The Launching of the BIFROST Network, a Multichain Gamechanger
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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