Bifrost Parachain Derivatives vGLMR & vMOVR
Bifrost Parachain Derivatives vGLMR & vMOVR
Bifrost parachain derivatives vMOVR & vGLMR. This Staking Liquidity Protocol (SLP) integration will bring liquidity to both Bifrost and Moonbeam ecosystems, enriching the use of funds in various DeFi scenarios and applications, and providing asset liquidity to the entire Polkadot ecosystem.
Thanks to this integration, Bifrost is now able to offer liquid staking for Moonbeam (GLMR) and Moonriver (MOVR) tokens. Bifrost users will be able to stake their GLMR or MOVR and receive vGLMR and vMOVR as part of Bifrost’s SLP while also maintaining access to the liquidity of their staked position.
Bifrost chose Moonbeam to leverage its underlying Parachain infrastructure and cross-chain integration to gain quick market access. Moonbeam’s Ethereum-compatible smart contract functionality allows Bifrost to use familiar Ethereal tools, enabling swift market entry.
The future of liquidity
Bifrost aims to provide uniform cross-chain interest-bearing derivatives for parachains, heterogeneous chains, and Polkadot relay-chain. To achieve its goal, Bifrost is tackling the paradox between Staking rewards and DeFi yields, the balance between Token Staking/Circulating and security of PoS chains, staking rewards in cross-chain scenarios.
The Staking Liquidity Protocol (SLP) development allows Bifrost to solve the problems above. Bifrost’s SLP enables:
- Seamless liquidity release leads to high liquidity utilization.
- Competitive user rewards.
- Optimal utilization of staking assets in PoS blockchains.
Through the SLP, Bifrost activates and improves capital utilization and consensus security, promoting the staking governance token activity.
vMOVR and vGLMR are the first parachain project derivative assets supported by the Bifrost SLP protocol and will experience those benefits above.
Bifrost features three distinct technical qualities that enhance its services among other platforms at the protocol level. They include:
- A Substrate Protocol
Bifrost’s advantages as a Substrate protocol enable easy functionality upgrades compared to smart contract competitors. Therefore, Bifrost has more flexibility in product upgrades.
- Special Functionalities
Special functionalities such as a flexible redemption period and support for redemption cancellation add to Bifrost’s advantages. vMOVR and vGLMR users have more token flexibility through Bifrost’s SLP.
- High Liquidity Utilization
Bifrost’s high liquidity utilization strategy, restaking unused assets to destination chains, creates new reward.
Thus, vMOVR and vGLMR have adequate technical support from Bifrost, allowing optimal functionality through Moonriver & Moonbeam. These advantages result in the following benefits:
- A lower threshold for MOVR and GLMR staking users.
- Increased capital utilization of MOVR and GLMR within DeFi using vMOVR and vGLMR.
vMOVR & vGLMR Online
On November 21st, at 11am UTC, Bifrost has launched its new derivative assets vMOVR & vGLMR. Users can log into the Bifrost Dapp, switch on Kusama / Polkadot network at the top right, and mint new derivative assets vMOVR and vGLMR while staking MOVR and GLMR.
The Liquid Staking for MOVR & GLMR on Bifrost, will be available here.
If you hold MOVR or GLMR, and want to discover the opportunities that Bifrost offers, do not forget to cross in your assets on Bifrost (top-right corner of the minting section) and then stake them on the Bifrost network.
After the launch, Bifrost will also open the LP farming pools of both vMOVR & vGLMR, within 2 weeks. The specific time and the expected income will be mentioned in the staking tutorial article, soon available here on Medium.
Moonbeam an Ethereum-compatible smart contract platform for building cross-chain connected applications that can access on any chain. It’s a parachain on Polkadot & a highly specialized Layer 1 chain that mirrors Ethereum’s Web3 RPC, accounts, keys, subscriptions, logs, and more, and extends the base Ethereum feature set with additional features such as on-chain governance, staking, and cross-chain integrations. By uniting functionality from Ethereum, Cosmos, Polkadot, & more into a single platform. Moonbeam solves today’s fragmented user experience — unlocking true interoperability & paving the way for the next generation of applications. With Ren supporting it, you can now bridge BTC, DOGE, ZEC as well as tokens & assets from the 10+ other smart contract chains Ren supports directly to Moonbeam.
Bifrost a cross-chain network built on a substrate that gives liquidity to staked assets as staking derivatives. It is based on open-source platforms, primarily as a Polkadot parachain. Because of Bifrost’s cross-chain functionality, others can create integrations to enable staking on other PoS.