Bifrost is launching vFIL, one of the first Liquid Staking solutions for the Filecoin Network. Staking is an essential component of the Filecoin ecosystem. Storage providers must stake a proportional amount of FIL, based on the computing power they provide, to ensure the stability of the network.

Filecoin Network

Since its mainnet launch in 2020, the network has attracted over 19.19 EiB of storage space. Thanks to its economic incentives and cryptographic measures that ensure the reliability of stored files over time. However, the project’s ambitions have not been fully realized: Filecoin continues to work towards achieving a “global hard disk” with more computing power.

One key strategy is to lower the entry barrier for new participants to achieve its goal. There are currently two barriers that potential Storage Providers must meet: high FIL staking cost and physical storage operating costs.

To ensure the stability of the network, all Storage Providers must stake a proportional amount of $FIL based on the computing power they provide. In the event of offline storage or data loss, Storage Providers face a Slash penalty.

Each sector packaged for storage providers requires hard drives and stake tokens. Overall, the staking cost of FIL accounts for 80% of the cost structure of storage providers, whilst the cost of physical storage operations (including hard drive purchase, depreciation, maintenance, iteration, electricity, network deployment and network fees, etc.) accounts for only 20% of the cost.

Thus, the difficulty in FIL acquisition could deter potential storage providers from entering this field or stop everyday users who hold FIL from earning more via operating their own devices.

Liquid staking solutions present possibilities for breaking down these barriers. We can overcome both hurdles with liquid staking, which is also facilitated by Filecoin’s recently launch of FVM, a Filecoin-based virtual machine environment that allows developers to deploy smart contracts directly to Filecoin.

Liquid Staking

Liquid staking is a rapidly growing alternative to locking up a users’ tokens and contributing to the security of PoS blockchains. PoS chains require stakes from nodes in the network to maintain their security, and there is a waiting time before unstaking allows for the retrieval of staked assets. This imposes an opportunity cost on the node and the pledgee delegating to the node. Liquid staking provides stakers with increased liquidity and capital efficiency.

Bifrost – Omnichain LSD

Bifrost, a leading permissionless cross chain liquid staking protocol for staked assets, has leveraged liquid staking to provide opportunities for multiple asset types through its SLP (Staking Liquidity Protocol) protocol. Through the protocol, Bifrost mints liquid staking derivatives (LSD), vTokens, enabling users to participate in staking without losing liquidity.

Bifrost SLP will release a new LSD asset, vFIL, which supports full-chain LSD extensions. With vFIL, Bifrost will become the liquid staking service provider for the Filecoin ecosystem & extend the base layer of Filecoin.

vFIL Mechanism

Bifrost’s non-custodial liquid staking solution allows users to stake their FIL and receive vFIL (voucher FIL) in exchange. vFIL is one of the voucher tokens in the Bifrost vToken set, representing the liquid-staking token of staked FIL.

By using the bridge between Filecoin and Polkadot, vFIL can exist in EVM and Substrate asset formats, simplifying the operativity between the Polkadot and Filecoin FVM ecosystems. The underlying mechanism behind vFIL is run by the Bifrost SLP.

vFIL holders will also receive an ongoing share of FIL revenue. While storage providers can expand their storage capacity in this way, without focusing on staking requirements.

Revenue Structure

The storage provider’s revenue is divided into three main components:

1. Storage revenue – The storage provider earnings for storing data for Filecoin users. After gaining storage revenue, the system locks it and unlocks it linearly over 520 days.
2. The participation reward for the consensus nodes of the Filecoin network.
3. Gas fees.

Revenue Allocation

The storage provider and the vFIL holder will receive a portion of the revenue, with the storage provider earning ~60% and the vFIL holder receiving ~40% (as defined by the storage provider). The vFIL’s revenue portion shall be compounded automatically as interest and represented in an upward adjustment of the exchange rate.

Consider the following example with an accumulation return of 5%. By staking initially 1 FIL, users acquire a 5% return on their initial principal. With this system in place, the swap rate will automatically adjust upward so that each vFIL equals 1.05 FIL returns — allowing users to reap increased rewards from providing liquidity. The payout mechanism eliminates the need for users to manually claim and compound their earnings, providing a hassle-free experience for vFIL holders.

If another user were to stake 1 FIL at this time, they would only receive ~0.9524 vFIL, which would be fair to any user casting or redeeming at any point in time.

vFIL Benefits

There are various advantages for users staking FIL and minting vFIL on Bifrost:

• Exposure to FIL native staking rewards whilst holding vFIL and having liquidity: vFIL’s price attribute will mimic FIL; therefore, vFIL will fluctuate with the rise and fall of FIL, however, vFIL’s price will rise relative to FIL because of the accumulation of staking income.
• Automatic compounding of staking rewards: without any operation, the rewards will be automatically re-commissioned and compounded.
• Access to liquidity with Flexible trading: vFIL is tradable at any time in the secondary market, holding vFIL users will not have any liquidity risk.
• Advance earnings: Although storage revenue takes 520 days to unlock linearly, the price of vFIL reflects unissued earnings in advance, with a discount rate.
• Fast Redemption: Users can redeem their underlying FIL with rewards whilst vFIL is destroyed by the protocol. The system places redemption requests in a queue and matches them with new mint requests to facilitate fast processing. This approach may still require a certain waiting period for the user initiating the redemption. However, If the user wishes to redeem immediately, they can swap through the liquidity pool of vFIL/FIL on Bifrost.
• vFIL will have various LSD & #DeFi benefits, including trading, lending, and borrowing within Bifrost.

Finally, whilst users can earn staking rewards on their staked FIL, they will have the flexibility in participating in DeFi scenarios with vFIL within native Polkadot Substrate, EVM and Filecoin ecosystems.

What vFIL means for the Filecoin network

vFIL adds the following advantages, besides the FIL holder and Storage Providers benefits:

• As the capital threshold for storage providers decreases, more storage providers will join the network, boosting the overall computing power of the Filecoin network.
• vFIL will facilitate increased FIL staking in the network, improving the consensus security of the Filecoin network.
• They’ll write the delegation algorithm to skew delegation towards storage providers in regions with less arithmetic power to improve the balance of Filecoin’s arithmetic power in the geographic distribution and promote the arithmetic democracy of Filecoin.

The vFIL Launch Details

The vFIL issue based on the Bifrost SLP protocol and it will be implement in two phases:

Phase One – The Multi-Signature Phase

We’ll deploy vFIL using a multi-signature account on Filecoin and an off-chain EVM. The user will transfer FIL to the multi-signature address on the Filecoin chain. The off-chain EVM will notify the SLP module on the Bifrost chain to mint vFIL for the user. The amount minted depending on the current swap rate.

The multi-signature address will delegate the FIL to the storage provider, encapsulate the sector, and start generating revenue. During the multi-signature phase, the vFIL will liquid staking a hard top. Upon reaching the hard top, staking vFILs becomes impossible.

Phase Two – The FVM Phase

FVM is a virtual machine environment based on the Filecoin network. FVM went live on the Filecoin network on March 14. Allowing developers to deploy smart contracts on the Filecoin network directly based on FVM. VFIL will enter the second phase after they complete the development of the corresponding contracts. Which they’ll achieve full decentralization of vFIL based on FVM contracts. At that point, we’ll remove the vFIL minting hard top.

vFIL will obtain the investment opportunities of Filecoin and storage arithmetic to Polkadot and the broader chain-wide ecosystem. As an interest-bearing asset, vFIL will be a better underlying asset in the DeFi world, and vFIL holders will potentially reap multiple benefits in multi-chain DeFi.

About Filecoin

Filecoin a peer-to-peer network that stores files, with built-in economic incentives & cryptography to ensure files are store reliably over time. In Filecoin, users pay to store their files on storage providers. Storage providers are computers responsible for storing files and proving they have stored them correctly over time.

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The Equilibrium Integrates With Bifrost. Equilibrium thrilled to partner with Bifrost, a web3 derivatives protocol providing secure and efficient cross-chain liquidity for staked assets through its XCM integration. This integration expands the potential use cases for staked assets across blockchains and enables our community to leverage liquid staking services for multiple chains.

Through their partnership, bi-directional transactions on Bifrost’s native token (BNC), Equilibrium’s EQ, and stablecoin (EQD) will be supported on Equilibrium and Bifrost, providing users with increased flexibility and functionality. BNC, EQD, and EQ token holders will transfer and utilize their assets across Equilibrium and Bifrost.

Their collaboration opens opportunities for Bifrost users to use staked assets as collateral for borrowing or for minting EQD stablecoin on Equilibrium’s platform. Expanding the potential use cases for their assets. Bifrost’s liquid staking derivatives, upon listed on Equilibrium’s yield AMM, would allow users to swap different liquid DOT tokens.

The introduction of HRMP channels further enhances Bifrost’s liquid staking ecosystem and opens up numerous opportunities for users to borrow assets or generate EQD stablecoin on Equilibrium’s platform.

Building this partnership creates a positive feedback loop, encouraging more users to participate in the Bifrost ecosystem & further expanding the potential use cases for staked assets.

EQD Stablecoin

The EQD, Polkadot-native asset-backed stablecoin with a 1:1 peg to USD. The EQD can be mint against a well-diversified portfolio of assets, thereby greatly reducing a borrower’s collateral risks. EQD use cases extend beyond Equilibrium through its extensive connections with other ecosystems, such as the Bifrost Network.

About Equilibrium

Equilibrium a one-stop DeFi platform on Polkadot that allows for high leverage in trading and borrowing digital assets. It combines a full-fledged money market with an orderbook-based DEX. EQ the native utility token that is use for communal governance of Equilibrium. XDOT is a liquid & tradeable wrapped DOT that unlocks liquidity of DOT locked in parachain auctions & delivers multiple crowd loan bonuses on Polkadot.

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About Bifrost

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 networks.

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Bifrost Governance On Subsquare. Network upgrades on Polkadot rely on the combined efforts of active token holders and a Council working in tandem. Any proposed changes will require collective approval by all stakeholders, weighted according to their stake in network transactions. Polkadot’s mechanism ensures that its community carefully considers any alterations before implementation. Bifrost’s move to Subsquare retains Polkadot’s model, bolstering what the platform established in Forum.

Bifrost’s Migration

On July 20, 2021, Bifrost won Kusama’s fifth parachain position. As a parachain, Bifrost prioritized democratic governance, employing Kusama’s governance module framework, partially modifying governance parameters to suit its purposes, and generating a governance module suited to the rate of DeFi innovation. A tricameral governance structure, a relatively mature on-chain governance mechanism, or coordinated governance by tripartite institutions – the public, the parliament, and the technical committee – continued to be the consistent governance mechanism of Polkadot and Kusama as a whole in Bifrost.

Bifrost recently moved its governance structure to a new platform – Subsquare. The intuitive application is designed for maximum engagement and easy access to all relevant information by members of the Bifrost Network. It gives users democratic control over crucial decision-making processes, making it easier for the community to identify, react to, and cast their votes.

Off-chain

Off-chain proposals are similar to their on-chain counterparts, with the proposals originating from different chains.

Under the discussion tab, Bifrost encourages everyone to share their thoughts on Bifrost Network, with the intent of making changes to parameters in its parachain. An open dialogue among all community members will help ensure the successful passage of any prospective proposals put forward.

The dashboard provides an overview of all the governance components in Bifrost’s Subsquare. They include Democracy, Treasury, Council, Technical committee & Discussion, and Off-chain. Each serves a different function, but the general idea behind these components is to allow users to create proposals, participate in referendums, and exercise their democratic rights based on their locked-up tokens. Here’s an overview of the governance components.

Bifrost users with novel ideas or suggestions to improve the ecosystem have the discussion tab to share their views and engage in meaningful conversations for community and network growth. The discussion tab is where to express any solutions or concepts before sending an on-chain proposal.

Democracy

Democracy uses public proposals, external proposals, and referenda to manage the governance process.

Governance systems rely on proposals to drive progress. Stakeholders formulate proposals while peers upvote them, thus providing the opportunity for everyone to project their voice in decisions that shape Bifrost’s future direction. Once per week, the most supported idea is elevated and brought forth as a referendum for all stakeholders.

Treasury

Bifrost’s network expansion facilitates the growth of Treasury assets, enabling applicants who support Bifrost’s ecology to access incentives that promote their contribution. Treasury proposals suggest the handling of protocol funds reserved in the treasury.

Council

The Council consists of multiple participants (currently three in Bifrost), each representing a stakeholder’s account on the Bifrost chain. Only a few members are appointed to serve in the Council; however, we plan to abandon the Council model once Open Governance (Gov 2.0) goes live. The OpenGov V2 update will abolish the Council and Technical Committee, introducing a Fellowship in its place.

With OpenGov 2.0, tens of thousands of blockchain experts will form the Fellowship, shifting governance from the centralized characteristics exhibited by the Council and Technical Committee modules.

Technical Committee

To foster a successful ecosystem, the Technical Committee provides ongoing support to teams that operate or develop for its runtime and Host. Endorsement is granted by Council members via a vote, facilitating access to resilient resources necessary for success in this growing space.

Building a Knowledgeable Community

Understanding Bifrost’s governance structure allows users to express their platform interests by following the appropriate channels. The mechanisms in place ensure Bifrost remains decentralized in all its activities. Revealing platform governance also helps highlight the weaknesses in the mode, which the community may address.

About Bifrost

Bifrost a web3 derivatives protocol that provides decentralised 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.

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Onfinality integration with Bifrost by providing API endpoints and on-demand node services that will allow developers to connect to Bifrost on Polkadot quickly and easily!

They have been working collaboratively with Bifrost for months now, providing an easy-to-use, reliable and scalable API as well as on-demand node deployment for Bifrost on Kusama.

We also recently announced API support for Ethereum to our vast node marketplace, supporting over 60 chains across the Avalanche, Cosmos and Polkadot ecosystems.

The OnFinality Integration Enables Bifrost Users to:

• Access the Bifrost network quickly in minutes without having to set up or manage infrastructure
• Enjoy all the benefits that come with OnFinality’s Enhanced API including global performance, automated scalability and high availability of up to 99.9% uptime per year!
• Gain valuable API Insights for you to spot issues on your apps and quickly implement rectifications for a bug-free user experience

Log in to your OnFinality app to access the Enhanced API Service for Bifrost now.

You can access our public API service by connecting to it using Polkadot.js or via the endpoints listed below.

API Endpoints for Bifrost

• HTTPS Bifrost: https://bifrost-polkadot.api.onfinality.io/public
• Websocket Bifrost: wss://bifrost-polkadot.api.onfinality.io/public-ws

In addition, OnFinality also provides the ability for participants in the Bifrost ecosystem. To rapidly deploy & manage nodes via any of the supported cloud providers such as AWS, GCP & Alibaba Cloud.

Benefits of deploying Bifrost nodes through OnFinality

• Easy — Deploy Dedicated Nodes easily and quickly via our on-demand node deployment service without worrying about setting up hardware from scratch
• Scalable — Upsize and downsize your nodes easily in a few clicks!
• Cost-Efficient — Pay for only what you need. No longer have to buy or set up own hardware or make tools to monitor your node’s health & performance
• Visibility — Simply connect to our Node Metric Endpoint for automated monitoring and alerts on your node’s health

You can now log in to see Bifrost’s network spec in the OnFinality Marketplace and start Deploying A Node In 4 Easy Steps!

About Bifrost

Bifrost a web3 derivatives protocol that provides decentralised 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.

Mission to provide standardised cross-chain interest-bearing derivatives for Polkadot relay chains, parachains, and other application-specific chains bridged with Polkadot.

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About OnFinality

OnFinality a blockchain infrastructure platform that saves Web3 builders time and makes their lives easier. OnFinality delivers scalable API endpoints for the biggest blockchain networks and empowers developers. Automatically test , deploy, scale and monitor their own blockchain nodes within minutes. To date, OnFinality has served over 265 billion RPC requests across 60 networks including Polkadot, Kusama, Moonbeam, Astar, Avalanche and Cosmos, and is continuously expanding these mission-critical services so developers can build the decentralised future, faster!

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The Bifrost SLP Validator protocol developed is a liquid staking protocol. Users send the Token they want to stake to the SLP protocol, and the SLP protocol executes the stake and mints liquid derivatives vToken for the user. The Token pledged by the user will be entrusted to the validator by SLP, and then participate in the consensus maintenance work of the PoS network. Bifrost does not operate the validator itself. To ascertain vToken’s fungible property, the SLP protocol will replace the user to exercise the right to select validators.

Previously, delegated validators were elected through council voting. In the future, they will integrate a new delegated validator election scheme. They’ve optimized the new arrangement on the basis of the original scheme.

First – They divide the seats of entrusted validators into two parts, the Validator White List (VWL) and Validator Boost List (VBL). A set of clear validator rating selection rules will generate the former, while the active application of nodes will render the latter and the Bifrost community votes for approval. The SLP protocol will only entrust the assets staked by the user to the validators in these two Lists.

Second – They plan to launch a governance voting track dedicated to validator elections: Validator Election Track (VET) in conjunction with Polkadot OpenGov. The VWL and VBL need to pass the VET voting process before officially taking effect. VET is a referendum process, which means that the power that originally belonged to the council now belongs to the entire Bifrost community.

The Validator White List

When entering the VWL validator, we will score the validator according to the defined scoring rules. Validators with a score above the threshold will automatically obtain the VWL qualification without actively applying.

The main factors that affect the score include:

• The Validator decentralization: they will make the distribution of our voting power relatively balanced in geographical location and jurisdiction;
• The Validator reputation and security risk include the central information of the validator under the chain, the duration of the validator, the number and period of the validator’s disconnection, etc.;
• Security risk: their model will consider the number and severity of Slash in the validator history;
• The Validator leverage ratio: When we allocate voting rights, we will consider the self-delegate amount of the validator to avoid excessive leverage of the validator (referring to the proportion of the validator self-delegating in the total delegation);
• Yield: Including the historical income performance of the validator and the Staking income commission ratio provided to the client.

We will dynamically adjust the list according to the changes in the scoring situation if VWL is unfixed. Validators with bottom-ranking scores ranking will receive clearance, while validators whose score ranking improves beyond the bottom will be selected.

Validator scoring happens off-chain, and the Validator White List drawn up based on the scoring needs to pass the VET referendum before it officially takes effect on the chain.

The revision of the VWL needs to be confirmed by the VET referendum.

Validator Boost List

VBL is a dedicated seat for validators that provide added value. Validators can actively apply to the Bifrost community through VET proposals. After the referendum passes, the validator can officially enter the VBL list. We expect VBL validators to provide added value to the SLP protocol or vToken holders to promote the long-term development of the protocol.

E.g:

• Provide liquidity for vToken / Token trading pairs
• Provide exposure and user promoting opportunities, or promote user education and guidance, and increase vToken minting volume.
• Facilitate the integration of vTokens in DeFi applications
• Provide other forms of benefits to vToken holders

VBL validators are a more elite group with higher priority than their VWL counterparts. As the default period for qualification is six months. VBL node holders must renew routinely to maintain their status — and doing so requires initiating a referendum each time, ensuring that only stable candidates receive the SLP vote entrustment.

Although the first word of VWL and VBL is Validator, validator roles differ in PoS chains. For example, for the Polkadot / Kusama relay chain or other Layer1 blockchains, the validator name is a Validator, and for the parachain, the validator is a Collator. For Layer 2 of the Rollup class, the validator may also be a Sequencer (sorter), but their common feature is that they all require staking.

VBL Application Procedures

1: Draft Proposal

Validator operators publish a draft VBL proposal in Bifrost Discussion, indicating the added value they can provide, as well as the number and duration of delegation they hope to obtain.

Reference draft: https://bifrost.subsquare.io/post/1

2: Launch a referendum proposal

In the case of good discussion and feedback related to the post, the validator operator can initiate a referendum proposal. Learn how to propose one referendum proposal：

3: Proposal referendum

According to the governance process of VET, there will be a 7-day voting period and a 2-day execution period after the voting is open. If the referendum is pass, the cooperation will be establish; if the referendum is not pass, the cooperation will be temporarily stranded.

4: Proposal Execution

If the proposal is pass, the validator will be automatically add to the VBL. The executive representative of VET will continue to promote the implementation of the relevant proposal content according to the content of the proposal.

5: Regular review

The executive representative will regularly check the situation throughout the proposal execution process, as well as the performance of the validators in terms of revenue and performance. If a problem is found during the period. It will communicate with the validator operator and promote the solution of the problem. If the proposal cannot continue to be implement, the SLP committee can initiate a referendum through VET to terminate the VBL qualification of the relevant validator.

Conclusion

In general, Bifrost follows the following principles to formulate rules for validator election.

1. Maintain the security of the original PoS chain.
2. Maintain/expand the interests of vToken holders.
3. Promote the long-term development of the SLP protocol.

To ensure the protection of vToken holders & maintain a secure PoS chain. They will be delegating to as many validators from diverse geographic locations with varying jurisdictions. Furthermore, their VWL scoring scale considers both the return rate for validators and the security credentials of nodes to best optimize outcomes for those investing through them. To stay ahead of development opportunities that could benefit SLP protocol long-term. They’ve structured VBL with reserved quotas allocated towards added value providers brought by particular qualified validators.

Due to the liquidity staking model, continuous development of SLP protocol, more token holders will be willing to become Stakers. Increasing the PoS validator operator market. They hope that most validator vendors can actively participate and jointly develop and explore the untapped value in Staking Finance while reaping the dividends of entrusted ticket rights for liquid staking.

About Bifrost

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.

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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.

Technical Prowess

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.

About Moonbeam

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.

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About Bifrost

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.

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Bifrost’s token can now be used as xcBNC, an XC-20 representation of BNC, across the Moonbeam ecosystem, and the GLMR token is now available on Bifrost.

Bifrost exists as a parachain on both Kusama and Polkadot as Bifrost Kusama and Bifrost Polkadot. Both parachains are DeFi protocols that provide staking derivatives and liquidity to bonding assets. Bifrost powers vTokens (Staking Derivatives Voucher Token), which allows users to exchange PoS tokens for vTokens and obtain liquidity and staking rewards through the Bifrost protocol.

The underlying technology that enables the XC-20 standard, XCM (Cross-Consensus Messaging) is uniquely made possible by the Polkadot architecture. XCM is a language that enables asset transfers from Bifrost, and other parachains to Moonbeam represented as standard ERC-20s.

This format provides flexible interoperability within the Polkadot ecosystem and beyond – a key building block of the cross-chain connected future. Moreover, XCM allows one parachain to perform remote calls on the other, a key element that will power the GLMR liquid staking solution that Bifrost provides through XCM. The recent activation of the XCM SDK makes it easier than ever for developers to use these features in the design of cross-chain applications on Moonbeam.

Moonbeam continues to support the building of cross-chain applications that provide a better user experience and superior interoperability than historical multi-chain approaches. XCM and XC-20s are tools that support Moonbeam community goals by providing technology for accessing the functionality of remote blockchains.

ABOUT Moonbeam

Moonbeam is a smart contract platform for building cross-chain-connected applications. It can access users, assets, and services on any chain. By uniting functionality from Ethereum, Cosmos, Polkadot, and more into a single platform, Moonbeam solves today’s fragmented user experience. Unlocking true interoperability and paving the way for the next generation of applications. The Moonbeam platform uses integrated cross-chain messaging. It allows developers to create smart contracts that access services across many remote blockchains. This approach, plus Moonbeam’s developer-friendly EVM platform, vast tool support, and modern Substrate architecture, creates the ideal development environment for building connected application

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ABOUT Bifrost

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.

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Bifrost SALP Supports Ajuna Network Polkadot Crowdloan. Ajuna Network is the fastest way for developers and game studios to create high-quality, decentralized games. It seamlessly integrates industry-leading game engines — Unity and Unreal — with the world of blockchain-based assets.

The ultimate goal of the Ajuna project is to develop an interoperable, decentralized gaming ecosystem where virtual goods can be exchanged. This will mean that wherever an active community of willing players exists, they can continue to enjoy their favorite game, own and control virtual goods associated with it, and trade them in a decentralized community.

In this integration, Bifrost will work with Ajuna to simplify access to liquid derivatives of staked DOT for their Crowdloan users, generating novel options for users taking part in the Polkadot Crowdloan and rivalry among chains.

Bifrost’s ability to create fully decentralized liquid derivatives based on the Polkadot Parachain is its market advantage. Support for the Ajuna Crowdloan will enable Bifrost to leverage collaboration with the Ajuna community to launch the Slot Auction Liquidity Protocol (SALP) and boost user engagement with the Ajuna Crowdloan.

Ajuna Crowdloan Rules

• Crowdloan Cap: 200,000 DOT
• Reward: 10 AJUN per DOT
• Reward Pool: ~0.5% (2’400’000 / 500’000’000 AJUN)
• Reward Bonus: 20% (for Bajun Crowdloan Participants, same address used)
• Vesting AJUN: linear (daily) vesting over the lease period (96 weeks)

There is a Secret to be solved, amongst the solving contribution we share a reward of +100’000 AJUN.

For the SALP, Bifrost combines Polkadot multi-signature with Kusama Parachain. Users will boost capital usage during the 96-week Crowdloan lock-up period and decide their risk thanks to Bifrost’s versatile Crowdloan liquidity solution.

About Ajuna Network

Ajuna Network a Swiss-based decentralized gaming platform bringing blockchain gaming into the mainstream. By integrating GameFi functionality with the world’s leading development engines, Unreal and Unity. Built on Substrate, Ajuna leverages the full potential of the Polkadot ecosystem to provide developers with a modular toolbox to easily add fully-featured GameFi functionalities to their games. Ajuna’s ultimate goal is to create real value for both gamers and developers by providing a fully interoperable decentralized ecosystem for games and virtual goods.

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About Bifrost

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 networks.

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Bifrost strategic collaboration with Coinbase Cloud, a decentralized infrastructure provider. Coinbase Cloud will support us to achieve our goal in being an important cross chain liquid staking protocol through its high-quality infrastructure and deep ecosystem expertise.

Bifrost’s goal is to provide liquidity for staked assets through the issuance of derivative assets. To achieve this goal, high-quality validators are crucial for helping to expand the protocol and ensure that users who have staked tokens continue to receive rewards. While bringing more participating users, we created a trusted staked DeFi community network.

This long-term strategic cooperation aims to provide value to the communities of both sides through the consistency between Coinbase Cloud and Bifrost. Coinbase Cloud will provide high return and stable Kusama authentication nodes to support liquid KSM – vKSM. Bifrost will also help the Kusama node of Coinbase Cloud run centrally in Bifrost’s active verification node.

As a parachain of Kusama and Polkadot, Bifrost will continue to launch innovative staking derivatives, providing effective liquidity solutions and cross chain liquidity staking services for multiple chains, using the cross consensus information format XCM.

About Coinbase Cloud

Coinbase Cloud provides Web3 APIs, services and blockchain infrastructure to provide power for the next generation of software builders. Coinbase Cloud’s solutions cover a wide range of key encryption functions, including data access, pledge, payment, transaction and exchange, identity, etc.

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About Bifrost

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.

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