2024 has been a landmark year for Web3, highlighted by the approval of BTC and ETH ETFs, marking crypto's full entry into the mainstream capital. Alongside this significant milestone, we have seen the full blown points meta, the memecoin craze, and the emergence of AI in crypto exciting opportunities have emerged and there is much more to come.

Key Achievements in 2024

For Bifrost, 2024 has been a year of steady progress. Our goals have remained consistent: to be the best dedicated liquid staking appchain, successfully completing our product development and ecosystem expansion plans.

• TVL exceeded $100 million once again
• Total protocol profit: $1,695,300
• Total protocol revenue: $7,926,900
• Transactions: 305,223
• Active addresses: 40,000+
• DApp views: 3,380,000
• Unique DApp users: 126,000
• New DApp users: 60,000+

Let’s dive into some of the highlights from Bifrost in 2024 and take a glimpse at what lies ahead.

New Tokenomics: Sharing Protocol Profits with bbBNC Holders

The Bifrost 2.0 Tokenomics proposal was unveiled to the community this year, with one of the most pivotal changes being bbBNC (Buy Back BNC). bbBNC is an escrow token and bbBNC holders can directly share in the profits generated by the Bifrost protocol.

In 2024, Bifrost’s protocol fee reached $7.92 million, with a total protocol profit of $1.69 million.

After the launch of new tokenomics on 2025 Q1, 100% of the protocol’s profits will be used to buy back BNC, with 90% of that being distributed to bbBNC holders.

Bifrost is part of the few main DeFi protocols activating protocol revenue sharing. This mechanism drives the flywheel of positive growth, aligning token holders' interests with those of the Bifrost protocol, propelling the entire ecosystem forward.

Loop Stake: Leverage Staking at Your Fingertips

In March 2024, Bifrost launched Loop Stake, an innovative one-click leveraged staking tool for Bifrost LSTs “vTokens”. Users can create leverage instantly, enhancing their staking yield. Currently, DOT and KSM are supported, with more parachain assets expected to be added soon.

Since its launch, over 1,000,000$ have been staked via Loop Stake, with a utilization rate hovering around 55%. Loop Stake has enhanced the flexibility and composability of Bifrost's liquid staking offerings.

Fellowship: Building Towards Decentralized Governance

Bifrost's Fellowship follows Polkadot's governance model, bringing together experts from diverse fields to drive long-term growth and development for the protocol.

Currently, the Fellowship consists of 25 members, including technical developers, DeFi specialists, infrastructure and node operators, community leaders, and ecosystem partners.

vToken Reward-Share Program

Bifrost’s vToken reward-share Program is a new collaboration incentive initiative that allows partners to join the Bifrost OpenGov community and earn commissions for minting vTokens through their exclusive referral links.

Currently, 9 channels have successfully joined the program, with a total minted value of over $5.6 million.

Liquid Wave: Airdrop Campaign

To celebrate the launch of bbBNC, Bifrost initiated the Liquid Wave series campaign. The first phase, LST Campers, concluded successfully, with over 300,000 page views and participation from 100,000+ addresses. This event resulted in the minting of Parachain LST Tokens worth $3,945,900.

WAVE, the event's exclusive point, can be exchanged for bbBNC once the entire Liquid Wave series is complete.

vBNC Migrates to the Bifrost-Polkadot Network

In November 2024, Bifrost completed a major milestone, migrating all operations from Bifrost-Kusama network to Bifrost-Polkadot network. This marks a key step in the Bifrost 2.0 upgrade.

With a more mature business model and the richer ecosystem and liquidity that Polkadot offers, this migration will significantly enhance Bifrost's cross-chain liquid staking services, opening up new opportunities for growth.

Community Building: Growing Our Global Impact

In 2024, Bifrost made its mark across 10 cities globally, including Singapore, Hong Kong, Bangkok, Berlin or Brussels. We participated in 27 events, ranging from online webinars to in-person summits. Our discussions spanned vTokens, DeFi trends, and the practicalities of Liquid Staking. Our community also grew, with over 150,000 members, 20,000 active users, and more than 100,000 messages exchanged.

Looking Ahead to 2025: Beyond Boundaries

As we look ahead to 2025, Bifrost's main focus will be the continued rollout of the new tokenomics and bbBNC. The Bifrost Dapp has already introduced a new protocol dashboard, offering full transparency on protocol fees and revenue, laying the groundwork for the upcoming BNC buybacks and profit-sharing with bbBNC holders.

On the product front, we will continue expanding vToken assets. The Hyperbridge testnet is live, and we are on track to extend vToken to more heterogeneous chains. We are also exploring new LST integrations, combining SLPx architecture with new tokens.

We’ll continue to participate in major industry events, sharing our experiences with Liquid Staking and the development trends of DeFi Appchains.

As we close out 2024, we look forward to turning our achievements into a foundation for the exciting journey ahead in 2025.