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Technical Development Runtime 23000 (Deployed) vETH SLP added support for Snowbridge ETH SLPv2 protocol added XCM generic type support SLPv2 integrated with Commission channel module SLPx now supports Assethub bbBNC supports permanent locking XCM cross-chain transaction components reorganized and optimized vToken global rate adjustment security enhancements Dapp 1.10.1 (Deployed) Added support for vETH 3.0 Added support for vToken delegation functionality Runtime 24000 (In Development) Optimizing and streamlining SLP protocol Deprecating staking management features for vMOVR/vGLMR/vASTR SLPv2 adding cross-chain price feed logic Refactoring vToken rate change security restrictions Optimizing SLPx cross-chain fee reading logic SLPx 2.0 adding RSP support bbBNC additional lock-up now includes lock period validation checks Updated bbBNC early redemption penalty curve Fixed potential issues with Swap LP Token type calculations Fixed potential overflow issues Updated minimum Collator quantity requirements on Bifrost-Polkadot network Product Progress Bifrost’s Total Value Locked (TVL) reached $44,079,147. Among these assets, vBNC showed outstanding performance with a Total Value Staked (TVS) of 20,672,982 tokens, TVL exceeding $1.21M, representing a 37% month-over-month growth. [WAVE points to bbBNC conversion]((https://x.com/Bifrost/status/2013189725042176490?s=20) has officially launched, a feature determined by community vote (Proposal Ref#162). Users holding at least 26,316 WAVE can convert them to 4-year locked bbBNC at an approximate ratio of 1 bbBNC ≈ 526 WAVE. Defi Singularity entered its third phase: providing vDOT liquidity in Uniswap multi-chain pools (BSC, ETH, Base, Arbitrum) can yield over 25% APY when combined with staking rewards. Bifrost launched the vDOT delegation voting, enabling liquid staked DOT holders to delegate governance voting rights with up to 6x conviction multiplier without sacrificing staking rewards, boosting Polkadot OpenGov participation. Total BNC staked has surpassed 20 million tokens. Before bbBNC’s launch, BNC staking stood at 8.96 million tokens. In just two months, total staking volume has grown by over 120%. bbBNC’s core mechanism centers on sustainable value capture: all protocol profits are used to buy back BNC, with 90% distributed directly to bbBNC holders and 10% permanently burned. Marketing Bifrost participated in Polkaworld’s “2025 Review & 2026 Outlook” livestream, systematically reviewing 2025’s key milestones and core metrics, disclosing multiple infrastructure and security upgrade developments, and outlining core strategic directions for 2026 that have entered the definitive planning phase. Bifrost initiated a governance incentive proposal, suggesting upgrades to the governance experience on Bifrost Dapp and introducing governance incentive mechanisms to further enhance on-chain participation and discussion quality. Bifrost core developer Ningbo was invited to participate in a Polkadot Builders roundtable discussion, engaging in deep exchanges around “Growth Pathways from Hacker House to APAC Hackathon.” Topics covered how investors evaluate projects, winning teams’ practical experiences, priority development areas for Polkadot, and long-term survival and growth challenges for hackathon projects beyond the Demo phase. BNC rewards distribution for Liquid WAVE rounds one and two has been completed. All rewards will be released following a 12-month linear vesting mechanism. Eligible users will receive monthly unlocks automatically without any additional action required. With this, the Liquid Wave campaign has successfully concluded. Bifrost Developer Relations Lead Tyrone participated in a Polkadot ecosystem roundtable livestream, sharing Bifrost’s technical perspective on the Polkadot Hub smart contract launch and exploring future evolution directions for cross-chain staking and yield infrastructure alongside core builders from Hyperbridge and Hydration.

In 2025, Polkadot OpenGov went through a deliberate phase of consolidation. A total of 482 proposals entered voting this year — more than 50% fewer than in 2024. But fewer proposals didn’t mean lower quality. In fact, the average DOT per proposal jumped 50% in November, monthly unique voters stayed stable, and participation clearly spiked during major decisions. When it really mattered, voters showed up. This year also saw a historic decision to set a supply cap for DOT, while the Treasury continued funding infrastructure and ecosystem. Another major proposal Referendum #1827 is live, signaling another upcoming change to staking mechanics. Every major upgrade on Polkadot is decided on-chain through OpenGov, with the community actively shaping each critical moment. The next step for governance is simple — bring more holders into the process. That’s exactly what Bifrost’s vDOT Delegation Voting unlocks: a way for liquid staked DOT holders to finally activate their governance power and participate in OpenGov more easily. vDOT: The First Liquid Staking Token with Native Governance Right Unlike most liquid staking tokens, vDOT preserved DOT’s governance rights from day one. If you hold vDOT, you can already vote directly in Polkadot OpenGov through the Bifrost Dapp — yield, liquidity, and governance are fully integrated. Now, with delegation voting live, governance becomes even more accessible. If you don’t have time to research every proposal, you can simply delegate your voting power to someone you trust and stay involved without extra effort. Governance and Staking Yield, Working Together vDOT delegation follows Polkadot’s native Delegation Voting model, with some important upgrades on Bifrost. Same delegation mechanics as DOT You can delegate your vDOT to any address with a conviction multiplier from 0.1x to 6x. Your voting power scales based on the multiplier you choose. Let’s walk through a simple example: Bob delegates 10 vDOT to Alice with 6x conviction (224-day lock). Alice votes on a proposal using 1 vDOT at 0.1x conviction, voting AYE. Bob’s delegated 10 vDOT automatically follows Alice’s vote with 6x weight, contributing 60 votes in the same direction. During the voting period, Bob can cancel the delegation at any time and regain control immediately. If Bob cancels after voting ends, he’ll need to wait until the 224-day lock expires to unlock. In the current version, delegation applies to all governance tracks by default. Future upgrades will support track-specific delegation, letting users assign different delegates for different topics. Feature DOT Delegation vDOT Delegation Delegate to any address ✅ ✅ Conviction (0.1x–6x) ✅ ✅ Track selection ✅ Default: All tracks Cancel anytime ✅ ✅ BNC-powered governance delegation vDOT also introduces something new: BNC-driven governance via the vDOT Delegation Track (DVT). Users can delegate their vDOT directly to Bifrost OpenGov’s DVT, a dedicated governance track that aggregates all delegated vDOT voting power. On DVT, BNC holders vote to decide how the pooled vDOT votes are cast, creating a cross-asset governance loop where BNC helps steer DOT governance. This effectively links BNC and vDOT inside the governance system and opens up new utility for BNC. Why This Matters Delegation brings new energy into the governance ecosystem. Today, many vDOT holders are already active in DeFi protocols like Hydration while also participating in OpenGov — playing both capital and governance roles. Users naturally fall into two groups: DeFi-focused users who want capital efficiency but don’t have time to track governance. Governance-focused users who understand proposals and are willing to act as representatives. Delegation voting lets DeFi users stay involved without friction, while active participants can build reputation and become trusted voters over time. Most importantly, delegation voting never transfers asset ownership. Whether you delegate to another address or to Bifrost DVT, your vDOT always stays in your own wallet, and you can revoke delegation anytime. If your delegated vDOT participates in a vote, it will follow the chosen conviction lock. If you don’t delegate, your liquidity and redemption flow remain unchanged. This gives users full flexibility to balance governance participation and capital control. Expanding BNC Utility vDOT delegation also reflects a broader goal: lowering the barrier to governance participation. Healthy governance depends on whether users can participate with low cognitive cost. Delegation makes participation easier while allowing governance to evolve toward more structured and accountable representation. At the same time, the DVT model brings BNC directly into the governance engine, creating a shared voting pathway with vDOT and expanding BNC’s long-term utility and narrative. vDOT Delegation FAQ How do I delegate my vDOT? Go to Bifrost Dapp Open vDOT → Governance Click Delegate Voting Enter a delegate address or select DVT Choose your conviction multiplier (0.1x–6x) Sign and confirm What’s the difference between Capital and Vote? Capital: the amount of tokens you hold Vote: your effective voting power = Capital × Conviction Why delegate to Bifrost OpenGov (DVT)? DVT represents the Bifrost community when voting on Polkadot governance proposals. If you’d like your vDOT voting power to be decided collectively by the Bifrost community, DVT is a great option. What happens if someone delegates to me? Any delegated voting power automatically follows your votes. If 10 vDOT are delegated to your address, those votes will follow the same direction and conviction when you vote. Can I cancel delegation? Yes — you can cancel anytime. If voting is still ongoing, you can unlock immediately by updating your vTokenVoting action. If voting has ended, you’ll need to wait for the conviction lock to expire.

In 2025, the crypto industry did not arrive at an easy answer. While ETFs continued to channel institutional capital into the market, the year was equally defined by heightened volatility, closer regulatory scrutiny, and an unprecedented demand for sustainability. Liquid staking has moved beyond being a yield tool—it has evolved into an infrastructure layer that connects multi-chain liquidity, governance, and DeFi returns. If one word were to define Bifrost’s 2025, it would be “DELIVERY” We delivered on the promise of the new tokenomics “bbBNC”, aligning the interests of the community and the protocol more closely than ever before. We delivered on our yield layer vision, extending vToken accessibility to Ethereum and its Layer2 networks. And we delivered on our commitment to long-term product iteration, closing the year with the release of vETH 3.0—establishing the technical foundation for the next phase of growth. What follows is a review of Bifrost’s key milestones and achievements throughout the year. Key Insights Buyback & Profit Sharing Mode on: 100% of protocol profits are allocated to BNC buybacks, with 90% distributed to bbBNC holders, marking Bifrost’s transition into a phase of real profitability and yield sharing vToken minting expanded across the board: vDOT, vBNC, vASTR, and vMANTA all achieved multi-fold growth in staked volume Infrastructure takes shape: multiple cross-chain solutions integrated, enabling vTokens to natively enter heterogeneous ecosystems such as Ethereum, Base, Arbitrum, and BNB Chain Product stack completes a generational upgrade: the launch of vETH 3.0 and SLPx 2.0 solidifies Bifrost’s long-term direction as the staking yield layer. Performance Overview Numbers tell the most honest story. In 2025, Bifrost generated over $8.07 million in total protocol revenue, with gross profit reaching $1.2 million. This marked a clear transition into a more mature phase, driven by sustainable protocol profitability. On-chain activity remained strong throughout the year. Total transactions exceeded 634,000, with nearly 39,000 active addresses. The Bifrost dApp recorded more than 1.16 million cumulative page views and close to 39,000 unique users, indicating the emergence of a stable and recurring user base. Community growth also stayed healthy. By year-end, total community membership reached 138,000, with over 27,000 vToken-holding addresses and more than 130,000 BNC holders. Despite increased market volatility in the second half of the year, minting volumes across multiple vTokens continued to grow significantly—reflecting improved liquidity retention and stronger product stickiness across the protocol. bbBNC: Sharing with Holders This represents the most important narrative shift for Bifrost in 2025. Historically, many DeFi governance tokens have struggled with a fundamental problem: beyond voting rights, holders had little exposure to the economic upside of protocol growth. bbBNC was designed to break this pattern. Built on an enhanced veToken model, bbBNC directs 100% of protocol profits toward BNC buybacks, with 90% distributed directly to bbBNC holders. Market response exceeded expectations. BNC locked rapidly surpassed 16 million tokens, accounting for over 20% of total supply. By year-end, the protocol had cumulatively repurchased more than 1.72 million BNC, of which 172,000 BNC were permanently burned. We believe that only when protocol success is meaningfully aligned with community interests can a truly durable ecosystem be built. vTokens: Broad-Based Growth Across the Stack In 2025, multiple vTokens under the Bifrost umbrella achieved substantial growth, reaffirming sustained demand for liquid staking across multi-chain environments. vDOT remained the core growth engine. Minted supply increased from approximately 7 million at the beginning of the year to 18 million by year-end—representing over 157% growth, with peak issuance surpassing 24 million. vDOT continues to lead the Polkadot ecosystem as its most liquid staking asset. vBNC growth was closely tied to the launch of the bbBNC economic model. As more users opted to lock BNC for protocol revenue participation, demand for vBNC rose in parallel, with minted supply approaching 20 million by year-end. vASTR maintained steady momentum, doubling from 50 million to 100 million over the course of the year. Continued expansion within the Astar ecosystem provided a solid demand foundation. vMANTA experienced breakout growth following the release of vMANTA 2.0. Minted supply rose from 8 million to 22 million, an increase of nearly 175%. Instant minting and improved cross-chain UX were the primary drivers behind this acceleration. vETH 3.0: The First Native ETH LST on Multichains On December 18, Bifrost officially launched vETH 3.0—its most significant step into the Ethereum ecosystem to date. With over $100 billion staked, Ethereum represents the largest value pool in DeFi. vETH 3.0 rethinks liquidity architecture from the ground up, delivering on the vision of “one LST, natively usable everywhere.” Users can mint vETH directly on Ethereum mainnet, Base, Arbitrum, Optimism, and Bifrost-Polkadot, without complex bridging workflows. vETH 3.0 marks Bifrost’s formal entry into the competition for omnichain LST infrastructure. Next, Bifrost will support direct conversions from stETH and rETH into vETH, enabling seamless migration for existing LST holders. Deeper integration with Hydration is also underway, leveraging Omnipool and gigaETH strategies to unlock broader DeFi use cases for vETH holders. Reward Share Program (RSP) The vToken Reward Share Program has become a key driver of Bifrost’s TVL growth. Its premise is simple: partners who help grow Bifrost should continue to share in the protocol’s success. In 2025, the number of RSP partners expanded to 15, collectively driving over $1.8 million in effective TVL. Subscan and WUD emerged as standout contributors. Bifrost’s growth does not rely solely on internal marketing spend. Through ecosystem-level collaboration, partners become both co-builders and beneficiaries of long-term value creation. Liquid Wave: The Power of Community Participation In 2025, Bifrost successfully completed the Liquid Wave airdrop campaign, the largest community incentive initiative in the protocol’s history. The campaign page recorded over 100,000 visits, with 37,131 addresses participating. TVL driven through the campaign exceeded $3.17 million, and more than 135 million WAVE points were distributed. Liquid Wave represented a deep engagement experiment with the community. Through a points-based system and phased tasks, users were introduced to the value of vTokens, experienced the convenience of liquid staking firsthand, and became long-term participants in the Bifrost ecosystem. Security First For a liquid staking protocol managing tens of millions of dollars in assets, security is paramount. In 2025, Bifrost completed several critical upgrades across its technical and security stack. At the protocol level, the Runtime 20000/21000 upgrade series significantly improved performance and stability. AssetHub migration support was completed in preparation for the Polkadot 2.0 era. Deep integration with Hyperbridge established robust cross-chain communication channels, laying the groundwork for multi-chain vToken expansion. On the security front, Bifrost partnered with Immunefi, maintaining a bug bounty program with rewards of up to $500,000. Ecosystem Collaboration Throughout 2025, Bifrost established deep partnerships across the ecosystem. DeFi Singularity was one of the year’s most impactful collaborative initiatives. Through joint incentives with Hyperbridge, the campaign successfully attracted over $4,000,000 in cross-chain TVL, extending vDOT yield opportunities from Polkadot into Ethereum, Base, and beyond. On the developer side, Bifrost partnered with OneBlock and PaperMoon to host a global hackathon with a total prize pool of $12,000. Community and Global Presence In 2025, the Bifrost team traveled to 10 cities worldwide, participating in 27 events. From Token2049 in Singapore to Korea Blockchain Week in Seoul, from Hong Kong to Buenos Aires, we remained committed to engaging with the community both online and offline—sharing vToken updates, discussing DeFi trends, and showcasing the latest liquid staking innovations. These events were not merely about visibility. They served as vital channels for listening, feedback, and iteration. Many of Bifrost’s most important product decisions originated from these face-to-face conversations. Closing Thoughts If “delivery” defines 2025, it refers not to a single outcome, but to a capability. This year, Bifrost chose to do the hard things well: turning tokenomics into real buybacks and revenue distribution, transforming omnichain ambition into verifiable cross-chain functionality, and distilling product iteration into reusable, long-term technical frameworks. We deliberately chose a path without shortcuts—stabilizing infrastructure first and grounding growth in genuine demand. These choices may not always generate the loudest headlines, but they determine whether a protocol remains resilient under pressure. In 2026, we build forward from this foundation: stronger systems, a more diverse product suite, deeper collaboration, and staking yield solutions for stablecoins, DeFi, and real-world assets. In a rapidly evolving crypto landscape, steady progress requires continuous exploration and persistent innovation. What carries us through each phase is a deep commitment to the industry—and the long-term trust of our community. The period at the end of 2025 is also the starting point of 2026. We will continue to turn every promise into the next verifiable delivery. All data in this report is current as of December 30, 2025.