Bifrost Token Transparency Filing

Project and Team

Description of Project

Definition: A narrative description of the purpose of the project and its operation in layman's terms is provided. Weighting

0: A simple description is not provided.
1: A simple description is provided.

Bifrost is a Liquid Staking app-chain tailored for all blockchains, built with Substrate and secured under the Polkadot framework. Score Received: 1/1

Disclosure of Revenue Streams

Definition: A narrative description of the Project's primary sources of revenue is provided, broken out by entity (e.g. Foundation, Labs, DAOs, or other). Weighting

0: A simple description is not provided.
2: A simple description is provided.

Bifrost governance is in charge of allocating all protocol revenue sources. Bifrost gets revenue from its LST product. It charges a 10% commission of all staking rewards and 0.1% commission from the unstake. Beyond staking, Bifrost collects 0.006 BNC from protocol transaction fees and 0.3% from Stable Pool swap fees. Score Received: 2/2

Equity-Token Relationship

Definition: The Project must clearly disclose the rights, value accrual mechanisms, and distinctions between token holders and DevCo equity holders. Any value allocated specifically to equity holders (e.g., dividends, profit-sharing) must be communicated separately from value accruing to token holders. Weighting

0: Rights and value mechanisms are unclear or undisclosed, or there is no distinction between token and equity holders.
1.5: Rights, value accrual, and differences between token and equity holders are clearly and explicitly defined with the constraints of existing regulations.
3: Rights, value accrual, and differences between token and equity holders are clearly and explicitly defined with the constraints of existing regulations. Team makes specific representations like "We do not plan to return cash flow to equity through including through dividends and share repurchases" or identifies that the Development Entity is not for profit.

Historically, all protocol revenue has gone to the token; we have no plans to change this. Taking revenue from the Bifrost protocol would require an onchain governance referendum. The only circumstances we could foresee in which Labs asks forrevenue is to fund growth / development costs. For example, we clearly disclose a proposal fordevelopment and operational expenses requested from Bifrost Treasury - a keyless, system controlled address in Open Governance, and execute them through on-chain voting. Specific commitments: We do not plan to return cash flow to equity through dividends or share repurchases. Score Received: 3/3

Disclosure of Advisory Billings to the Foundation

Definition: If core team members are compensated by any Tokens allocated to the Foundation through advisory services or similar agreements, or by any other payment method (i.e. fiat), these payments must be disclosed. Note, foundation team members known and exclusively compensated by the Foundation are excluded. Weighting

0: No acknowledgment or visibility of advisory payments from Advisory.
1.5: Advisory payments are mentioned, but details (amount, recipient, services) are unclear or incomplete.
3: All advisory payments to insiders are fully disclosed, including the recipient, scope, and amount.

The Bifrost Foundation has never paid or had any advisory deals with any Bifrost insiders (e.g. founders or investors). The team operation costs are directly applied from Bifrost Treasury via on-chain gov and paid by protocol revenue - vDOT, rather than using BNC, Here are some settlements: -March 2025 - August 2025: 80,220.48 vDOT -September 2025 - February 2026: 83,000 vDOT + 5,490 DOT Score Received: 3/3

Known Project Team

Definition: The identities of key team members (e.g., founders, CEO, CTO, COO of Labs, President of Foundation, etc.) are publicly disclosed. Weighting

0: No method to verify or prove the identities of key team members
1: A Method to verify or prove the public identities of key team members is provided.

Disclosed, founders are Lurpis Wang (LinkedIn, Twitter) and EdwinWang (LinkedIn, Github). Score Received: 1/1

Token Supply and Allocation

Governance & Token Documentation Provided

Definition: The Project must provide publicly accessible documentation covering the Token's governance rights, rights to value accrual, any additional utility, and the mechanism by which token governance is implemented (e.g. an insider multi-sig). Weighting

0: None of the three areas are documented.
0.5: Not all three areas are documented.
1: All three areas are clearly documented.

Token’s gov right in each Governance voting track: here, each track represents a root to call functions. Value accrual: here. bbBNC - a revenue sharing token by deposit BNC as exchange, which accrual value from Bifrost liquid staking commission, network transaction fee and swap fee. Additional value accrual via liquidity providing and deposit extending: here. Score Received: 1/1

Initial Allocation

Definition: Disclosed information explaining the launch and initial supply that includes: the total number of tokens issued, the category of the recipient (team, investor, foundation, community), the total supply of the token and if it is capped, and the initial vesting schedule. Weighting

0: No initial allocation schedule is provided.
1: An initial allocation schedule is provided, but some information is absent.
2: A complete initial allocation schedule is provided.

BNC total supply: 80,000,000 BNC with no inflation. Token Distribution: Ecosystem Fund: 50%, Initial Development Team: 20% - Cliff 6 months, linear vesting 24 months, Seed Rounds: 10% - 25% unlock at TGE, linear vesting 10 months, Strategic & Private Rounds: 5% - 30% unlock at TGE, linear vesting 10 months, Marketing: 3%, Mint Drop: 2%, Treasury: 10% This is documented here. Score Received: 2/2

Vesting Insider Tokens

Definition: All Insider Token allocations (team, investor, foundation) must be transparent, per the disclosed Initial Allocation. If vesting occurs at a custodian, clearly disclose the employee categories and associated vesting schedules clearly in your documentation. Weighting

0: None of the these areas are clearly documented.
1: Some of these areas are clearly documented.
2: Most of these areas are clearly documented.
3: All areas are clearly documented.

TGE: October 21, 2021 Initial Development Team: 20% - Cliff 6 months, linear vesting for 24 months starting from April 19, 2022, ending on April 8, 2024 Seed Rounds: 10% - 25% unlock at TGE, 75% linear vesting for 10 months starting from October 21, 2021, ending on August 17, 2022 Strategic & Private Rounds: 30% unlock at TGE, 70% linear vesting for 10 months starting from October 21, 2021, ending on August 17, 2022 This is documented here. This reward will be distributed continuously as a share of the Initial Development Team. The rewards will be evaluated and distributed every quarter based on the employees’ work performance (approximately 3,000 BNC to 20,000 BNC per person per quarter), with a linear vesting period of 24 months, the first batch of employee rewards vesting starts from October 21, 2021, and ends on October 11, 2023, Score Received: 3/3

Labelled Unissued Token Wallets

Definition: Addresses that hold any Unissued Tokens (e.g. foundation, future contributors, treasury) must be publicly labelled (address listed in docs) and be held in distinct wallets. This includes the foundation allocation. The party (e.g. team, foundation, DAO) that controls the funds must also be disclosed. Weighting

0: No wallets labeled. No ownership disclosure.
1.5: Some wallets are labeled, but the info is partial, unclear, or outdated. Categories may overlap.
3: 100% of relevant wallets are labeled and verifiable, with wallet ownership disclosed.

Key wallet: Treasury: 5.27% https://bifrost.subscan.io/account/eCSrvbA5gGNYdM3UjBNxcBNBqGxtz3SEEfydKragtL4pJ4F Team reserve: 9.41% https://bifrost-kusama.subscan.io/account/1sbhg8P1ncfPZ1b8V9fiNuxLuaPJ6piKrUGa3wHHPjh 4CpU https://bifrost.subscan.io/account/1sbhg8P1ncfPZ1b8V9fiNuxLuaPJ6piKrUGa3wHHPjh4CpU Bifrost Foundation: 2.47% https://bifrost.subscan.io/account/133VgJJgp1s9wxLqgCFxYx6T873hZQNchJM9tmbU6NkYaaq W Vesting: 0.51% All reserved BNC are vested, vesting still exist as some vested BNC have not been claimed. Score Received: 3/3

Airdrop Process

Definition: The project must disclose all airdrop eligibility criteria clearly and provide a full CSV list of recipients, including addresses and amount received. Weighting

0: Airdrop process is opaque or arbitrary.
1: Some criteria are disclosed, but details are incomplete, unclear, or hard to access. The recipient list may be provided, but not in an auditable format.
2: All criteria are fully disclosed, and the recipient list is clear, accessible, and auditable.

Airdrops to users who deposit for Bifrost parachain auctions: Bifrost Polkadot Parachain Crowldoan (Lease 1)- with a total of 4,502,405 BNC Bifrost Polkadot Crowdloan Compensation (Lease 2)- with a total of 5,000 BNC Bifrost Polkadot Parachain Crowldoan (Lease 2)- with a total of 239,998 BNC On-chain vesting transactions can be found here, here, here and here. Score Received: 1/2

Locked Staking Reward to Insiders

Definition: Disclose information on insiders (Team, Investors, Foundation, Advisors) tokens that are locked and can earn rewards. Weighting

0: None of these areas are clearly documented.
1.5: Some of these areas are clearly documented.
3: All areas are clearly documented.

Locked insiders can be found here. There are no rewards for lockedtokens, which means they cannot earn staking rewards during locks. Disclosure of insider information is here, under the “Team Addresses” page. Score Received: 3/3

Future Token Issuance

Definition: The project commits that any future token issuance (e.g., minting or emissions outside scheduled vesting) will be publicly disclosed and justified on an official platform (e.g., governance forum, blog, or docs). Weighting

0: No public disclosure of token issuance.
1: Issuance is announced but lacks detail, is disclosed late, or is not in a permanent, verifiable location.
2: All token issuances are disclosed before or at issuance with full details (amount, reason, recipient, context) in an official, permanent public channel.

BNC has no inflation or new issuance, which is documented here. The Bifrost team will not launch any future tokens or increase BNC inflations. However, if Bifrost referedum has such requests, which may voted though on-chain Open Governance. Publicdisclosure can be found at here. Score Received: 2/2

Future & Related Token Launches

Definition: The team discloses all tokens launched by its key team members in the past and explicitly lays out its philosophy around launching new tokens, related to the project or otherwise. (e.g. "We do not plan to launch additional tokens" or "Any additional tokens will be given 1:1 to existing token holders who can then vote on proposals submitted by the management team.") Weighting

0: Language around new tokens is vague, non-committal, or missing entirely.
1: Plans around additional tokens are defined clearly. The team explains its past reasoning around token transactions and bridges from these transactions to its existing policy.
2: The Team represents that it will not launch additional tokens.

The team hasn't launched additional tokens since founding Bifrost, and we currently have no plans to launch new tokens. Score Received: 2/2

Transactions & Market Structure

Insider & Related Person Transactions

Definition: The project commits to disclosing any material Related Party & Insider Transaction within 30 days and includes: The nature of the transaction, the Related Person, the basis on which the person is a Related Person, and the number of tokens involved in the transaction. This includes tokens issued by the foundation. Weighting

0: The project does not commit to disclosing related party transactions within 30 days.
3: The project commits to disclosing related party transactions within 30 days.

Bifrost commits to dislosing related part transactions in the future. Thisis documented here, in "Team Addresses" page. https://bifrost.subscan.io/ is the block explorerto check these addresses. 30 days transaction of Team Reserve address: 0 30 days transaction of Foundation address: 34 30 days transaction of Treasury address: 1004 30 days transaction of Bifrost P<>K Bridge Reserved address: 0 Score Received: 3/3

Prior Token Sales & Fundraising

Definition: Disclosed information of previous fundraising rounds, material OTC rounds to investors, or discounted market maker sales involving the Project and its Token that includes: the date of sale, number of tokens sold, and the vesting schedule of these tokens. The Project commits to disclosing any material OTC deal involving token sales and purchases by the foundation within 30 days. Weighting

0: No prior sales are disclosed.
1: All prior sales are disclosed, but terms are absent.
2: All prior sales are disclosed with terms provided.

All funding rounds are disclosed here. There were two different funding rounds sold was equal to 15% of total supply. The prior sales are as follows:

Aug and Sep 2020: Seed sale, $1.3m raised, $5m FDV, 12 month vesting schedule.
Nov 2020: Strategic round, $499,642.81 raised, $25m FDV, 12 month vesting schedule.
Dec 2020: Private round, $1,048,700.63 raised, $35m FDV, 12 month vesting schedule. The Bifrost Foundation does not commit to future OTC disclosures. Score Received: 2/2

Transparent Market Maker Deals & Exchange Listings

Definition: Projects must disclose key details of market making and centralized exchange agreements affecting token liquidity, including: names of all market makers & centralized exchanges involved, the token allocation for each (as % of total supply), and the duration of each agreement. Weighting

0: No public information on market makers (MM) or centralized exchanges (CEX)
1: Some MM or/and CEX details are disclosed, but not all three elements are provided.
2: All three key elements are fully disclosed for MM & CEX.

This is documented here. The Bifrost Foundation has made native token loans to several firms that provide CeFi liquidity. Total loans outstanding are 1m BNC with counterparties CLS Global, DWF Labs and Match Flow. Liquidity is provided on the following exchanges from these partners: AscendEx, XT, Bitmart, BingX and LBank. CLS Global: Retainer: Paid 80k USD for 12 months marketing maker service, from October 26, 2024 to October 25, 2025, provided MM service to 7 exchanges (AscendEx, BingX, Gate, Kucoin, LBank, Mexc, XT) DWF Labs: Loaned 900k BNC for 12 months marketing maker service, from July 13, 2024 to July 12, 2025, provided MM service to 3 exchanges (Gate, Kucoin, Mexc) Match Flow: Retainer: Paid 36k USD for 12 months marketing maker service, from March 4, 2025 to March 3, 2026, provided MM service to 1 exchange (Kraken) Score Received: 2/2

Financial Disclosure

Disclosure of Assets and Cash Flow

Definition: The Project commits to providing updates to token holders on a quarterly basis via forum posts, live dashboards, or reports that cover core project KPIs, changes to Token supply or allocations, and disclosure of top line revenue and expenses. The Project may engage third‑party contractors to prepare and deliver these updates. Weighting

0: The project does not commit to disclosing Token Holder Relations Reports.
3: The project commits to disclosing Token Holder Relations Reports.

The Bifrost Association and other entities provides a number of public communications, dashboards, forums to ensure periodic updates on key developments, adoption metrics, and fees/revenue monthly. Monthly Updates https://bifrost.io/blog/monthly-report-july-2025 https://bifrost.io/blog/bifrost-monthly-report-june-2025 https://bifrost.io/blog/bifrost-monthly-report-may-2025 Bifrost Dashboards: https://dune.com/substrate/bifrost Revenue & Fees: Disclosed continuously available to public via DeFi Lama https://defillama.com/protocol/bifrost-liquid-staking?tvl=false&events=false&revenue=true Expenses: All expenses proposals are disclosed at Bifrost on-chain gov: https://bifrost.subsquare.io/referenda Token Supply & Allocations: The Bifrost Opengov governs the BNC token. Any changes would go through a public governance process. Bifrost commits to disclosing token holder relations reports Score Received: 3/3

Public Token Holder Relations Reports

Definition: The foundation's assets or working capital are held onchain and publicly labelled, providing the ability to track asset holdings, revenue, and expenses. Or, the foundation publishes a quarterly, publicly available financial report of its assets, working capital, revenue and expenses. Weighting

0: Foundation wallets are not publicly labeled.
1: Treasury wallets are tagged, but revenue and expense flows are incomplete or fragmented.
2: Wallets that touch any assets and revenue streams are labelled onchain, with clear, traceable expenses. Quarterly reports detailing assets, revenue, and expenses are provided.

Bifrost's assets and working capital are held onchain and publicly labelled. Holding of Team Reserve. Holding of Foundation. Holding of Treasury. Holding of Bifrost P<>K Bridge Reserved. Score Received: 1/2

This Token Transparency Filing is provided for general informational purposes only. Blockworks reviews completeness only and does not verify or warrant the accuracy of individual answers. Bifrost is solely responsible for the content, accuracy, and legality of its disclosures.