Bifröst is a simulation system for high-quality liquid and fluid 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 fields to create jets and other effects.
Note:
For aerodynamic effects like smoke, try using Bifrost Extension instead of Bifröst Fluids.
The Bifrost Fluids 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.