Written by: Yue Xiaoyu
Polkadot 2.0 has finally launched. However, it seems that not many people in the community are paying attention to this event.
In this cycle, the Ethereum ecosystem is still struggling, Solana is indulging in meme coin festivities, and BNB is frequently in the spotlight backed by Binance exchange, while Polkadot seems to have been forgotten in the corner of the old era.
Is there really no one paying attention to the Polkadot ecosystem?
Polkadot is a microcosm of the public chain war era, reflecting the journey of the blockchain industry, and it is worth looking at what is happening in this ecosystem.
On November 6, 2025, Polkadot 2.0 officially launched, significantly enhancing its performance. At the same time, AssetHub completed a $4.5 billion asset migration, setting a record for the largest on-chain operation in Polkadot's history.
On the other hand, the inflation rate has dropped to 7.78% and is on a downward trajectory, with a proposal for a hard cap of 2.1 billion DOT entering the final voting stage.
This is not just an old tree blooming anew; it feels more like a system reboot.
Therefore, Polkadot is not without attention; it has simply shifted from a narrative of traffic to a narrative of infrastructure.
Let’s take a closer look at this upgrade:
1. What is Polkadot 2.0?
The core of Polkadot 2.0 lies in three pillars:
Asynchronous Backing, Agile Coretime, and Elastic Scaling.
This transformation directly enhances the throughput and interoperability of parachains.
Performance optimization is the primary goal.
Secondly, the reform of Polkadot's inflation rate further strengthens the scarcity of DOT.
As early as February 2025, the inflation rate was reduced from 10% to 7.78% to enhance investor appeal.
Community proposals go further, planning to reduce the inflation rate to 3%-6% by 2026 and introducing a hard cap of 2.1 billion DOT.
The migration to AssetHub has been a recent focus: on November 4, over 1.6 billion DOT (worth about $4.5 billion) was migrated from the relay chain to AssetHub, marking one of the most complex upgrades in Polkadot's history.
2. Which ecological applications are most worth paying attention to after the Polkadot upgrade?
First, we can see that the upgrade of Polkadot has directly stimulated the demand for staking.
Bifrost is the exclusive liquid staking application chain of the Polkadot ecosystem.
As a non-custodial liquid staking solution, Bifrost perfectly captures this opportunity, allowing users to enjoy higher net returns without sacrificing liquidity.
Users can stake native assets (like DOT) to receive vTokens (like vDOT) on a 1:1 basis, which automatically carry rewards and can circulate freely in the DeFi ecosystem.
The biggest feature of vTokens is that they can be minted across different chains; for example, the ASTR token can be minted on both Astar (a parachain) and Soneium.
Next month, vETH 3.0 will be launched, supporting direct minting on the Ethereum mainnet and Layer 2. Unlike Lido, which only supports minting on the Ethereum mainnet before bridging to Layer 2.
Unlike traditional staking, Bifrost's non-custodial Omni-Chain design retains user control and supports over 10 chains, including heterogeneous integration with Ethereum.
Thus, Bifrost's business has expanded from a single ecosystem of Polkadot/Kusama to yield layer infrastructure.
3. The growth flywheel of Bifrost
Bifrost's Tokenomics 2.0 is a significant highlight:
On November 1, the bbBNC (Buy Back BNC) mechanism officially launched, using 100% of protocol profits to buy back BNC tokens, with 90% distributed to bbBNC holders.
In simple terms, if you lock BNC for 3 months (minimum of 50 vBNC), the profits earned by Bifrost → are used to buy back BNC, and then 90% is distributed back to you.
This marks a shift in the project token from governance voting to profit sharing, with bbBNC requiring a minimum lock of 50 vBNC (for at least 3 months) and an annualized yield of up to 43%.
This has become a buyback flywheel: protocol revenue → automatic buyback of BNC → destruction or dividends → increased scarcity of BNC → attracting more staking.
The reduction in Polkadot's inflation further amplifies this mechanism: the scarcity of DOT increases, driving up staking TVL, which in turn increases Bifrost's fee sharing, creating a positive feedback loop.
The reduction in DOT inflation will actually affect staking yields, as APY will decrease, but it will also bring more opportunities to DeFi, attracting more DOT holders to choose Bifrost for staking due to the increased DeFi scenarios to amplify returns.
Compared to restaking protocols like EigenLayer, the decentralized dividends of bbBNC are more sustainable.
4. In summary
Can the old public chain ecosystem rise again? As long as we keep working, there will always be opportunities.
After the Polkadot upgrade, new opportunities are emerging; this is a window for value reassessment.
Currently, Bifrost appears to be the one that can directly capture value from this upgrade.
We can continue to pay attention to these old public chain ecosystems.
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