BNC

Overview of BNC

Bifrost is a Liquid Staking app-chain tailored for all blockchains, utilizing decentralized cross-chain interoperability to empower users to earn staking rewards and DeFi yields with flexibility, liquidity, and high security across multiple chains.

The easiest way to understand Bifrost is to see it as a derivative issuer that provides liquidity for all pledged assets, issuing corresponding shadow assets during the bonding period of the original assets. At the same time, the shadow asset is a fungible Token that can be circulated in different DEXs, pools, protocols and across chains.

Pros & Cons

Crypto Wallet

Bifrost Wallet is the first mobile crypto wallet and dapp browser ready for Flare and Songbird. Supported crypto assets include top assets like Ethereum, XRP, BNB, Polygon and others. Bifrost Wallet supports mobile apps for Android and iOS.

What Makes BNC Unique？

BNC's innovation lies in its Staked Liquidity Protocol (SLP).

Traditional Staking:

Staking typically involves locking investors' cryptocurrency holdings for a predetermined period to support a blockchain network's operations and earn rewards.

The downside: Limited access to staked assets during the lock-in period. This can be inconvenient if investors need funds unexpectedly.

BNC's Staked Liquidity Protocol:

SLP introduces a queue-based system for potentially faster redemption of staked assets.

When a user requests to redeem their staked assets, the protocol attempts to match that request with another user who is currently staking the same amount.

This essentially allows someone else to take over the staking position, freeing up the original user's assets for potentially faster access.

How BNC Differs:

Increased Liquidity: By creating a marketplace for staking positions, SLP could potentially increase overall liquidity within the Bifrost ecosystem. This could benefit both those seeking to stake and those seeking to redeem their assets.

Faster Asset Redemption: The core innovation of SLP lies in the potential for faster access to staked assets compared to traditional fixed-term staking offered by many other cryptocurrencies.

How does BNC Work？

BNC is the core token behind the Bifrost protocol, which is a decentralized asset management platform launched by Bifrost. BNC primarily serves as a means of incentivizing users to participate in various activities within the Bifrostecosystem.

Staking and Governance: Coordination between governance token holders and protocol stakeholders is critical to successful decentralized governance, and BNC is the vehicle that facilitates this coordination. BNC or veBNC can be used to participate in Bifrost's OpenGov voting.

Token Economics: Like many other utility tokens, the value of BNC is influenced by supply and demand dynamics within the market. Factors such as the popularity and adoption of Bifrost. The overall performance of the cryptocurrency market, and regulatory developments can all impact the price of BNC.

Exchanges to Buy BNC

Binance: Binance is one of the largest and most popular cryptocurrency exchanges globally. It offers trading pairs for a vast selection of digital assets. OOKI can be traded against Bitcoin (BTC) and Tether (USDT) on Binance.

Step1: Download a Trust Wallet Wallet

Step2: Set up your Trust Wallet

Step3: Buy ETH as Your Base Currency

Step4: Send ETH From Binance to Your Crypto Wallet

Step5: Choose a Decentralized Exchange (DEX)

Step6: Connect Your Wallet

Step7: Trade Your ETH With the Coin You Want to Get

Step8: If BNC TOKEN Doesnt Appear, Find its Smart Contract

Step9: Apply the Swap

Buying link: https://www.binance.com/en/how-to-buy/bnc-token

Mexc : Mexc is a centralized cryptocurrency exchange that offers trading services for a wide range of digital assets. OOKI can be traded against Tether (USDT) on Mexc Global.

Step1: Create a free account on MEXC Crypto Exchange via website or the app to buy BNC Coin.

Step2: Choose how you want to buy the BNC (BNC) crypto tokens.

Step3: Store or use your BNC (BNC) on MEXC.

Step4: Trade BNC (BNC) on MEXC.

Buying link: https://www.mexc.com/how-to-buy/BNC

KuCoin: KuCoin is a large cryptocurrency exchange offering the ability to buy, sell, and trade cryptocurrencies. In addition to basic trading options, the platform offers margin, futures, and peer-to-peer (P2P) trading. Users can also choose to stake or lend their crypto to earn rewards.

Gate.io: Gate.io is a centralized exchange that supports the trading of various cryptocurrencies. OOKI can be traded against Tether (USDT) on Gate.io.

CoinCarp: CoinCarp is an app that tracks the prices of over 20,000 cryptocurrencies, crypto exchanges, and crypto news and events. It also helps users find the best exchanges for trading Bitcoin and other altcoins.

How to Store BNC？

BNC can be stored in Metamask and WalletConnect, SubWallet, Talisman, Enkyrpt, and Polkadot.js.

MetaMask: MetaMask is a popular Ethereum wallet and browser extension that allows users to interact with decentralized applications (DApps) and store tokens like BNC. It provides a secure and convenient way to manage Ethereum-based assets while offering features such as token swaps and decentralized finance (DeFi) access.

WalletConnect: WalletConnect is an open-source protocol that allows users to securely connect their crypto wallets to decentralized applications (dApps) and other wallets on the web. It uses a QR code or deep link to establish an end-to-end encrypted connection between the two devices. Users must approve the connection and any transactions, and WalletConnect never gives dApps access to their private keys.

SubWallet: SubWallet is a non-custodial, Web3 wallet that provides a secure and user-friendly solution for the Polkadot, Substrate, and Ethereum ecosystems. It's available as a mobile app for Android and iOS, a browser extension, and a web app.

Talisman: Talisman is a crypto wallet and asset management dashboard that unlocks a new world of web3 applications for Ethereum and Polkadot. The Talisman browser extension allows investors to safely store, send, receive, and harness assets across relaychains, parachains and everything EVM.

Enkyrpt: Enkrypt is a multichain, open-source, non-custodial crypto wallet extension that allows users to access web3 and interact with multiple blockchains in their browser. Enkrypt supports Ethereum-based EVM chains, Polkadot chains, Substrate chains, Canto, and the Bitcoin Network.

Polkadot.js:The Polkadot.js wallet is a digital system that allows users to store their DOTs, sign transactions, and make payments. The Polkadot.js UI is the native application for accessing all features available on Substrate chains, such as Polkadot and Kusama.

Is It Safe？

Bifrost's vTokens are supposedly backed by a full reserve of the underlying asset. This means for every vToken in circulation, there's an equivalent amount of the original asset held in reserve. This transparency allows users to redeem their vTokens for the original assets with relative ease.

Bifrost mentions undergoing security audits by reputable firms like Slowmist and Certik. These independent audits aim to identify and address potential vulnerabilities in Bifrost's smart contracts, which are the self-executing code that powers their platform.

BNC claims to have a 24/7 security monitoring mechanism in place. This suggests they continuously monitor their systems for suspicious activity and can react promptly to any service abnormalities. A swift response to potential threats can help minimize damage.

Bifrost leverages the XCM protocol for cross-chain asset transfers. The security of Polkadot, the blockchain Bifrost operates on, and the XCM protocol itself contribute to the overall security of vToken assets.

How to Earn BNC？

Staking is a primary way to earn BNC. Participate in the network's consensus mechanism by staking BNC tokens. This involves locking up your tokens to support the network's operations and in return, earning rewards in the form of additional BNC tokens.

FAQs

What is BNC？

BNC is a cryptocurrency token built on the Ethereum blockchain. It's intended for use within the Bifrost ecosystem.

Where can I buy BNC？

Currently, Binance is the primary exchange for buying BNC. Binance is a Decentralized Exchange (DEX), which can be less user-friendly for beginners compared to centralized exchanges.

Is BNC a safe investment？

Investing in BNC carries a significant level of risk. However, Bifrost emphasizes security through several measures, for example, 24/7 security monitoring and security audits.

Can I participate in the governance of the BNC network？

Yes. Bifrost is a decentralized blockchain system, and all parameters on the chain can be iterated or modified by the Root authority of the referendum. Therefore, BNC holders are the only actors participating in on-chain governance.