Bifrost Opens HRMP Channels

Published on: 09.12.2022
Bifrost Opens HRMP Channels

Bifrost announced that HRMP (XCMP-Lite) channels have been opened between Bifrost and Astar/Shiden Parachain on Polkadot/Kusama ecosystem.

As the basis, Bifrost and Astar/Shiden support bi-directional transactions on their native Token BNC and ASTR/SDN. Besides, liquid staking tokens transact will promote the XCM use cases between each other’s DeFi protocol.

Bifrost Opens HRMP Channels

vDOT/vKSM as one of Bifrost liquid staking derivatives, it will build the case of cross-chain derivative minting and redemption, and interact with Astar borrowing or lending protocols by achieving remote liquidation and swap. By utilizing ASTR for Dapp Staking, vASTR will potentially be another case for liquid staking.

Astar Network – The Future of Smart Contracts for Multi-chain.

Astar Network supports the building of dApps with EVM and WASM smart contracts and offers developers true interoperability, with cross-consensus messaging (XCM). Astar’s unique Build2Earn model empowers developers to get paid through a dApp staking mechanism for the code they write and dApps they build.

Astar’s vibrant ecosystem has become Polkadot’s leading Parachain globally, supported by all major exchanges and tier 1 VCs. Astar offers the flexibility of all Ethereum and WASM toolings for developers to start building their dApps. To accelerate growth on Polkadot and Kusama Networks, Astar SpaceLabs offers an Incubation Hub for top TVL dApps.

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Shiden Network – The Innovation Hub on Kusama.

Made by developers, for developers, Shiden Network is a multi-chain decentralized application layer on Kusama Network. Kusama Relay chain does not support smart contract functionality by design so it needs a smart contract layer.

This is where Shiden Network comes in. Shiden supports Ethereum Virtual Machine, WebAssembly, and Layer2 solutions from day one. The platform supports various applications like DeFi, NFTs and more.

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Bifrost is a web3 derivatives protocol that provides decentralized cross-chain liquidity for staked assets. By leveraging on the cross-consensus message (XCM) it can provide cross-chain liquid staking services 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 multi-chain staking ratio, and improves the ecosystems application interest base, by creating a three-way positive cycle for the StakeFi ecosystem by empowering users, multi-chains, and ecosystem applications.

Bifrost has raised over USD 2M from top-tier venture capital firms by the likes of NGC, SNZ, DFG, CMS and other institutions. In addition to being an early receiver of a Web3 Foundation Grant, Bifrost is also a member of the Substrate Builders Program and the Web3 Bootcamp.

RESOURCES

https://bifrost-finance.medium.com/bifrost-opens-hrmp-channels-with-astar-shiden-to-support-asset-interoperability-c640ca2c182a

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