SEOUL,
South Korea, Jan. 29,
2023 /PRNewswire/ -- The multichain middleware
platform BIFROST run by PiLab Technology, a South Korean VC
specializing in blockchain services, recently unveiled their
mainnet, the BIFROST Network. Fueled by their own mainnet, BIFROST
hopes to create an easy-to-use multichain experience and to foster
a unique blockchain ecosystem that leverages the multichain
technology.
The BIFROST Network is a permissionless Substrate-based,
EVM-compatible layer-one blockchain solution, with reasonable fees
(averaging $0.03) and fast finality.
Through node operators called relayers, the BIFROST Network
formulates an optimal crosschain route and provides an excellent
environment in which DApps can easily grow.
With the launch of the mainnet, BIFROST is introducing an
advanced bridge function that supports automatic rollback of
transactions should any crosschain
transaction fail. This mechanism reverts the transaction to
its original state to prevent assets from being lost. Also, by
providing a reliable price oracle with prices verified by network
validators, BIFROST further enhances its security through
decentralization. The fact that BIFROST's previous DeFi projects
including BiFi and ChainRunner are available on the mainnet, is
another benefit of the network.
Furthermore, BIFROST created the BIFROST Ecosystem Fund in an
effort to nurture their newly-founded ecosystem. By incentivizing
development of multiple DApps on the ecosystem, it will foster and
support the BIFROST Ecosystem and the many projects that decide to
make BIFROST their homes.
Dohyun Pak, the CEO of BIFROST,
exclaimed that he is thrilled to showcase PiLab's technological
prowess to the global audience with the launch of their mainnet,
and that the company will continue to focus on the public adoption
of blockchain technology by building a healthy ecosystem.
Read more about the BIFROST Network here.
PiLab Technology is a blockchain-based technology company that
has developed multiple multichain services, including BIFROST and
BiFi. With the mission of enabling DApps to operate on top of
multiple protocols, Dohyun Pak
founded the company with Jonghyup Lee, CTO, and Changhyun Yoo, COO, in 2017.
Recognized for its innovative technology and proving the
scalability of its products, PiLab has raised $8.4 million in Series A led by Korea Investment
Partners, STIC Ventures, and Yuanta Investment.
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SOURCE BIFROST