Bifrost Native Coin (BNC) is the native cryptocurrency of the Bifrost platform, a cross-chain network built on the Polkadot ecosystem and developed with Substrate technology. It provides liquidity to bonded assets through staking derivatives (LSDs), addressing challenges in blockchain scalability and flexibility. The platform, led by Lurpis Wang, is designed to facilitate interoperability between multiple blockchains, allowing efficient asset and information transfers. $BNC is used for transaction fees on Bifrost, compensating for computational resources needed for transactions and smart contracts. It is also pivotal for network security, as users stake $BNC to help secure the network and potentially earn rewards. In governance, $BNC holders vote on proposals affecting the platform's development and operations. Moreover, $BNC is integral to Bifrost's cross-chain interoperability functions, facilitating asset transfers and information exchanges across different blockchains.
