Bifrost 2025 Annual Review: $8M+ Protocol Revenue and 1.72M BNC Repurchased

In 2025, the crypto industry did not receive an easy answer.

While spot ETFs accelerated institutional capital inflows, the market also faced sharper volatility, stricter scrutiny, and a growing demand for sustainability. Liquid staking evolved beyond a yield enhancement tool, becoming a foundational infrastructure layer that connects multi-chain liquidity, governance, and DeFi composability.

If one word defines Bifrost in 2025, it is “Delivery.”

Bifrost delivered on:

The promise of bbBNC tokenomics, aligning protocol revenue directly with community incentives

Its cross-chain liquid staking vision, expanding vTokens into Ethereum and Layer 2 ecosystems

Continuous product execution, culminating in the launches of vMANTA 2.0 and vETH 3.0, which set the technical foundation for the next growth phase

This article reviews the key milestones and achievements that shaped Bifrost throughout 2025.

Key Metrics at a Glance

In 2025, Bifrost generated over $8.07 million in total protocol revenue, with cumulative gross profit exceeding $1.19 million. This milestone marks Bifrost’s transition into a product-driven, revenue-generating DeFi protocol.

On-chain activity also demonstrated consistent growth:

638,000+ transactions executed during the year

Nearly 39,000 active addresses

Over 1.16 million Dapp page views, with close to 39,000 unique users

Community expansion remained healthy:

138,000+ community members

27,000+ vToken holders

130,000+ BNC holders

Despite heightened market volatility in the second half of the year, multiple vTokens continued to see strong minting growth, highlighting improving liquidity retention and product stickiness.

bbBNC: A New Tokenomics Paradigm

The introduction of bbBNC represents Bifrost’s most significant narrative shift in 2025.

Historically, many DeFi governance tokens struggled with limited value capture. bbBNC was designed to break this pattern through an enhanced veToken-inspired economic model.

Key features include:

100% of protocol profits used to repurchase BNC

90% of repurchased BNC distributed directly to bbBNC holders

Market response exceeded expectations:

16 million+ BNC locked, representing over 20% of total supply

1.72 million BNC repurchased cumulatively

172,000 BNC permanently burned

bbBNC successfully aligned governance participation with real, on-chain cash flow.

vTokens: Growth Across the Ecosystem

Bifrost’s vToken suite recorded significant expansion throughout 2025.

vDOT

Minted supply grew from 7 million to 18 million, a 157% increase

Peak supply exceeded 24 million

Maintained leading market share within the Polkadot ecosystem

vBNC

Growth closely tied to bbBNC adoption

Minted supply approached 20 million by year-end

vASTR

Expanded from 50 million to 100 million

Supported by sustained growth in the Soneium ecosystem

vMANTA

Following the launch of vMANTA 2.0, supply surged from 8 million to 22 million

Achieved nearly 175% growth

These results reflect Bifrost’s continued investment in product design, UX optimization, and ecosystem partnerships.

vETH 3.0: Advancing the Cross-Chain LST Vision

On December 18, 2025, Bifrost officially launched vETH 3.0, marking a pivotal expansion into the Ethereum ecosystem.

With over $100 billion staked in ETH, Ethereum represents the largest value reservoir in DeFi. vETH 3.0 re-architects liquidity from the ground up, enabling a single liquid staking token usable across multiple chains.

Users can mint vETH directly on:

Ethereum Mainnet

Base

Arbitrum

Optimism

Bifrost-Polkadot

—all without complex cross-chain bridging.

vETH 3.0 positions Bifrost as a cross-chain LST infrastructure competitor, not merely a parachain-native protocol. Upcoming plans include:

Direct conversion from stETH and rETH to vETH

Deep integration with Hydration, enabling Omnipool liquidity and gigaETH strategies

Reward Share Program (RSP)

The Reward Share Program played a key role in Bifrost’s TVL growth strategy by aligning partner incentives with protocol performance.

In 2025:

15 ecosystem partners joined the program

Over $1.8 million in TVL was effectively guided

Partners such as Subscan and WUD delivered standout performance

RSP demonstrates how Bifrost leverages ecosystem-driven growth, reducing reliance on unilateral marketing spend.

Liquid Wave: Community Participation at Scale

Liquid Wave was Bifrost’s largest community incentive campaign of 2025.

Key outcomes:

100,000+ campaign page visits

37,131 participating addresses

$3.17 million TVL driven by campaign activity

135 million WAVE points distributed

The campaign successfully introduced new users to vTokens, liquid staking workflows, and long-term ecosystem participation.

Security and Infrastructure Upgrades

Security remained a core priority for a protocol managing tens of millions of dollars in assets.

In 2025, Bifrost completed:

Runtime 20000/21000 upgrades, improving throughput and stability

AssetHub migration support, preparing for Polkadot 2.0

Deep integration with Hyperbridge, enabling cross-chain messaging

Additionally, Bifrost continued its partnership with Immunefi, offering bug bounties of up to $500,000.

Ecosystem and Developer Growth

DeFi Singularity emerged as one of the year’s most impactful collaborations. Through joint incentives with Hyperbridge, the campaign successfully routed $4 million+ in cross-chain TVL, extending vDOT yield opportunities into Ethereum and Base.

On the developer front, Bifrost co-hosted a global hackathon with OneBlock and PaperMoon, featuring a $12,000 prize pool.

Global Community Engagement

In 2025, the Bifrost team participated in 27 events across 10 cities worldwide.

From Token2049 Singapore and Korea Blockchain Week to Hong Kong and Buenos Aires, Bifrost maintained direct engagement with its global community—sharing product updates, discussing DeFi trends, and gathering first-hand user feedback.

Many critical product decisions originated from these in-person interactions.

A Closing — and a Beginning

If “delivery” defined Bifrost in 2025, it reflects not a single result, but a capability.

Bifrost chose a path focused on execution over shortcuts:

Turning tokenomics into verifiable buybacks and distributions

Translating cross-chain vision into usable infrastructure

Building reusable technical frameworks for long-term growth

These choices may not always generate the loudest narratives, but they determine whether a protocol remains resilient under changing market conditions.

2025 marks a full stop—and the starting point for 2026.

With more robust systems, broader collaboration, and expanding product lines across stablecoins, DeFi, and RWA yield, Bifrost will continue transforming commitments into verifiable outcomes.