What is Bifrost (BFC)? The Reason 40.79% of the Supply is in the Burn Address

Bifrost (BFC) is the token of the multi-chain Layer 1 "Bifrost Network" originating from South Korea. The burn address holds 1,631,415,927 BFC, which corresponds to 40.79% of the total issuance of 4 billion BFC. The Bifrost Network operates on Substrate and is compatible with the Ethereum API. BFC is used for gas fee payments and network protection through staking.

Subtracting 1,631,415,927 BFC from 4 billion BFC leaves 2,368,584,073 BFC. On the other hand, CoinGecko reports a total supply of 2,368,584,074 BFC. The difference is 1 token. The 9 active wallets hold a total of 2,312,923,468 BFC, which accounts for 57.82% of the total issuance and 97.65% of the existing supply.

|------------------|----------------------------------------------------------------------------------| | Metric | Details | | Token Name | Bifrost | | Ticker | BFC | | Blockchain | Bifrost Network (Substrate chain compatible with Ethereum API) | | Ethereum Contract | 0x0c7d5ae016f806603cb1782bea29ac69471cab9c, 18 digits | | Second Deployment | Fantom, 0x84c882a4d8eb448ce086ea19418ca0f32f106117, total supply is 0 | | Issuance | 4,000,000,000 BFC (obtained from Ethereum contract on September 12, 2026) | | Burned | 1,631,415,927 BFC at address 0x...dEaD, 40.79% of the issuance | | Public Supply | CoinGecko shows 2,368,584,074 BFC. This is 1 token more than the burn calculation | | Holders | 3,676 Ethereum addresses (as of September 12, 2026) | | Concentration | The top 10 addresses hold 98.61% of the issuance. The burn address is the largest | | Price (Close on September 11, 2026) | $0.03586822 (according to CoinGecko) | | Supply from Two Data Feeds | CoinGecko suggests a circulating supply of 1,391,269,926 BFC, while CoinPaprika suggests 1,088,470,772 BFC. The difference is 27.82% | | Main Themes | Cross-chain communication and native Bitcoin lending in South Korea's Layer 1 | | Token Type | Gas fee and staking token, ERC-20 on Ethereum | | Main Risks | 9 wallets exceeding the public circulating supply, on-chain liquidity of $14,791, owner key can halt transfers, same-named project on Polkadot | | Trading on Phemex | No BFC spot pairs or BFC perpetual contracts available |

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What is Bifrost (BFC)

Bifrost Network is a public blockchain built on the Substrate framework, fully compatible with the Ethereum API. Developers can utilize existing Ethereum tools, and the foundation uses Substrate's governance and staking features. According to the project's network page, both block time and finality are 3 seconds, and the average gas fee is about 1 cent.

BFC has two roles. It is used to pay transaction fees, and validators and nominators stake to protect the network. This mechanism is adopted by many modern chains. The description that staking rewards are automatically compounded needs to be confirmed as a specification when the setting is enabled.

The chain-specific features differ from those of typical Ethereum-compatible chains. The Bifrost Network documentation describes a cross-chain communication protocol where validators themselves serve as relayers. The network page lists native Bitcoin lending, bridges, and oracles as foundational services. There is also a Korean guide in addition to the English version.

Where Did 40.79% of the BFC Supply Go?

There are two figures for the BFC supply. The Ethereum contract returns a total supply of 4,000,000,000 BFC with 18 digits. The balance of the standard burn address is 1,631,415,927 BFC, which is 40.79% of the issuance. This is the largest holding balance on the ledger.

Subtracting the burned amount from 4 billion BFC leaves 2,368,584,073 BFC, while CoinGecko's reported value is 2,368,584,074 BFC. The difference is 1 BFC, which can be attributed to display or rounding differences in the supply. Therefore, the reported supply already excludes the burned amount, and treating 2.37 billion as the issuance would result in double counting.

Concentration varies by denominator. The top 10 Ethereum addresses hold 98.61% of the issuance, but the largest address is the burn address. Excluding this, the 9 active wallets hold 2,312,923,468 BFC, which is 57.82% of the issuance. When using the existing 2,368,584,074 BFC as the denominator, this is 97.65%. These are two figures answering different questions, and miscalculating market capitalization based on incorrect supply distorts the analysis.

Why Did BFC Move 259.75% in One Session?

According to CoinGecko's closing price, BFC moved from $0.010766832 on September 4 to $0.010780607 on September 9, a difference of 0.13% over 5 sessions. Subsequently, the closing price on September 10, 2026, was $0.038783749, marking a 259.75% increase in one session. This is historical price data and does not indicate future prices.

The background includes the listing of BFC on a major South Korean exchange at 04:45 UTC on September 10, 2026. CoinGecko reported a trading volume of $121,625,404 on that day, with a market capitalization of $53,958,664. The trading volume on September 9 was $915,095. The thickness of the order book and the difference in executed orders before and after the listing can influence price formation.

The closing price on September 11 was $0.03586822, down 7.52% from September 10, with a trading volume of $20,988,049. Depending on the starting point, it shows 233.14% over 7 sessions and 280.74% over 30 days, while if the listing date is the starting point, it shows a decline. It is important to note that the choice of period can change the results.

Factors That Could Influence BFC Price

The price formation of BFC is influenced not only by protocol updates but also by exchange liquidity and market conditions. Below are factors accompanied by verifiable dates or figures.

Additional Exchange Listings

When the number of tradable order books increases due to listings, tokens with low on-chain liquidity may experience price reevaluation. It is necessary to check not only the announcement content but also the actual thickness of the order book.

Bitcoin and Collateral Demand

To promote native Bitcoin lending, the BFC ecosystem may be affected by the Bitcoin market. Bitcoin closed at $77,224.68 on September 11, 2026, and on the same data feed, the 50-day moving average crossed above the 200-day moving average on September 8. This is an indicator of market conditions and does not guarantee the price of BFC.

Discrepancy Between Reported Trading Volume and Actual Liquidity

On September 11, the reported trading volume was $20,988,049, while the liquidity of the two existing Ethereum pools totaled $14,791. Most of the trading volume occurred on centralized exchange order books, which is a different metric from the thickness of on-chain pools.

FOMC on September 15-16, 2026

The U.S. Federal Reserve is scheduled to hold a meeting on September 15-16, 2026, where it will release a statement along with economic forecasts. The CPI for August 2026 will be announced at 12:30 UTC on the benchmark date, with all items showing a seasonally adjusted month-on-month increase of 0.4% and an unadjusted year-on-year increase of 3.4%. Tokens with low liquidity may react significantly to changes in market risk appetite.

Risks Associated with Trading and Holding Bifrost

Unrelated Projects with the Same Name

There are two items displayed as Bifrost on CoinGecko. One is the Korean chain discussed in this article, with the ticker BFC. The other is a liquid staking protocol on Polkadot, with the ticker BNC, issuing vDOT and vKSM. There is also Wrapped Bifrost (WBFC). Please check the ticker and contract address rather than the name on the order screen.

Aggregator Classifications Mixed with Other Projects

The same CoinGecko page displays categories related to BNC, such as "Liquid Staking." The documentation for the Bifrost Network mentions native staking, bridges, and wallets, but liquid staking tokens cannot be confirmed. BFC is also classified under the Fantom Ecosystem, but the total supply of Fantom contracts shows 0 for the two independent nodes.

Nine Wallets Exceed Reported Circulation

CoinGecko reports a circulating supply of 1,391,269,926 BFC. Nine active large wallets hold a total of 2,312,923,468 BFC, representing 166% of that figure. However, addresses do not necessarily indicate individuals, as exchange pool accounts may represent multiple users. There may be a discrepancy between the circulating supply and the holder table.

Owner Key Not Abandoned

The Ethereum contract has confirmed an owner address and a pause function. The mint function is not found in the bytecode, and the cap of 4 billion BFC is maintained. However, if a pause function exists, there is a risk that the administrator can halt transfers. Being non-mintable alone does not determine whether it is a legitimate contract.

Liquidity of $14,791 and Trading Volume of $20,988,049

As of September 12, 2026, the two Ethereum pools had a total of $14,791 ($14,002 and $789). The reported trading volume on September 11 was $20,988,049, resulting in a ratio of 1,419 times. The trading volume on centralized exchanges and on-chain liquidity measure different markets. When checking liquidity and authority, refer to information on contract, liquidity lock, mint, and honeypot audits.

How to Verify Bifrost Contracts Before Purchase

Check the symbol, decimal places, and total supply of the Ethereum contract, and also verify the balance of the burn address. This allows for a comparison of issuance, burn amount, and calculated remaining amount.

Next, check the list of holders in order of balance on the Ethereum explorer. Comparing the top 10 including the burn address with the top 9 excluding it can distinguish overall concentration and the holding status of active wallets.

The explorer's ratio may be based on the issuance of 4,000,000,000 BFC rather than the post-burn amount of 2,368,584,074 BFC. Therefore, the actual concentration relative to the existing amount may be underestimated.

In addition to price, also compare the supply from multiple data feeds. CoinGecko suggests a circulating supply of 1,391,269,926 BFC as of the close on September 11, while CoinPaprika's four-day record suggests 1,088,470,772 BFC. The difference is 27.82%, which would result in a market cap difference of $10.9 million at the same price. When considering position size in low liquidity, refer to risk management for cryptocurrency derivatives trading and understand the discrepancies in data. ++Check Phemex's cryptocurrency futures++

Frequently Asked Questions

Is BFC the same coin as Bifrost on Polkadot?

No. BFC is an 18-digit ERC-20 on Ethereum, and there is also a Fantom version that shows a supply of 0. On the other hand, the Polkadot project issues BNC from bifrost.io. Do not judge solely by the name; check the ticker and contract.

Does Phemex handle BFC?

No. As of September 12, 2026, Phemex does not have BFC spot pairs or BFC perpetual contracts. The number of listings at that time was 116 perpetual contracts and 291 spot pairs, none of which included BFC.

What is the use of the BFC token?

BFC is used to pay transaction fees on the Bifrost Network and for staking by validators and nominators. The project documentation also describes it as a currency for DApps to pay for multi-chain middleware usage. The main liquidity pool on the Ethereum side was established on December 1, 2020.

Where is the Bifrost price formed if the pool is thin?

It is primarily formed on the order books of centralized exchanges, but external users cannot fully audit those order books. The smaller of the two Ethereum pools was established on August 20, 2021, and had $789 as of September 12, 2026. The liquidity of the on-chain market needs to be evaluated separately from the reported trading volume.

Conclusion

Burning is the most cited fact about BFC, but it is not sufficient as an analysis indicator alone. The burn amount aligns with the reported supply with a difference of one token, and each supply already reflects the burn. What can be understood from the calculations is the concentration of the nine wallets holding 97.65% of the remaining amount and the concentration exceeding the reported circulating supply.

While it is a chain with 3 seconds of finality and Bitcoin lending functionality, the depth of the on-chain pool against a market cap of approximately $49.9 million was $14,791. The main factor for the 259.75% movement in one session was attributed to listings, and future price formation may also be influenced by listings, liquidity, and market conditions.

When evaluating, check liquidity, supply, contract authority, and concentration of holdings rather than the narrative. ++Check Phemex's cryptocurrency futures++

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Trading in cryptocurrencies involves significant risks. Please do your own research before making investment decisions.