Bifrost Native Coin (BNC) is the core token of the Bifrost protocol, a decentralized finance (DeFi) project built on Kusama and Polkadot networks. It facilitates coordination between governance token holders and stakeholders, enabling decentralized governance and staking rewards. BNC has a total supply of 80 million tokens with no inflation, and its distribution is designed to incentivize liquidity and staking derivatives markets.
Bifrost Native Coin (BNC) is the core token behind the Bifrost protocol, serving several key functions within the ecosystem. Here are the primary uses of BNC:
Transaction Fees: BNC is used to pay for transaction fees on the Bifrost bridge, facilitating the transfer of assets across different blockchain networks.
Staking and Security: BNC is used to stake the protocol's security assets, ensuring the integrity and stability of the network. This staking process also incentivizes nodes to maintain the network, as they must stake BNC to gain voting power and participate in governance.
Governance: BNC holders can participate in Bifrost's OpenGov voting, allowing them to influence the direction of the protocol and make decisions on the allocation of Treasury funds.
Treasury Management: The BNC used for transaction fees is sent to the Treasury, which can then be spent on various use cases for the Bifrost ecosystem, such as grants, hackathons, integrations, and marketing campaigns, all decided through governance.
vToken Minting: BNC is used to incentivize the minting of vTokens, which are derivatives of other tokens like DOT or ETH. These vTokens can be used within other platforms that accept them, enhancing the utility of the original tokens.
Overall, BNC plays a central role in maintaining the Bifrost network, facilitating transactions, and enabling decentralized governance and decision-making within the ecosystem.
To store Bifrost Native Coin (BNC) tokens securely, it is recommended to use a hardware wallet. Hardware wallets are offline devices that provide the highest level of security for your cryptocurrencies. Popular options include Ledger and Trezor.
To buy Bifrost Native Coin (BNC) tokens, follow these steps:
Register on a Centralized Exchange (CEX): Create an account on a reputable CEX that supports BNC trading, such as Kraken, MEXC Global, or KuCoin. You can sign up using your social account if available.
Verify Your Identity: Complete the verification process by providing a government-issued identification document and enabling two-step verification for added security.
Buy a Supported Cryptocurrency: Use fiat to purchase a cryptocurrency that can be easily traded for BNC, such as USDT, ETH, or BNB. This can be done through the CEX's OTC trading service or financial platforms like PayPal or Robinhood.
Transfer Funds to the CEX: Move the purchased cryptocurrency to the CEX that supports BNC trading. If the same CEX supports both the initial purchase and BNC trading, you can skip this step.
Buy BNC: Use the transferred cryptocurrency to buy BNC in the spot market.
Store Your BNC: Once purchased, store your BNC securely in a wallet like Bit2Me, which supports multiple cryptocurrencies and offers various features for managing your assets.
