SUBFROST Airdrop
Subfrost is a Bitcoin-native DeFi platform built on Alkanes, combining programmable Bitcoin, stablecoin liquidity, AMM swaps and vault strategies in one ecosystem, with Subfrost Rewards extending that stack through $FIRE incentives for $DIESEL/frBTC liquidity and $FUEL farming through PERMAFROST. $FUEL is the protocol’s governance and utility token, with PERMAFROST Season 1 distributing $FUEL through a farming airdrop campaign.
🪂 $FIRE Rewards and PERMAFROST $FUEL Airdrop Farming
Subfrost has two main reward systems built around different liquidity markets:
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$FIRE rewards: DIESEL/frBTC liquidity providers can stake LP in the FIRE Vault to earn $FIRE, permanently bond LP for discounted $FIRE, or deposit $FIRE into the separate cFIRE vault.
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$FUEL airdrop farming: PERMAFROST converts frBTC/frUSD liquidity positions into cBTCUSD, which can be farmed for $FUEL. Farm weight determines each position’s share of the distribution, while $FIRE can provide an additional multiplier.
The two systems are separate. $FIRE rewards center on DIESEL/frBTC liquidity, while PERMAFROST distributes $FUEL around the frBTC/frUSD Bitcoin-dollar market. The percentage of maximum $FUEL supply allocated to Season 1 and the complete $FUEL tokenomics have not yet been disclosed. Full $FUEL tokenomics have not yet been published.
What is Subfrost?
Subfrost brings DeFi functionality to Bitcoin through programmable assets, liquidity markets, swaps and vaults. Its core asset, frBTC, is backed 1:1 by native BTC held through a distributed signer system, while frUSD provides the dollar-denominated side of its Bitcoin markets.
Underneath the platform is Alkanes, an open-source smart-contract metaprotocol for Bitcoin rather than a separate blockchain or sidechain. Subfrost is built on Alkanes and serves as its lead maintainer, while independent applications can also build on the protocol.
The ecosystem uses several assets with different roles. $DIESEL is Subfrost’s native emission token, $FIRE supports rewards and governance around DIESEL/frBTC liquidity, and $FUEL is designed as the broader governance and utility token for the Subfrost protocol.
Subfrost is operated by Subzero Research Inc., a Delaware C Corporation founded by Raymond Pulver and Gabe Lee, with Li Hou Capital investing $1.25 million in the project.

SUBFROST Airdrop
Step by step guide SUBFROST Airdrop
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Set up Subfrost and your Bitcoin wallet
Head to the official Subfrost app to access the PERMAFROST $FUEL farming campaign.
→ Create a new Bitcoin wallet with one of the wallet options shown in the interface, such as Subfrost, Oyl, OKX, UniSat or Xverse.
→ Save the recovery phrase securely offline, and use this wallet specifically for Subfrost, and do not send Ordinals, Runes or BRC-20 assets to it.
⚠️ Important wallet warning: Subfrost explicitly warns that using a wallet containing Ordinals, Runes or BRC-20 assets will result in burning them because transactions may spend the Bitcoin UTXOs carrying those assets.
→ Transfer the $BTC you plan to use, and keep some BTC aside for Bitcoin network fees.
💡 Before transferring funds: check Subfrost on DefiLlama for the latest TVL, and review the latest frBTC signer setup and audit information in the official documentation. Subfrost currently documents nine signers whose identities are not yet public, while its frBTC documentation states that the complete end-to-end protocol has not undergone a formal audit. These details can change, so verify the latest status before depositing.
⚠️ Security history: In July 2026, an Alkanes indexer bug created phantom $DIESEL and allowed an attacker to obtain 82.3 frBTC in the corrupted indexed state. According to Subfrost’s official incident post-mortem, the signer layer rejected the attempted unwraps and no reserve BTC left the protocol.
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Earn $FIRE through the FIRE Vault
Provide $DIESEL/frBTC liquidity and deposit the LP into the FIRE Vault to earn $FIRE.
→ Swap for $DIESEL and frBTC, and add both to the DIESEL/frBTC pool to receive LP.
→ Deposit the LP into the FIRE Vault and choose a lock period. Reward weight ranges from 1× with no lock to 3× for a one-year lock. Longer locks increase reward weight but prevent withdrawal until the lock expires.
→ If you prefer FIRE Bonding, permanently transfer DIESEL/frBTC LP to the treasury in exchange for $FIRE at the displayed discount. The documented discount is 10% to market price, with $FIRE vesting over approximately 2,100 Bitcoin blocks, or 14 days. The discount can change, and the bonded LP is not returned.
→ If you already hold $FIRE, you can deposit it into the cFIRE vault. When a position exits, 8% remains for participants who stay, 1% of $FIRE is burned and 1% goes to the treasury.
💡 $FIRE has a maximum supply of 2.1 million with no premine. Its emission model allocates 85% to staking and 15% to bonding, with halving every 105,000 Bitcoin blocks.
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Farm cBTCUSD, earn $FUEL
Head to the PERMAFROST Rewards section to provide frBTC/frUSD liquidity, put cBTCUSD into a Farm and earn $FUEL through the Season 1 farming airdrop campaign.
→ Season 1 Vault & Farm opens September 25, 2026 at 10:00 UTC, giving participants time to create a position before rewards begin at Bitcoin block 970,000. The exact reward start time depends on Bitcoin block production.
→ Provide frBTC/frUSD liquidity through PERMAFROST to receive LP tokens, then deposit the LP into the vault to receive cBTCUSD.
→ Put cBTCUSD into a Farm to start accumulating reward weight. The amount deposited and the number of Bitcoin blocks it remains in the Farm determine its share of $FUEL rewards.
→ For higher multiplier, permanently bond $FIRE worth up to 4% of the Farm value. The boost scales up to 1.5×, and the bonded $FIRE is transferred to the treasury and is not returned.
→ When exiting PERMAFROST, 5% of the LP is left behind for participants who stay. Earned $FUEL is also subject to a stated 180-day vesting period.
💡 Early participant note: Before Season 1 starts, the Rewards page displays TVL, Points, farm counts, leaderboard positions and projected rewards marked EXAMPLE DATA. These figures show how the interface works and are not actual deposits, rankings or expected earnings.
💡 $FUEL allocation: Season 1 currently displays “X%” of maximum $FUEL supply, meaning the percentage allocated to the campaign has not yet been published. Full $FUEL tokenomics also remain unpublished.
🪂 Looking for another Alkanes opportunity? DOHM is an independent Bitcoin reserve protocol using ecosystem assets including frBTC, $DIESEL and $FIRE. Our DOHM Finance Airdrop guide covers its incentivized testnet, confirmed $DOHM airdrop and the requirement to participate in DOHM Bonding with the minimum amount to qualify for the airdrop.
* The Subfrost Airdrop brings together the PERMAFROST $FUEL airdrop campaign and the protocol’s broader $FIRE rewards ecosystem. Full $FUEL tokenomics and the final campaign allocation remain unpublished, so these are the main details still to watch. Follow @subfrostp2p on 𝕏 and join the community on Discord to stay updated on future announcements.
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