Bifröst is a procedural framework that can create simulated liquid and aerodynamic effects using a FLIP (fluid implicit particle) solver. You can generate liquid from emitters and have it fall under gravity, interact with colliders to direct the flow and create splashes, and use accelerators to create jets and other effects. You can also create fluid gas effects like smoke.
The Bifrost menu is available in the FX menu set.
Note: Scenes with Bifröst simulations saved from earlier versions may produce different results in the current version.