Bifrost (BFC) Coin Surging Today as Bifrost Adds Support for Arbitrum Mainnet
/ Bifrost (BFC) coin soars by 88% as Bifrost Network embraces Arbitrum Mainnet, enabling faster and cost-effective Web3 solutions.
Written by [Nilesh Hembade]
Published on October 18, 2023 08:51 AM IST
Bifrost, the multichain middleware platform that empowers developers to build Decentralized Applications (DApps) across a multitude of protocols, has emerged as the shining star in the cryptocurrency market today. This surge in attention can be attributed to the native token of Bifrost, the $BFC coin, which has skyrocketed by an astonishing 88.0% in the past 24 hours, in response to the recent updates from the Bifrost Network.
At present, the $BFC coin is trading at $0.06551, boasting a market capitalization of $90 million.
Bifrost Adds Support for Arbitrum Mainnet
The Bifrost Network has officially announced on October 18, 2023, that they have integrated support for the Arbitrum Mainnet. This announcement marks a significant development, as the Bifrost Network’s Cross-Chain Communication Protocol (CCCP) now extends its support to Arbitrum. As a result, assets including Arbitrum ETH, USDT, and USDC will be among the first to be supported. Furthermore, the Bifrost bridge, along with the cross-chain lending platform BiFi and the decentralized exchange (DEX) Everdex, will promptly follow suit in accommodating these assets.
Bifrost is now supporting Arbitrum🙌💙
— BIFROST (@Bifrost_Network) October 18, 2023
This means that the @Bifrost_Network CCCP now supports @arbitrum, and the Bifrost bridge, cross-chain @BiFi_lending, and Everdex will support assets on Arbitrum starting with ETH, USDT and USDC.
🔍 Read more: https://t.co/BFvNlNkwRS pic.twitter.com/8z1Mt7Qnyh
According to the Bifrost Network, this integration is a pivotal step toward creating a more user-friendly Web3, facilitating an organic integration and expansion of their ecosystem. This move is in line with their ongoing mission to offer an easier and more efficient service for their users.
What Is Arbitrum?
Arbitrum stands as a Layer 2 scaling solution for the Ethereum blockchain, designed to facilitate swift smart contract transactions while simultaneously reducing transaction costs.
Layer 2 solutions address the issue of scalability by delegating complex computational tasks, such as transaction processing and data storage, to a secondary chain. In essence, the Layer 2 blockchain is responsible for executing smart contracts, while the Layer 1 blockchain retains the data.
As Bifrost continues its journey to enhance the Web3 experience, the cryptocurrency community eagerly awaits further developments from this innovative platform.
Bifrost is available to trade and buy on Gate.io.
Disclaimer:
This article provides information for educational and informational purposes only. It is not financial or investment advice. Always conduct your research and consult with a qualified financial advisor before making any investment decisions.