Bifrost Partners With Blockdaemon
Bifrost has partners with Blockdaemon to support Kusama validators for the derivative asset vKSM
The Bifrost partners with Blockdaemon, the leading institutional-grade blockchain infrastructure company which will provide high-quality and stable performance Kusama validators for Bifrost’s first liquid staking derivative, vKSM.
Bifrost, which last May launched its first liquid staking product on Kusama, vKSM, has reached a minted volume of 180,000+ vKSM so far, worth approximately $11M.
This is an increase in minting volume of almost 160% in less than 90 days. Thanks to the broad Kusama community support and Bifrost Rainbow Boost’s ongoing campaign.
vKSM – First Liquid Staking Solution
vKSM (voucher KSM) is a shadow token of the staked KSM, minted through the Bifrost SLP (Staking Liquidity Protocol), which fully underlies the KSM reserve. This first liquid staking derivative maximizes the yield bearing feature of KSM staking rewards, allowing users to stake their KSM while maintaining access to its liquidity.
Users can stake KSM through Bifrost’s SLP and receive vKSM in return.
vKSM can be then traded in the open market. Used to get staking rewards adding to the exchange price of vKSM or redeemed back as KSM. Currently, those who stake KSM for vKSM will earn approximately 22% in staking rewards, as well as the benefit from a flexible redemption period of less than 7 days with no fees applied and the chance to cancel it at any time. Most importantly, users can enjoy the benefit of DeFi use cases using their vKSM.
The Blockdaemon Partnership
Blockdaemon is the leading institutional-grade blockchain infrastructure company, offering a full suite of scalable staking, nodes, APIs, and custodial solutions. The Blockdaemon connects institutions to leading networks seamlessly through one integration.
Blockdaemon will provide high-quality and stable performance Kusama validators to support the Bifrost vKSM. The Bifrost Staking Liquidity Program will help Blockdaemon’s Kusama nodes run in an active validator set, backed by vKSM minting.
About Blockdaemon
Blockdaemon is the leading independent blockchain node infrastructure to stake, scale, and deploy nodes with institutional-grade security and monitoring. Supporting 40+ cutting edge blockchain networks in the cloud and on bare metal servers globally, Blockdaemon is used by exchanges, custodians, crypto platforms, financial institutions and developers to connect commercial stakeholders to blockchains. Blockdaemon powers the blockchain economy by simplifying the process of deploying nodes and creating scalable enterprise blockchain solutions via APIs, high availability clusters, auto-decentralization and auto-healing of nodes.
About Bifrost
Bifrost is a Substrate based Web3 derivatives protocol that provides decentralized cross-chain liquidity for staked assets. Leveraging from the cross-consensus message (XCM) format, Bifrost can provide cross-chain liquid staking solutions for multiple chains. Bifrost’s mission is to provide standardized cross-chain interest-bearing derivatives for Polkadot relay chains, parachains, and heterogeneous chains bridged with Polkadot. Furthermore, by aggregating over 80% of PoS consensus chains’ staking liquidity through cross-chain derivatives, our protocol lowers users’ staking threshold. Increases the multi-chain staking ratio, and improves the application of the ecosystem interest base by creating a three-way positive cycle for the StakeFi ecosystem by empowering users, multi-chains, and ecosystem applications.
