 3.0 marks Bifrost’s formal entry into the competition for omnichain LST infrastructure. Next, Bifrost will support direct conversions from stETH and rETH into vETH, enabling seamless migration for existing LST holders. Deeper integration with Hydration is also underway, leveraging Omnipool and gigaETH strategies to unlock broader DeFi use cases for vETH holders. Reward Share Program (RSP) The vToken Reward Share Program has become a key driver of Bifrost’s TVL growth. Its premise is simple: partners who help grow Bifrost should continue to share in the protocol’s success. In 2025, the number of RSP partners expanded to 15, collectively driving over $1.8 million in effective TVL. Subscan and WUD emerged as standout contributors. Bifrost’s growth does not rely solely on internal marketing spend. Through ecosystem-level collaboration, partners become both co-builders and beneficiaries of long-term value creation. Liquid Wave: The Power of Community Participation In 2025, Bifrost successfully completed the Liquid Wave airdrop campaign, the largest community incentive initiative in the protocol’s history. The campaign page recorded over 100,000 visits, with 37,131 addresses participating. TVL driven through the campaign exceeded $3.17 million, and more than 135 million WAVE points were distributed. Liquid Wave represented a deep engagement experiment with the community. Through a points-based system and phased tasks, users were introduced to the value of vTokens, experienced the convenience of liquid staking firsthand, and became long-term participants in the Bifrost ecosystem. Security First For a liquid staking protocol managing tens of millions of dollars in assets, security is paramount. In 2025, Bifrost completed several critical upgrades across its technical and security stack. At the protocol level, the Runtime 20000/21000 upgrade series significantly improved performance and stability. AssetHub migration support was completed in preparation for the Polkadot 2.0 era. Deep integration with Hyperbridge established robust cross-chain communication channels, laying the groundwork for multi-chain vToken expansion. On the security front, Bifrost partnered with Immunefi, maintaining a bug bounty program with rewards of up to $500,000. Ecosystem Collaboration Throughout 2025, Bifrost established deep partnerships across the ecosystem. DeFi Singularity was one of the year’s most impactful collaborative initiatives. Through joint incentives with Hyperbridge, the campaign successfully attracted over $4,000,000 in cross-chain TVL, extending vDOT yield opportunities from Polkadot into Ethereum, Base, and beyond. On the developer side, Bifrost partnered with OneBlock and PaperMoon to host a global hackathon with a total prize pool of $12,000. Community and Global Presence In 2025, the Bifrost team traveled to 10 cities worldwide, participating in 27 events. From Token2049 in Singapore to Korea Blockchain Week in Seoul, from Hong Kong to Buenos Aires, we remained committed to engaging with the community both online and offline—sharing vToken updates, discussing DeFi trends, and showcasing the latest liquid staking innovations. These events were not merely about visibility. They served as vital channels for listening, feedback, and iteration. Many of Bifrost’s most important product decisions originated from these face-to-face conversations. Closing Thoughts 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: turning tokenomics into real buybacks and revenue distribution, transforming omnichain ambition into verifiable cross-chain functionality, and distilling product iteration into reusable, long-term technical frameworks. We deliberately chose a path without shortcuts—stabilizing infrastructure first and grounding growth in genuine demand. These choices may not always generate the loudest headlines, but they determine whether a protocol remains resilient under pressure. In 2026, we build forward from this foundation: stronger systems, a more diverse product suite, deeper collaboration, and staking yield solutions for stablecoins, DeFi, and real-world assets. In a rapidly evolving crypto landscape, steady progress requires continuous exploration and persistent innovation. What carries us through each phase is a deep commitment to the industry—and the long-term trust of our community. 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. All data in this report is current as of December 30, 2025.

With the launch of vETH 3.0, Bifrost unveils the next-generation liquidity infrastructure for crypto staking — SLPx 2.0. This marks a significant leap from the earlier SLPx 1.0 framework, bringing substantial improvements in mint/redeem UX, cross-chain efficiency, protocol compatibility, and scalability — paving the way for standardizing multi-chain liquid staking. What is vETH 3.0? vETH is Bifrost’s multi-chain liquid staking derivative for ETH. The 3.0 release introduces a host of upgrades: Liquid staking across Ethereum, Base, Arbitrum, Optimism, Polkadot and more — no bridging required ERC-4626 compatible for seamless integration across the DeFi protocols Backed by DVT (Distributed Validator Technology) via SSV Network for full validator decentralization Offers a base APY of 3.5% — outperforming stETH and most ETH LST All of this is made possible by the architectural overhaul behind SLPx 2.0. SLPx: The Liquidity Infrastructure for Crypto Staking SLPx is Bifrost’s foundational protocol for enabling Liquid Staking Tokens (LSTs) to be minted and redeemed across multiple chains — with yield-bearing utility and full composability. Picture this: your staked assets earning yield, while being free to move and interact with DeFi apps across multiple networks. That’s the promise of SLPx. With a single click, users can convert native assets into liquid staking derivatives (vTokens) and unlock liquidity without compromising yield. SLPx turns passive capital into active cross-chain collateral — powering the next era of fluid on-chain capital. What Makes SLPx 2.0 Different? As multi-chain deployments become the new normal, the original SLPx 1.0 model began to show its limitations — users had to wait for cross-chain confirmation to receive vTokens, redemptions involved long settlement times and costly bridging, and lack of a unified standard made it difficult to plug into protocols like Aave or Balancer. SLPx 2.0 solves this by adopting the ERC-4626 vault standard and introducing an Async Pool mechanism — which cleanly decouples user interactions from underlying cross-chain operations. Key Benefits of SLPx 2.0 1. Instant Mint & Redeem Users receive vTokens immediately after staking — no need to wait for bridging. Redemptions are auto-queued and settled in batch cycles, cutting latency from minutes to seconds. 2. Drastically Lower Fees With batched async handling, operations no longer require full cross-chain execution per transaction. Cross-chain fees drop from “standard bridge fees” to “minimal or zero”, making small or frequent actions feasible. 3. Seamless DeFi Integration By leveraging ERC-4626, vTokens become “plug-and-play” yield-bearing assets. Any DeFi protocol supporting ERC-4626 vaults can integrate them permissionlessly. 4. Scalable Cross-Chain Management SLPx 2.0 treats each supported chain as a unified liquidity pool, rather than managing user-level cross-chain accounts. This significantly reduces overhead and enhances scalability for future chain expansion. A key design shift is also worth noting: exchange rate synchronization has moved from “strict consistency via Bifrost” to “eventual consistency via XCM Oracle.” While this introduces brief periods of rate discrepancy, it enables a smoother UX and lower system costs. SLPx 1.0 vs 2.0 — At a Glance Feature SLPx 1.0 SLPx 2.0 Minting Delayed, requires cross-chain confirmation Instant, no bridging required Redemption Requires burn + cross-chain settlement Instant burn, auto-queued and batched Fee Model High (full cross-chain per tx) Minimal or zero via async batching Cross-chain Account Handling Per-user mapping required Unified pool per network Exchange Rate Consistency Bifrost-controlled, strict XCM Oracle, eventual consistency Dual Architecture: Innovation Meets Stability While SLPx 2.0 will power Bifrost’s future staking products, SLPx 1.0 remains operational — especially for use cases requiring Commission Channel support or full on-chain traceability. This dual-track architecture ensures backward compatibility and flexibility across diverse integration scenarios. Looking ahead, SLPx 2.0 integrate tightly with HyperBridge, expanding to more L1 and L2 ecosystems and pushing liquid staking toward a modular, standardized, multi-chain future. And vETH 3.0 is your gateway to experience that future today. Whether you’re an ETH holder chasing higher returns, or a developer building next-gen LST infrastructure — the combination of vETH 3.0 and SLPx 2.0 unlocks new possibilities in cross-chain DeFi.

Ethereum staking has become one of the most secure and reliable yield-generating strategies in crypto. As the second-largest blockchain, Ethereum’s staking market has surpassed $100 billion, making it the single largest value sink in the DeFi landscape. For ETH holders, staking not only provides sustainable yield, but also represents a direct contribution to network security and the long-term growth of the Ethereum ecosystem. However, today’s Ethereum staking market faces a structural challenge: fragmented liquidity. High gas fees on Ethereum mainnet have pushed users toward Layer 2 networks such as Arbitrum, Base, and Optimism. Yet most liquid staking protocols still require staking ETH on mainnet. This creates friction—cross-chain complexity, unnecessary time delays, and higher costs. As a result, Liquid Staking Tokens (LSTs) remain far less seamless to use across chains than native ETH itself. This is why Bifrost launches vETH 3.0. vETH 3.0: ETH Liquid Staking on Any Chain vETH 3.0 is Bifrost’s next-generation omnichain liquid staking solution for Ethereum. Rather than simple cross-chain bridging, it represents a fundamental architectural design that enables users to mint and use vETH directly on any supported network—truly delivering on the vision of “one LST, universal across all chains.” Core Features Native omnichain minting: Mint vETH directly using ETH on Ethereum mainnet, Base, Arbitrum, Optimism, and the Polkadot ecosystem—no complex cross-chain operations required Unified liquidity: Regardless of which chain you mint on, vETH represents the same underlying staked assets with fully synchronized exchange rates and yields Flexible redemption: Initiate redemption requests from multiple networks, with funds automatically routed through optimal paths How Does vETH 3.0 Enable Cross-Chain Staking? The technical implementation of vETH 3.0 is built on three parts: SLPx 2.0 SLPx 2.0 serves as the core contract layer of vETH 3.0, handling minting and redemption requests from different networks. When users initiate minting on Base or Arbitrum, the SLPx contract securely transmits ETH to the Bifrost network for unified management through decentralized cross-chain protocols such as Snowbridge and Hyperbridge, while simultaneously returning vETH to the user. The key advantage of this design: users enjoy a consistent experience on any supported chain, while the underlying cross-chain complexity is fully abstracted away. ERC-4626 vETH 3.0 adheres to the ERC-4626 Standard—the unified interface specification for yield-bearing assets in the Ethereum ecosystem. ERC-4626 defines standardized methods for deposits, withdrawals, and share calculations, enabling vETH to integrate seamlessly with any DeFi protocol that supports this standard. This means lending protocols can directly accept vETH as collateral, while DEXs and aggregators can automatically recognize vETH’s yield-bearing properties and incorporate it into more sophisticated strategy compositions. Decentralized Validator Services The security of staked assets depends on validator quality. vETH 3.0 utilizes SSV Network (Secret Shared Validator) as its underlying validator infrastructure. SSV works by splitting validator keys into multiple shares distributed across independently operated nodes—a leading Distributed Validator Technology (DVT) solution in the Ethereum ecosystem. Currently, SSV Network secures over 4 million ETH (approximately $18 billion) and is trusted by industry giants including Kraken and Lido, making it a battle-tested and proven solution. How to Participate in vETH 3.0 Staking and Farming Minting vETH takes just a few minutes: Visit Omni.ls Connect your wallet and select a supported network (Ethereum, Base, Optimism, or Arbitrum) Ensure you have sufficient ETH for staking and gas fees Enter the amount of ETH to stake (minimum 0.001 ETH) Click “Stake” and confirm the transaction Base staking APY: ~3.5% vETH Farming Incentives To coincide with the launch of vETH 3.0, a one-month incentive program will be live soon on the Bifrost–Polkadot chain. By depositing vETH into the single-asset farming pool, users can earn vDOT rewards. vDOT rewards accrue in real time and can be claimed at any time. What’s Next for vETH Ethereum staking should not be constrained by network boundaries. vETH 3.0 represents the next evolution in liquid staking—a decentralized, omnichain ETH staking solution. The launch of vETH 3.0 is just the beginning. Looking ahead, Bifrost will enable direct conversion of stETH and rETH to vETH, providing existing LST holders with a seamless migration path. Additionally, deeper integration with Hydration is underway, with plans to unlock more DeFi opportunities for vETH holders through Omnipool and gigaETH strategies.