Bifrost 是早期获得 Polkadot 插槽的平行链项目之一。2022 年 5 月，Bifrost 成功赢得 Polkadot 插槽竞拍，并成为 Polkadot 平行链，平稳运行超过一年半。距离租期结束仅剩半年，为了续租插槽，我们已开启新一轮的众贷。

# 质押 1 DOT，得 8 BNC

本轮竞拍欢迎所有 Bifrost 的新老支持者参与，每投票 1 DOT，将给支持者奖励 8 BNC。

- 软顶：30,000 DOT

竞拍筹集的 DOT 超过软顶后，后续再有参与众贷的 DOT 将不再有 BNC 奖励。

- 硬顶：300,000 DOT

竞拍筹集的 DOT 触及硬顶后，停止众贷。

# 如何参与

Bifrost vCrowdloan [入口](https://bifrost.app/vcrowdloan?network=polkadot)

Polkadot [官方入口](https://polkadot.js.org/apps/?rpc=wss%3A%2F%2Frpc.polkadot.io#/parachains/crowdloan)

点击此处查看[参与教程](https://polkadot.network/features/crowdloans/#participate)

推荐大家通过 Bifrost vCrowdloan 入口进入参与，这样你将在质押 DOT 后获得流动性凭证 vsDOT 和 vsBond，它们可以在二级市场中交易，或者参与流动性挖矿获利。

# 操作指南

- 打开 vCrowdloan 页面 https://bifrost.app/vcrowdloan
![0_kFU28a8g1AP3-9uO.webp](https://cdn.bifrost.finance/cms/0_k_FU_28a8g1_AP_3_9u_O_537ae975dc.webp)

- 点击 Bifrost 后对应的 Contribute，输入想要质押的 DOT 数量
![0_DWjAAS27CTkcSvYX.webp](https://cdn.bifrost.finance/cms/0_D_Wj_AAS_27_C_Tkc_Sv_YX_f34ee5ef0b.webp)

- 点击 Confirm 完成链上交易并验证

# 奖励发放

参与众贷获得的 BNC 奖励将通过一年的时间线性解锁，解锁后的 BNC，用户可以在 bifrost.dapp 里点击 unlock 提取。

![0_2ldFjutjLvkYbHwb.webp](https://cdn.bifrost.finance/cms/0_2ld_Fjutj_Lvk_Yb_Hwb_8f11212705.webp)

# 关于众贷

众贷（Crowdloan）是 Polkadot 开创的一种区块空间竞租方式。平行链项目方通过质押 DOT 来租用 Polkadot 链上的区块空间（体现为“插槽”），这些 DOT 可以通过众筹的方式向社区租借，即为“众贷”。尽管 Gavin 已经提出了更加灵活的区块空间买卖方式 — — Polkadot 2.0。但在其上线之前，Polkadot 依旧还会沿用插槽拍卖的方式。

助力 Bifrost Polkadot 插槽续拍，质押 1 DOT 获得 8 BNC

[Bifrost](https://bifrost.finance/) is a dedicated Liquid Staking middle layer built on Substrate, powered by Polkadot, providing non-custodial decentralized cross-chain liquid tokens for staked assets.

Presently, Bifrost holds a combined Total Value Locked (TVL) of $90 Million across multiple chains and introduces innovative solutions such as:

- **SLPx**: Enables cross-chain automated minting, redemption, and utilization of liquidity, primarily focused on the Bifrost chain.
- **vTokens Support for Governance**: The first liquid staking assets within the Polkadot and Kusama ecosystems, enabling governance functionalities on their parent chains.

In May 2022, Bifrost secured its Polkadot slot auction and successfully onboarded as a Polkadot parachain, operating seamlessly for over a year and a half. 

With just six months left in the current parachain lease period, we have launched a new round of crowdloans to secure **Parachain Auction #61**.

#### New Parachain Auction Details

**Contribute 1 DOT ~> Get 8 $BNC**

This auction round extends an open invitation to all Bifrost and Polkadot supporters: For every 1 DOT contributed to the crowdloan, participants will receive 8 BNC, **UNTIL SOFT-CAP (30K DOT) IS REACHED!**

#### How to join

- Log on to [Bifrost’s vCrowdloan page](https://bifrost.app/vcrowdloan?network=polkadot) and scroll down to find the Bifrost Crowdloan Section.
- Click on “Contribute”.
- Choose the amount of DOT to allocate.
- Hit the Confirmation button.

![Crowdloan Page 1.png](https://cdn.bifrost.finance/cms/Crowdloan_Page_1_ab8702559c.png)

#### Caps

**The Soft Cap is 30,000 DOT**.

This means that only the first 30,000 DOT contributed will be eligible for BNC rewards in this crowdloan. Upon surpassing this threshold, any additional DOT contributed won’t qualify for BNC rewards.

**The Hard Cap is 300,000 DOT**.

Once the allocated DOT hit the Hard Cap, the crowdloan will end.

#### How to contribute

Users can contribute to the Bifrost Crowdloan through different means. These include:

- [Bifrost vCrowdloan](https://bifrost.app/vcrowdloan?network=polkadot) is the first option is the recommended one, as it helps to preserve liquidity for the duration of the crowdloan. After contributing DOT, users receive the vsTokens, which can be traded on the secondary market or used for liquidity mining to earn profits.
- [Polkadot JS](https://polkadot.js.org/apps/?rpc=wss%3A%2F%2Frpc.polkadot.io#/parachains/crowdloan) will directly lock users’ DOT on-chain for 98 weeks.
- Desktop wallets such as [Talisman](https://www.talisman.xyz/) and [Subwallet](https://www.subwallet.app/) allow users to contribute directly to the crowdloan.
- Mobile wallets such as [Nova Wallet](https://novawallet.io/) also allow access to the crowdloan tab, from the Nova Wallet App.

#### Rewards Distribution

The BNC rewards for participating in the crowdloan will be unlocked linearly over a year.

Users can access the vested BNC by clicking “unlock vesting” on the [Dapp](https://bifrost.app/).

![Crowdloan Page 2.png](https://cdn.bifrost.finance/cms/Crowdloan_Page_2_86b5421fa1.png)

#### About Polkadot Crowdloans

Crowdloan is a block space leasing mechanism introduced by Polkadot.

Parachain projects lease block space on Polkadot, represented as slots, by locking up DOT. These DOT can be crowdloaned from the community through crowdloans with rewards for users guaranteed by the project.

Gavin Wood has proposed a more flexible block space trading method called Polkadot 2.0. Until its implementation, Polkadot will continue to use the slot auction system.

Polkadot Crowdloan - Bifrost Parachain’s Slot Renewal

#### What is Omni LS? ####

[Omni LS DApp](https://omni.ls/) is a front-end application developed by Bifrost that supports remote minting and redemption of Bifrost liquid staking tokens (LST) “vTokens”, as well as Remote Exchange and Swap of vTokens.

This front-end application is powered by the **SLPx Module** deployed on the chain, which consists of the local pallet/smart contract of the Bifrost chain and the remote pallet/smart contract on the remote chain.

Currently, Omni LS DApp supports remote minting, redemption, and exchange on the EVM Parachains such as [Astar](https://astar.network/), [Moonbeam](https://apps.moonbeam.network/moonbeam), [Moonriver](https://moonbeam.network/networks/moonriver/) and [Polkadot](https://polkadot.network/) relay chain, as well as on [Ethereum](https://ethereum.org/en/).

#### What problem does the Omni LS DApp solve? ####

Bifrost’s vToken is an LST asset created by the Staking Liquidity Protocol (SLP). Currently, Bifrost supports **vDOT, vKSM, vGLMR, vMOVR, vBNC, vFIL, and vETH**. Except for vETH and vFIL, the other vTokens require users to transfer their corresponding assets to the Bifrost chain before these can be minted into their respective LSTs.

This process poses challenges for user experience and broader adoption!

Suppose there is a lending and borrowing protocol on Moonbeam that supports vDOT as collateral. This feature is beneficial for users as they can earn additional staking rewards compared to collateralizing DOT. However, with the current process, if a user only has DOT on Moonbeam, they would need to follow these following steps:

1. Transfer DOT from Moonbeam to Bifrost through cross-chain transfer
2. Stake DOT on the Bifrost chain to obtain vDOT
3. Transfer vDOT back to Moonbeam through cross-chain transfer
4. Collateralize vDOT on Moonbeam and borrow the desired asset

#### An Easy Solution ####

The Omni LS DApp aims to simplify this process and provide a seamless experience for users to natively mint and utilize vTokens across different chains.

Instead of the user needing to operate in four steps and sign transactions four times, with the Omni LS DApp, steps can be shortened to just two:

1. In the Omni LS DApp, directly convert DOT on Moonbeam into vDOT.
2. Lend vDOT on the native Moonbeam lending protocol and borrow the desired assets.

In addition to remote minting, the Omni LS DApp also supports remote redemption and exchange:

- **Remote redemption**: Users can directly redeem vTokens for their original tokens on other chains without the need to transfer them to the Bifrost chain.
- **Remote exchange**: Users can exchange vTokens for their original tokens, or vice versa, on other chains without the need to transfer assets to the Bifrost chain. However, the liquidity used behind the scenes is from the Bifrost chain.

In summary, the **Omni LS Dapp allows users to directly mint, redeem, and exchange vTokens on remote chains in just a click**, without the need to switch between multiple Dapps and chains to complete these operations.

#### Is the Omni LS DApp Secure? ####

The backend of Omni LS DApp utilizes the [SLPx Module](https://docs.bifrost.finance/builders/liquid-staking-x-slpx) developed by Bifrost, which has undergone an audit by Common Prefix.

The Audit Report can be found [HERE](https://www.commonprefix.com/clients/bifrost).

Currently, Omni LS DApp only supports remote operations on Polkadot parachains. The security of cross-chain message transmission behind these remote operations is ensured by the Polkadot relay chain. As a multi-chain system that shares security, communication between Polkadot parachains has a high level of security.

In the future, if Omni LS DApp needs to support remote operations on heterogeneous chains, it will require support from a cross-chain bridge infrastructure. The security of heterogeneous cross-chain bridges is still an unresolved issue, and we will exercise great caution in this regard.

#### Omni LS DApp Operation Guide ####

Click to visit the Omni LS DApp homepage: **omni.ls**

![Screenshot 2024-03-27 alle 10.04.33.png](https://cdn.bifrost.finance/cms/Screenshot_2024_03_27_alle_10_04_33_a47ff66828.png)

To connect your wallet, click on the “**Connect Wallet**” button located in the top right corner.

**Remote Minting**
1. Click on the “Stake” tab
2. Select the asset you want to remotely mint into its respective LST “vToken”
3. Go to the minting page
4. Enter the desired quantity
5. Click on “mint”

The vToken will be minted on the original chain where the asset is located.

![Screenshot 2024-03-27 alle 10.05.05.png](https://cdn.bifrost.finance/cms/Screenshot_2024_03_27_alle_10_05_05_8982680d7c.png)

**Remote Redemption**
1. Click on the “Unstake” tab
2. Select the asset you want to redeem
3. Go to the redemption page
4. Enter the quantity of the asset
5. Click on “redeem”

The original token will be redeemed to the chain where the vToken is located.

**Remote Exchange**
To perform a swap, navigate to the Swap tab, select the type of asset you want to exchange, enter the desired amount, and click on the “Swap” button.

#### Future Developments of Omni LS DApp ####

The architecture of Polkadot naturally enables the possibility of Omni-chain applications. However, this potential has not yet been fully explored, and many applications still choose to deploy on a single parachain. Even with multi-chain deployment, it essentially replicates a single-chain Dapp on different chains.

From the user’s perspective, an Omni-chain Dapp is an application that can be accessed on any chain. Users shouldn’t have to worry about which chain they are on and should be able to use it like a local native Dapp on any chain.

Whilst multi-chain deployment can achieve to some extent similar effects, contracts deployed on different chains cannot communicate with each other. This leads to issues such as inconsistent asset formats and fragmented liquidity.

We believe that the Omni LS DApp’s remote access feature is the solution for Omni-chain Dapps. We hope that applications integrated with vTokens can incorporate the functionality of Omni LS DApp through a series of strategic integrations. When a user on Moonbeam uses a lending Dapp to collateralize DOT, the system automatically converts DOT to vDOT, combining four steps into one.

We are also about to launch corresponding incentive programs to encourage developers and DeFi applications to explore more complex and useful integrations.

#### Conclusion ####

We have introduced the best front-end interface ever developed by Bifrost - the new **Omni LS DApp**!

This enables users to remotely mint, redeem, and exchange vTokens. Compared to the original process, Omni LS DApp simplifies the user experience by allowing users to utilize the services provided by the Bifrost chain on remote chains, such as local DApps.

In terms of security, currently, the Omni LS DApp only supports remote access to Polkadot parachains. However, in the future, we plan to gradually support heterogeneous chains.

Omni LS DApp serves as an example application developed by Bifrost. We hope to see more third-party applications adopting a similar approach to deeply integrate Bifrost vTokens and make LSTs a key primitive within DeFi.

Bifrost Presents Omni LS DApp - The Easy And Secure Way To Access Liquid Staking From Any Chain

# 技术开发

Bifrost v0.10.0

- BNC 2.0 部分相关 Pallet 上线
- Polkadot 1.6 依赖升级
- XCM 衍生地址规则升级
- 移除 bounty&tips pallet

Dapp 1.9.0

- Swap pool 增加隐藏流动性较小的池子功能
- 增加用户地址赎回数量限制展示&公开队列展示

Omni LS 1.0.4

-  在 Manta Pacific 上支持 vMANTA 铸造

# 产品进展

本月 Bifrost 总锁仓量（TVL）达到 114,915,405 美元，vDOT 总铸造量 (TVS) 为**9,139,611** 枚; 

其中，vMANTA 表现亮眼，总铸造量（TVS）突破 **3,825,436** 枚, 总锁仓量 (TVL) 超 $6.9M，单月增长 386%；

- 本月，Bifrost 发布 Fellowship Program 具体细则，旨在开放 Fellowship 成员申请，扩大 OpenGov 治理的去中心化。通过引入多赛道从业人员加入 Fellowship，Bifrost 民主公投将得到多方面的专业建议，以支持协议的长线发展。了解更多详情：[Fellowship 文档](https://docs.bifrost.finance/governance/bifrost-fellowship)
- Bifrost 正在推动 vGLMR、vFIL、vMANTA 资产在 Astar 网络的注册，以丰富 [omni.ls](http://omni.ls) 中各种 vToken 可支持的网络。[提案讨论](https://forum.astar.network/t/register-bifrost-liquid-staking-tokens-lsts-vglmr-vfil-vmanta-on-astar/6810) 正在进行中。
- Bifrost 已完成与 Polkadot 多签工具 Mimir 的对接。用户可前往 [Mimir App](https://t.co/yfq7L3k4dJ)，创建多签账户后选择 Bifrost 网络并使用您的多签地址完成任意操作。阅读使用教程：[激活多签钱包，享受高达 234% 的年化收益](https://medium.com/@0xBifrostCN/bifrost-app-%E9%9B%86%E6%88%90-%E6%BF%80%E6%B4%BB%E5%A4%9A%E7%AD%BE%E9%92%B1%E5%8C%85-%E4%BA%AB%E5%8F%97%E9%AB%98%E8%BE%BE-234-%E7%9A%84%E5%B9%B4%E5%8C%96%E6%94%B6%E7%9B%8A-8000027d7c9a)。

# 市场运营

5 月 16 日，Bifrost 在 Airlyft 平台开启了为期一周的[使用多签钱包铸造 vDOT 活动](
https://twitter.com/Bifrost/status/1791015824058183986)，完成指定任务的用户有机会瓜分价值 400 美元的 BNC 代币奖励。

5 月 18 日，Bifrost 团队出席了位于[意大利南部最大的加密货币活动](https://twitter.com/Bifrost/status/1791801133159076074)，与活动嘉宾以及现场观众分享了在 Polkadot 生态中参与流动性质押的最佳方式。

此外，Bifrost 加入了 [Manta Surf up](
https://twitter.com/Bifrost/status/1792903332480086281) 活动，将在 Manta Pacific 生态中为 vMANTA 提供更多应用场景，为用户提供更多的选择和价值。

5 月 29 日，Bifrost Council 成员 Tyrone 受邀参加由 Odaily 组织的推特 space 活动，与其他项目方嘉宾分享了如何在 Manta  Pacific 上铸造 vMANTA 及 vMANTA 的更多使用场景。

月报丨Bifrost 总 TVL 突破 $110,000,000

# Development

**Bifrost v0.10.0**

- Launched BNC 2.0 related Pallet
- Upgraded Polkadot 1.6 dependency
- Upgraded XCM derived address rules
- Removed bounty & tips pallet

**Dapp 1.9.0**

- Added feature to hide swap pools with low liquidity
- Added user address redemption limit display & public queue display

**Omni LS 1.0.4**

- Supported vMANTA minting on Manta Pacific

# Products

In May 2024, the total TVL for Bifrost reached $114,915,405, marking a modest progress over the last month.

- The total vDOT minted (TVS) this month was 9,139,611.
- The TVS of $vMANTA exceeded 3,825,436, with the total locked value (TVL) surpassing $6.9M, reflecting a monthly growth of 386%.

**Governance Update**

- Bifrost announced specific details of the Fellowship Program, aiming to open applications for Fellowship members and expand the decentralization of OpenGov governance. By introducing multi-track professionals into the Fellowship, Bifrost referendums will receive multifaceted professional advice to support the long-term development of the protocol. Read the [full document here](https://docs.bifrost.finance/governance/bifrost-fellowship).

**vToken Usecases**

- Bifrost is promoting the registration of vGLMR, vFIL, and vMANTA assets on the Astar network to enrich the supported networks of various vTokens in [omni.ls](http://omni.ls/). [Proposal discussions](https://forum.astar.network/t/register-bifrost-liquid-staking-tokens-lsts-vglmr-vfil-vmanta-on-astar/6810) are currently underway.

**Wallet Integration**

- Bifrost has completed integration with Polkadot's multi-signature wallet, Mimir. Users can visit the Mimir App, create a multi-signature account, select the Bifrost network, and perform any operation using their multi-signature address. Follow the tutorial [here](https://x.com/Mimir_global/status/1790638245727883470).

# Marketing

**Campaigns and Events**

- [Bifrost launched a week-long event on the Airlyft platform](https://twitter.com/Bifrost/status/1791015824058183986) to promote using multi-signature wallets to mint vDOT. Users who complete the specific tasks will have a chance to share a reward of 400 $BNC.
- The Bifrost team attended [the largest cryptocurrency event in southern Italy](https://twitter.com/Bifrost/status/1791801133159076074), sharing with the audience the best ways of liquid staking in the Polkadot ecosystem.
- Bifrost Council member Tyrone was invited to participate in a Twitter Space event organized by Odaily, sharing how to mint vMANTA on Manta Pacific and discussing more use cases for vMANTA.

**Partnership**

- Bifrost joined the [Manta Surf's Up event](https://twitter.com/Bifrost/status/1792903332480086281), providing more use cases for vMANTA within the Manta Pacific ecosystem, offering users more choices to capture value.

Monthly Report | Surf’s up is Going on, Bifrost TVL breaks $110,000,000

Bifrost is a dedicated modular Liquid Staking L1 secured by Polkadot. Since its establishment, the Total Value Locked (TVL) has exceeded $100 million, **with over $3 million in staking rewards distributed**. This success is attributed to our partner's and community member's support and trust.

To benefit community members and partners promoting the Bifrost protocol and to expand collaboration channels for vToken minting, Bifrost has launched the **vToken Reward-Share Program**. Let's take a closer look at the details of this program.

## What is the vToken Reward-Share Program

As an LST protocol, Bifrost provides liquid staking services for multiple chains. The protocol routinely collects a reward fee (commission) from all token staking rewards as protocol income. The reward fee is deposited into the protocol treasury, where it serves as a risk reserve fund or is used for other ecosystem purposes.

**The vToken Reward-Share Program is a collaborative incentive program** where partners can apply through Bifrost OpenGov to become collaboration channels. Collaboration channels receive **exclusive vToken minting links and a share of the reward fees collected** when users mint vTokens through their links.

![image (3).jpg](https://cdn.bifrost.finance/cms/image_3_c79b4c2d89.jpg)

It is important to emphasize that this reward sharing is continuous. As long as users continue to mint vTokens through a channel's exclusive link without redeeming, they will continue to receive a share of the reward fees. This will persist until a channel opts out of the vToken Reward-Share Program or is removed from the collaboration channel list through voting in OpenGov. For collaboration channels, this represents **a sustainable reward stream**.

## Application Criteria

Community operators, projects, and Key Opinion Leaders (KOLs) who are interested in integrating the vToken minting portal into their products, or those who wish to promote vToken minting and have a specific user base and influence, are welcome to apply to the vToken Reward-Share program.

Bifrost aims to integrate more vToken minting channels, enhancing user access and convenience to our liquid staking services. These channels can include wallets, DEXs, games, NFT trading platforms, other Web3 applications, and even some Web2 platforms.

This integration may involve directly displaying the vToken minting portal or integrating it into other services. For example, some platforms may support users purchasing vToken using Fiat. In this instance, the backend process may involve using Fiat  to purchase and mint the original token as vToken.

## Rewards Estimation

In the vToken Reward-Share program, each partner channel can receive a portion of Bifrost's reward fee based on its contribution and channel reward rate.

For example:

- Bifrost has a TVL of 10,000,000 DOT.
- Channel A helps mint 2,000,000 DOT into vDOT (20% of the total TVL of vDOT) with an annual DOT staking yield of 12% and a Bifrost protocol reward fee (commission) of 10%.

The calculations would be:

- Annual reward fee of Bifrost = 10,000,000 * 12% * 10% = 120,000 DOT
- Reward fee generated by Channel A = 2,000,000 DOT * 12% * 10% = 24,000 DOT
- If channel A has a reward rate of 40%, then Channel A’s annual rewards = 24,000 DOT * 40% = 9,600 DOT

Rewards are roughly distributed once every 24 hours, and channel partners can claim them on-chain.

## How to Apply

To join the vToken Reward-Share Program, there are two steps:

- First, submit your proposal in the [discussion](https://bifrost.subsquare.io/discussions) section of the Bifrost forum. The proposal should clearly illustrate your scope of collaboration, introduce yourself, and state your target commission rate and value proposition to Bifrost. Depending on the level of collaboration, your proposal will be reviewed by the Bifrost community or Bifrost Fellowship.
- If approved, it will proceed to the OpenGov proposal stage. Next, submit a proposal on Bifrost OpenGov. Provide necessary information such as your project or community name, along with a brief description of yourself and your community. Finally, publish it on-chain for voting.

Once the on-chain proposal is approved, you will officially become a collaboration channel and receive your exclusive vToken minting link. Please refer to our [vToken Reward Share Program documentation](https://docs.bifrost.finance/partners/vtoken-reward-share-program) for detailed operational steps.

## Data Query

- For data on the staking yield rates, visit the [Staking Rewards page](https://www.stakingrewards.com/assets/proof-of-stake).
- For information on the reward fee for vTokens, check out our documentation on [Protocol fees](https://docs.bifrost.finance/tokenomics/treasury#staking-liquid-protocol-fee).
- We provide a dedicated [Analysis page](https://ref.bifrost.app/) for querying data related to the vToken Reward-Share Program. On this page, all reward records for collaborating channels are publicly available, and you can also view the reward statistics for each type of vToken.   

![rewardsharing.png](https://cdn.bifrost.finance/cms/rewardsharing_2138fe09b1.png)

Above, we have introduced the vToken Reward-Share program launched by Bifrost, and **we welcome all kinds of channel partners to join this program**.

Through the vToken Reward-Share program, we aim to promote the development of Bifrost by expanding vToken minting and enabling more users to experience our **omni-chain liquid staking services, enhancing capital efficiency**. At the same time, we also hope that we can provide a direct monetization path for some communities and products through **revenue sharing**.

While LST protocols have a transparent business model, there are other DeFi protocols, communities, and products that have traffic but lack suitable and direct monetization pathways. Joining the vToken Reward-Share program is a feasible way to create direct and **sustainable sources of income**.

The prosperity of the blockchain ecosystem depends on the mutual promotion and cooperation of various projects within the ecosystem. Each project is like a link in the ecosystem, closely interconnected, working together to drive the development of the entire industry. Bifrost hopes to collaborate with more and more partners **to build a symbiotic system in the crypto space** through profit sharing.

Earn Long-Term Rewards with the Bifrost vToken Reward-Share Program!

Bifrost 是基于 Polkadot 构建的流动性质押协议，自成立以来 TVL 已经突破 1 亿美金，**累计发放质押奖励超过 300 万美金**，这离不开各个社区成员和合作伙伴的支持和信任。

为了让推广 Bifrost 协议的社区成员和合作伙伴能从 Bifrost 协议中受益，也为了扩展更多渠道合作方，扩大 vToken 的铸造，Bifrost 推出了 **vToken 渠道分佣计划**。让我们来关注下该计划的细节。

## 什么是 vToken 渠道分佣计划

作为 LST 协议，Bifrost 为多条链提供流动性质押服务，协议会定期从所有代币的质押收益中收取 Reward Fee（手续费）作为协议收入转入协议财库当中，作为风险储备金或者生态的其他用途使用。

**vToken 渠道分佣计划是 Bifrost 推出的一个合作激励项目**。合作伙伴可以通过在 Bifrost OpenGov 中申请，加入该计划，成为合作渠道。合作渠道将获得一个专属的 vToken 铸造链接。当用户通过该链接铸造 vToken 时，**合作渠道将获得分账**。

![image (3).jpg](https://cdn.bifrost.finance/cms/image_3_c79b4c2d89.jpg)

需要强调的是，这种分账不是一次性的，而是持续不断的，只要用户通过你的专属链接铸造 vToken，并且始终没有赎回，你就会一直获得收益分账，除非你退出 vToken 渠道分佣计划，或者在 OpenGov 的提案投票中被移除出合作渠道列表。

对于合作渠道而言，**这是一个可持续的收入来源**。

## 准入资格

无论你是社区运营者、项目方、还是 KOL，只要有兴趣在你的产品中集成 vToken 的铸造入口，或者只是推广 vToken 的铸造，并具备一定的用户基础和影响力，您都可以申请加入 vToken 渠道分佣计划。

申请的批准在 Bifrost OpenGov 中通过治理投票进行。

Bifrost 希望  vToken 的铸造渠道被整合到更多的地方，让用户能够更好的触达。这些渠道包括钱包、DEX、游戏、NFT 交易平台等 Web3 应用，甚至还包括一些 Web2 平台。

这种集成，可以是直接展示 vToken 的铸造入口，也可以是整合到其他服务里，例如一些平台可以支持用户使用 Fiat Currency 购买 vToken，但后端的处理是将 Fiat Currency 用于购买原 Token，并铸造为 vToken。

## 收益预估

在 vToken 渠道分佣计划中，每个合作渠道可以根据其贡献量和渠道分佣率获取 Bifrost 协议 Reward Fee 的一部分。

以 vDOT 为例，假设通过渠道 A，有 2,000,000 DOT 被铸造为了 vDOT（占 vDOT 总 TVL 大约 20%），此时 DOT 的质押年收益率为 12%，Bifrost 协议佣金给 10%，那么 Bifrost 一年可以从这些铸造中获得的 Reward Fee 是：

>2,000,000 DOT *12%*10%=24,000 DOT

假设渠道 A 的分佣率为 40%，那么就意味着渠道 A 一年可以获得：

>24,000 DOT * 40% = 9,600 DOT

佣金大概按照每 24 小时分配一次，渠道方在链上自行领取。

## 如何申请

申请加入 vToken 渠道分佣计划，需要完成以下两个步骤：

- 社区讨论
- OpenGov 申请提案这两个步骤

首先，在 Bifrost 论坛的 [Discussion](https://bifrost.subsquare.io/discussions) 版块提交您的提案。根据合作的深度，您的提案将由 Bifrost 社区或 Bifrost Fellowship 进行审核。审核通过的提案，就会进入 OpenGov 提案阶段。然后就是提交 Bifrost OpenGov 提案，在这里你需要填写必要信息:您的项目或社区名称，简介，并发到链上，进行链上投票。

当链上提案通过之后，您将正式成为合作渠道，并获得你的专属 vToken 铸造链接。

具体操作步骤，可以参考 [vToken 渠道分佣文档](https://docs.bifrost.finance/partners/vtoken-reward-share-program)

## 数据查询
- 各公链的 Staking 收益率可以在 [Staking Rewards](https://www.stakingrewards.com/assets/proof-of-stake) 上查询

- vToken 的 Reward Fee 可以在 [Bifrost 流动性质押协议费用](https://docs.bifrost.finance/tokenomics/treasury#staking-liquid-protocol-fee)中查询

vToken 渠道分佣计划的相关数据，我们提供了专门的 [Analysis 页面](https://ref.bifrost.app/)用于查询，在该页面，所有合作渠道的佣金获得记录都公开可查，也可以看到每种 vToken 的分佣统计数据。

![rewardsharing.png](https://cdn.bifrost.finance/cms/rewardsharing_2138fe09b1.png)

## 小结

这就是 Bifrost vToken 渠道分佣计划，**我们欢迎各类渠道方加入该计划**。

通过 vToken 渠道分佣计划，我们不仅希望促进 Bifrost 协议的发展，扩大 vToken 铸造，让更多用户能够体验到 Bifrost 提供的全链流动性质押服务，提高资金效率。同时也希望通过收益分佣，为一些社区和产品，提供一条直接的变现途径。LST 协议是 DeFi 协议中一类有明确商业模式的协议，但一些其他 DeFi协议，以及更多类型的社区和产品，拥有流量，但苦于没有合适的商业化途径，那么加入 vToken 分佣计划，就是一条可行的途径，**可以创造直接的、可持续的收益来源**。

区块链生态的繁荣离不开该生态各个项目的相互促进与合作。每一个项目都像生态系统中的一环，紧密相连，共同推动整个行业的发展。Biforst 希望与越来越多的合作方一道，通过利益分享，**构建加密领域的共生系统**。

加入 Bifrost 渠道分佣计划，获得长期稳定收益

## Technological Developments

### Bifrost v0.9.64

- Fixed the problems of vMOVR caused by the XCM encoding adjustments of Moonriver staking functions
- Restricted user deposits before farming pools start
- Optimized vFil staking functions in SLP module

### Bifrost v0.9.65

- Removed foreign asset from Bifrost Asset types
- Upgraded dependencies of srtool-actions、ssh-agent、smallvec、env_logger

### Bifrost v0.9.66

- Implemented transfer_to and transfer_back function for vBNC in SLP module

- Added some more checks and restrictions in vBNC functions of SLP module

## Product
- Bifrost Kusama and Bifrost Polkadot completed the opening of HRMP channels with Moonriver and Moonbeam respectively, and registered BNC and GLMR as cross-chain assets. Users can use bifrost.app to experience asset crossing and other operations.

- Bifrost launched the first batch of parachain liquidity derivatives vMOVR and vGLMR. Based on the Bifrost ⇔ Moonriver, Bifrost ⇔ Moonbeam HRMP channels, users can use the Bifrost Dapp to transfer MOVR and GLMR to Bifrost and mint vMOVR and vGLMR liquidity derivatives while participating in mining, and the compound income they can obtain will be higher than the original chain staking income. vMOVR minting entrance: https://bifrost.app/vstaking/vMOVR
vGLMR minting entrance: https://bifrost.app/vstaking/vGLMR

- In November, Bifrost TVL totaled $54,132,207. Among them, the vKSM minted amounted to 237,050 KSM, and the vDOT minted amount exceeded 140,000 DOT.

- Encrypt wallet multi-chain plug-in integrated wallet has supported Bifrost Kusama and Bifrost Polkadot. Users can easily complete Token recharge, transfer, purchase, history query or jump to Bifrost Dapp and other functions in the wallet.

- Bifrost developers are conducting research and building XCM-based vToken cross-chain interoperability use cases. vMOVR, vGLMR, vKSM, vDOT, etc. are expected to realize the functions of remote calls initiated from the contract side, including cross-chain minting, redemption, exchange, and liquidation Wait. This use case is expected to be deployed between December 2022 and January 2023.

## Operations

- On November 1st, in conjunction with the third round of Kusama Crowdloan unlocking, Bifrost opened the vsToken redemption channel for contributors to the previous SALP support projects Picasso, Bitcountry and Quartz. Participating users can redeem the combination of vsKSM & vsBond for KSM, and then Participate in vKSM minting to enjoy staking + farming benefits.

- From November 2nd to November 8th, Bifrost launched three LP farming pools, BNC-USDT, vDOT-DOT, vsDOT-vDOT. The three farming pools are long-term farming pools. Users can switch to the Polkadot network in bifrost.app and participate after adding liquidity.

- On November 16, Bifrost Kusama and Integritee announced the opening of the HRMP channel between the two parties, and TEER token can enter the Bifrost Kusama network.

- On November 21, after opening the HRMP channel with Moonbeam, Bifrost can transfer BNC to Moonbeam to become xcBNC, and GLMR can transfer to Bifrost Polkadot and mint it as vGLMR derivative assets. Currently, there are 134,142 and 1,517 GLMR and MOVR staked through Bifrost liquidity respectively.

- On November 23, Bifrost participated in the Polkadot Community Call. Tyrone introduced the use cases of Bifrost and Moonbeam through XCM and some new developments in technology development.

- On November 28th, Bifrost admin Thomas and growth manager Christian arrived in Lisbon to participate in the Polkadot Sub0 conference. On behalf of Bifrost, they better discussed XCM v3, OpenGov, Polkadot Fellowship and explored more possibilities of Polkadot with the participants.


Bifrost November Monthly Report

# Technological Developments

## Bifrost v0.9.59

- Remove transactional macro from runtime
- Remove sudo pallet from Bifrost-polkadot runtime, meanwhile add council members to take over the chain governance
- add docker-image to release.yml

## Bifrost v0.9.60
Fix a bug caused by removing transactional macro in the last release

## Bifrost v0.9.62

- Upgraded vesting runtime pallet to add new functionalities
- Added vFIL agent to SLP pallet to support FIL token staking
- Added Zenlink Stable AMM pallet to Bifrost-kusama runtime
- Refined integration tests, and updated benchmarking code for Asset Registry pallet

## Dapp 1.5.0

- Updated Dashboard cards to display more useful information
- Added vToken yield analysis panel (revenue composition is clearer and real-time tracking of vToken yield performance)
- Optimize vETH wallet connection logic
- vToken minting & redemption supports bidirectional input (more convenient operation)
- vToken price curve table display optimization
- Farming card display logic optimization

## Dapp 1.5.1

- Updated vETH earnings display

# Product

- The Bifrost Dapp v1.5.0 version has been updated, and the visualization function of the existing front-end interface has been optimized on a large scale, which is convenient for users to quickly and efficiently understand the information of each section and complete the operation accurately.
- vETH has updated the latest staking APY, adding MEV and GAS rewards based on the original ETH Staking reward column, which can be viewed at https://bifrost.app/vstaking/vETH.
- The Leager wallet has completed the integration of Bifrost Dapp, and users can now use the developer mode to configure and connect the Leager wallet on bifrost.app. Configuration documentation: https://developers.ledger.com/docs/live-app/developer-mode/

# Operations

- On October 12, Bifrost published an article ETH Staking to Unleash Liquid Staking Potential, and the potential of liquid staking is unlimited. From PoS and Staking to merger and liquid staking, it can be said that the smooth development of liquid staking will become the driving force for the development of Ethereum under the PoS mechanism, effectively improving the The security and flexibility of the network, deepening the degree of decentralization, enriching ecological application scenarios, and opening up more new business models.
- On October 18th, Ledger has supported Bifrost in development mode, the final adjustment is still in progress, welcome to report any bugs to us.
- On October 25th, MEXC and Gate.io have supported the BNC deposit and withdrawal function of the Bifrost Polkadot parachain network. Users can complete the transfer of BNC between the Bifrost Kusama parachain and the Bifrost Polkadot parachain through MEXC and Gate operations.
- On October 25th, Coinbase Cloud will support Bifrost in achieving its cross-chain liquidity goals with its professional decentralized solution. Coinbase Cloud will provide high returns and stable Polkadot validators to support liquid DOT-vDOT.
- On October 26th, we announced the latest progress of Back to Asgard NFT, and our creative partner SFY handed us Odin, Thor and Loki appearances and equipment shows. In the future we plan to integrate RMRK Pallet on the mainnet to make NFTs on the Bifrost network liquid. This integration will also allow NFTs to be combined with DeFi gameplay.
- On October 28th, Bifrost completed the Dashboard update of Bifrost App this week, the vToken function, the vETH wallet connection logic and the Farming card sorting and filtering logic, etc. Welcome to experience it!

Bifrost October Monthly Report

2022 has been a long and difficult year for the crypto industry. 2020’s DeFi Summer, 2021’s NFT hit, and a market that was riding high came to a screeching halt in 2022. The discussion has moved from All in to sharing bear market hedging guidelines. There is no doubt that winter has arrived in the crypto industry.

In bear markets, developers shift their focus from expanding and capitalizing on the market to the fundamentals of project building. Historically, these times have spurred a solid foundation for projects — like Bifrost’s in 2019 — that prove successful despite tough conditions.

It’s been three years since Bifrost was founded, and we continue to plow ahead. 2022 has seen us progress in the following crucial areas.

- Auctioned Polkadot slots and migrated SALP/SLP main functions to Bifrost-Polkadot parachains.
- The SALP protocol is maturing and tending towards self-service operation.
- The SLP protocol is officially launched and has been extended to support 6 types of vToken.
- Newly established HRMP cross-chain channels with 13 parachains to realize asset interoperability.
- Bifrost Network Collator is online, realizing decentralized block collection.
- Bifrost Dapp Release 2.0
- The first behavioral incentive system on the Bifrost chain, Rainbow Boost, has been launched and has completed four rounds of practice.
- Established cooperation and integration relationships with more partners including node merchants, wallet merchants, and ecological projects.
- Promote user education through nearly 50 online and offline promotional activities.
- NFT Back to Asgard has completed Viking character and equipment design work.

## Polkadot Slots

Bifrost’s Kusama parachain slot has ended the first lease period , and immediately opened the second lease period;

With the (following our crowdloan launch) voting 403,008 DOT for Bifrost, on April 30, 2022, Bifrost won the 18th Polkadot slot. On September 14, the Bifrost-Polkadot parachain was officially launched.

After sufficient testing and verification, the SLP and SALP businesses have entered a relatively mature stage, and we migrated the main logic of the business from the Kusama parachain to the Polkadot parachain.

## SLPs and vTokens

In September, with the implementation of The Merge, the income of ETH nodes became diversified. In October, the revenue model of vETH was updated synchronously. Based on the original verification rewards, GAS revenue and MEV revenue have been added.

Following vETH, in 2022, SLP will successively launch 5 staking derivatives including vKSM, vDOT, vMOVR, vGLMR, and vBNC. SLP is providing Liquid Staking services for more and more PoS chains.

Current mint volume data.
![1_TSZfC-Jl56Ff176_1EoNfQ.webp](https://cdn.bifrost.finance/cms/1_TS_Zf_C_Jl56_Ff176_1_Eo_Nf_Q_5b83af263a.webp)

In terms of the governance of the SLP protocol, we began to implement a more intelligent validator election scheme this year. Previously, we elected entrusted validators through parliamentary voting. The new scheme has been further optimized based on the original scheme:

We divide the entrusted node seats into two parts, namely Validator White List (VWL) and Validator Boost List (VBL). The former will be generated according to a set of clear node selection rules, and the latter will be generated through the active application of nodes and community voting Approval occurs. The SLP protocol will only entrust the assets pledged by the user to the nodes in these two Lists.

We plan to launch a governance voting track dedicated to node elections — Validator Election Track (VET) in conjunction with Polkadot OpenGov. Both VWL and VBL need to pass the VET voting process before they can officially take effect. VET is a referendum process, which means that the power that originally belonged to the parliament now belongs to the Bifrost community as a whole.

## SALP

The SALP protocol also ushered in a major upgrade in 2022. First, the SALP protocol was migrated to the Bifrost-Polkadot parachain shortly after Bifrost bid for the Polkadot parachain slot. This means that SALP can start supporting auctions for Polkadot parachain projects.

Secondly, in SALP 2.0, we have added the Convert function of vsToken and vsBond, so that the two can be converted into each other in two directions. Compared with vsBond pending order transactions, users can now achieve fast vsBond conversion through SALP’s protocol pricing.

Third, with the SALP maturity and slot auctions’ normalization, we have started the self-service docking process of SALP parachains. Parachains can self-initiate proposals, apply for access to SALP services, and increase the odds of winning the auction. In 2022, SALP supported 9 Kusama parachains and 7 Polkadot parachains to win slots. They are:

![SALP 2022.png](https://cdn.bifrost.finance/cms/SALP_2022_21e7949475.png)

## XCM

XCM-based communication is the basis for the realization of Bifrost cross-chain staking derivatives, an integral part of the SLP protocol, and a guarantee for the broader circulation of derivatives created by the SLP/SALP protocol. Therefore, Bifrost has been working hard to promote opening HRMP channels between Bifrost parachains and more parachains. HRMP is a test version of XCMP, which will be replaced by XCMP later.

Bifrost has established HRMP channels with 4 Polkadot parachains and 9 Kusama parachains to support a two-way cross-span of assets.

![HRMP Channel Summary 2022.png](https://cdn.bifrost.finance/cms/HRMP_Channel_Summary_2022_b115c7e0b1.png)

## Bifrost Parachain Collator Decentralization
On March 22, Bifrost officially launched the Collator module on the main network and started BNC Staking to realize the decentralization of block collection. The operation cycle of the Collator is 600 blocks, and each round takes about 2 hours. The round is settled once, and the effective time of any operation to increase or release the pledge is calculated according to the round.

In the initial stage of the mainnet Collator launch, Bifrost will open 16 active Collator quotas. As the on-chain network runs stably, Bifrost will gradually release the active Collator quota up to a maximum of 64.

BNC has no inflation mechanism, and Collator rewards are reserved in advance. According to the economic model design, 5% of the total circulation of BNC is used for Collator incentive construction. The total incentive for the first year is 800,000 BNC.

## Bifrost Dapp

After the upgrade of Bifrost Dapp, the interface has a new look. The dashboard page layout has been adjusted to display the user’s personalized data intuitively. The Farming page display has also been optimized, and the classification and display of information are clearer. The interface of the new version of Dapp is more refreshing, the experience is more natural, and the operation is smoother.

![1_rFAnzIKUsLHHFzg8cV2CXg.webp](https://cdn.bifrost.finance/cms/1_r_F_Anz_IK_Us_LHH_Fzg8c_V2_C_Xg_3587128dc0.webp)

## Rainbow Boost

The Rainbow Boost, officially launched in May 2022, is a system that marks, points, and motivates addresses on the Bifrost chain. During the open window period of Rainbow Boost, participants receive Raindrop points and Back to Asgard NFT rewards by completing specific behaviors, like a customer loyalty program of Bifrost.

![1_UYOM5dy9IPby2A6zQSYizA.webp](https://cdn.bifrost.finance/cms/1_UYOM_5dy9_I_Pby2_A6z_QS_Yiz_A_cd59ca2d56.webp)

From May to September, we launched four rounds of Rainbow Boost activities, with more than 10,000 participants cumulatively, and completed the casting of vKSM, equivalent to 138,014 KSM, and vDOT, equivalent to 147,477 DOT.

## Cooperation
Safe, high-yield nodes are the goal of our close cooperation. On August 20, Bifrost agreed with Blockdaemon, a high-quality node provider. Blockdaemon is the first Kusama node of SLP after the release of vKSM. On September 7, after the release of vDOT, Bifrost established a long-term partnership with Coinbase Cloud, another high-quality node provider. Establishing cooperation, Coinbase Cloud provides high-quality node services for SLP and facilitates deep liquidity for DOT-vDOT.

Web3.0 wallets are the entrance for most users to participate in Web3.0 services. In 2022, we established cooperation with TokenPocket, MathWallet, NovaWallet, Talisman, Subwallet, and Enkrypt, and they have integrated SLP into their products, to provide users with liquid staking services.

Zenlink is an old partner of Bifrost. Zenlink launched the first Substrate Hybrid AMM Pallet this year, which provides stablecoin trading curves for Substrate assets. Bifrost has integrated Zenlink’s related Pallet to support vToken: Token’s Swap function.

## Activity
Community Call is held every month to inform community partners about the progress of Bifrost and explain related functions. In 2022, we held 10 Community Calls;

Bifrost also participated in 40+ online events such as salons, AMAs, Meetups, and open mics. Among them are the Twitter Space organized by Polkadot ecological partners Zenlink, RMRK, Moonbeam, Subwallet, DFG, and Pendulum, as well as various special discussions held by media partners such as Polkaworld, PolkaWarriors, Polkahaus, and Longhash.

Despite the traveling inconveniences due to the epidemic, the Bifrost team attended various offline gatherings as the main guests, including Token2049, Polkadot Decoded, Polkadot Sub0, DotSama Prague, Berlin Blockchain Week, etc., with footprints in Singapore, Berlin, Prague, Hangzhou, and Lisbon.

![Bifrost Offline Events.png](https://cdn.bifrost.finance/cms/Bifrost_Offline_Events_0a904e0363.png)

## 2023 plan

Overall, in 2022, we have largely accomplished our expected goals:

- As a Kusama/Polkadot parachain, Bifrost has been running stably for a long time, and its stability has withstood the test of time;
- The SALP/SLP protocol has laid a solid foundation and entered the stage of business expansion and cross-chain expansion;
- From the launch of Collator to the upgrade of governance, the governance of the Bifrost chain itself is becoming increasingly decentralized;
- There are more ecological partners establishing cooperation and integration relationships with Bifrost, and Bifrost is being woven into a large DeFi network and becoming an indispensable part of the network;
- We have gradually matured in terms of event promotion and user education, and some successful experiences are becoming normal operations.

Continuing the achievements of 2022, we still have a lot to do in 2023:

## SLP

### Upgrade vETH

First, the current vETH income is automatically distributed to the holder’s address. In the next stage, we will update the vETH contract and settle the vETH income through the minting price increase model, which is consistent with other vTokens. Second, if Ethereum enables the unstake of ETH, we will simultaneously enable the redemption function of vETH.

Third, vETH is an ERC20 native asset. Since there is no trust-minimized bridge between Ethereum and Polkadot, we have never realized the dual-chain asset attribute of vETH. In 2023, we will use a trust-minimized bridge like Snowfork to bridge ERC20 vETH to the Bifrost chain and become Substrate’s native asset.

### Launch new vToken types

In 2023, we plan to launch six new vToken types: vFIL, vPHA/vKHA, vASTAR/vSDN, and vATOM. In addition, we also plan to develop the Liquid Staking service of Ethereum Layer 2.

### Enable System Staking

System Staking refers to using assets in the Bifrost sovereign account to participate in Staking. We plan to start System Staking and subsidize its income to vToken holders to further increase the comprehensive rate of return of vToken.

### Support vToken holders to participate in the governance of the original chain

The current SLP version has a problem. When users cast Tokens into vTokens, they virtually lose the governance rights carried by the original Tokens. In 2023, we will establish a governance middle layer to support vToken holders to vote on various governance proposals of the original PoS chain. The SLP protocol will mirror the sovereign original locked token, allowing governance participation.

### Building a money market for vTokens

We will build a native vToken mortgage and lending market on the Bifrost chain, further increasing the usage scenarios and capital efficiency of vToken.

## Cross-chain bridging

- We will use the Substrate Common Bridge to connect the Bifrost-Kusama parachain and the Bifrost-Polkadot parachain.
- We will develop a liquidity call interface to support applications on other chains, and call the liquidity of vToken on Bifrost through XCM for collateral liquidation to facilitate the integration of SLP on lending agreements on other chains.
- Bifrost will integrate snowfork and open the Bifrost-Ethereum bridge
- We plan to integrate a trust-minimized third-party cross-chain bridge and open the Bifrost-Cosmos bridge.

## Governance

We will integrate Polkadot’s OpenGov Pallet and open the VET governance track to support the election of validators.

We will update Bifrost’s governance model, and BNC holders may need to pledge BNC to obtain veBNC to participate in governance.

## Others
We will integrate RMRK, support native NFT functions, and officially release the Back to Asgard series of NFTs. The NFTs will be distributed on the Singular NFT platform.

The Bifrost team has updated the 2023 Roadmap plan. Please visit [Notion](https://www.notion.so/bifrost-finance/7df6abf2acb54b398df75230e157c7da?v=02ecfe941c5242c3b5f8c77654512b80) for more detailed quarterly plans to inquire.

## Final Thoughts

In this fast-moving time scale, we are working hard to leave deep footprints. In 2023, we will still insist on doing everything well to welcome the new year’s transformation. We’re humbled by the continued dedication and enthusiasm of our Bifrost community. 2022 was an impressive year, filled with growth and achievements, thanks to our loyal supporters! As we press forward into 2023 full of optimism, positivity, and ambition remain at the forefront in order for us to reach unprecedented heights.

Bifrost Annual Report | Recapping 2022 & Looking Ahead to 2023

## ETH Shanghai Upgrade

Since its launch in 2015, the Ethereum blockchain has implemented several major upgrades as follows: Byzantium (2017), Constantinople (2019), St. Petersburg (2019), Istanbul (2019), Berlin (2021) and London (2021).
Each upgrade covers an important event in the history of the evolution of Ethereum and the upcoming “Shanghai Upgrade” is no exception.

The Shanghai Upgrade is the last milestone in the Ethereum transition from PoW to PoS, which will open up the unstake feature of ETH. Previously, in December 2020, Ethereum released its Beacon Chain, which opened the Stake function of ETH and entered the era of dual-track system of PoS and PoW. In September 2022, Ethereum completed The Merge, which transformed it into PoS chain and ended algorithmic mining. However, the unstake function will not be officially opened until the Shanghai upgrade is completed.

![1_eoe9VhkKdoa9wI1S2x5L-A.webp](https://cdn.bifrost.finance/cms/1_eoe9_Vhk_Kdoa9w_I1_S2x5_L_A_0a90f6dc81.webp)

According to the official Ethereum network data, the number of PoS verifiers in the Ethereum network has exceeded 510,000, and the total number of stakings exceeds 16.4 Million ETH! All these ETH are now “locked” in the Ethereum network, waiting for the Shanghai upgrade to open unstake before they can be withdrawn. As a result, the Shanghai Upgrade has become a highly anticipated event in the Ethereum ecosystem.

In October 2022, in preparation for the Shanghai Upgrade, Ethereum developers launched a test network codenamed “Shandong” to find bugs and potential problems. On February 7, 2023, Ethereum launched the Shanghai upgrade on the testnet codenamed “ZheJiang” and successfully simulated the unstake process. Next, the development team completed the Sepolia testnet upgrade (February 28) and the Goerli testnet upgrade (March 14).

According to the latest news released by the official Ethereum, the Ethereum mainnet will be officially upgraded at block height 6209536 (22:27 pm GMT on April 12). At that time, the unstake function on the mainnet will be officially opened.
## 
Impact of Shanghai Upgrade

Some may think that the upgrade to open unstake in Shanghai will cause a sell-off in ETH. But in fact, according to the recent price performance of ETH, most investors have the opposite expectation. There are two reasons for this: Firstly, after the unstake is opened, there is a limit to the number of unstakes per day, which is not a big impact compared to the daily trading volume of ETH; secondly, the enthusiasm of ETH holders to participate in staking will increase significantly. Staking ratios for mainstream PoS chains are generally between 40% and 70%, while the staking ratio for ETH is currently only about 16%, leaving plenty of room for growth.

Based on the expectation of a huge new wave of stakings, staking-related services such as Liquid Staking, have gained the attention of investors, and considering Ethereum can count on dozens of liquid staking protocols, this narrative has growth.

Liquid Staking protocols issue a voucher token, a sort of receipt passes, for those users who want to participate in Stake keeping their liquidity, which can be freely circulated, traded at any time, repackaged or involved in more interest-bearing activities. In this way, Liquid Staking allows users to earn Staking rewards without locking up their liquidity, thereby increasing the efficiency of their capital.

## About vETH

Bifrost is a protocol that has been in the Liquid Staking game since 2019. At the time of Ethereum’s beacon chain release, Bifrost went live with vETH 1.0 related contracts and released an liquid staking token: vETH. vETH’s minted volume is currently 20,094, ranking steadily in the top 10 of all types of ETH liquid staking token.

vETH is run on the Bifrost Staking Liquidity Protocol (SLP) contract, which allows users to lock in ETH for vETH minting at any time without any basic knowledge or technical ability regarding verifying nodes.

vETH is one of the assets in the Bifrost vToken collection. Bifrost is a parachain to Polkadot, and by using the bridge between Ethereum and Polkadot, vETH can easily move between Polkadot and Polkadot as a native asset in both the EVM environment on Ethereum and the Substrate environment of the Bifrost chain. vETH holders can take full advantage of the interest-bearing opportunities in both and gain greater returns.

## About vETH2.0

With the implementation of the Shanghai upgrade, the vETH contract will be upgraded simultaneously, vETH2.0 will be launched, and the unstake function will be enabled. vETH holders will be able to redeem the originally staked ETH with interest. Different from vETH 1.0, the vETH 2.0 contract is an upgradeable contract, which means that it will add more features through upgrades in the future to help vETH achieve higher security, decentralization and more practicality.

As soon as the vETH 2.0 contract will go live, the vETH payout will change. Previously, vETH payouts were distributed in the form of Rebase, with payouts made in the form of vETH to the vETH holder’s account and required a manual Claim by these users.

This format was not effective to integrate vETH with major DeFi applications, as a Token that requires a manual Claim is a non-standard Token for DeFi protocols. With the deployment of the vETH 2.0 contract, gains will be paid out via exchange rate escalation, eliminating the need for vETH holders to manually Claim. vETH’s Staking gain will be automatically reflected in the ETH’s local price.

TIt is expected that vETH 2.0 will add a fast redemption feature. With this feature, user-initiated unstake requests are matched with new stake requests in the system to shorten the unstake waiting period. This feature is one of the basic features of the vToken family of tokens. (Of course, users can also swap vETH back to ETH at any time via the vETH/ETH liquidity pool, at a possible discount, which was also possible with the previous version of vETH 1.0).

vETH 2.0 will also plan to incorporate DVT (Distributed Validator Technology) for more robust node risk control and a higher degree of automation.

To learn more about vETH 2.0: https://wiki.bifrost.finance/staking-liquidity-protocol-slp/veth

## vETH 2.0 Go Live Steps

The vETH2.0 contract will be tested on the Zhejiang testnet, the Sepolia testnet, and the Goerli testnet, and a code audit will be started at the same time. After the testing and code audit are completed, we expect to officially launch the vETH2.0 contract on the mainnet at 12:00 on April 6, 2023. The vETH2.0 go-live timeline is as follows:

- At 12:00 on March 31 (UTC+8), the claim function of vETH 1.0 has been disabled. After that, the reward were released through the vETH 2.0 increase. The first increase in the vETH 2.0 exchange rate is within 24 hours of the successful upgrade of ETH Shanghai (the reward will be issued in one go through the first exchange rate increase during the period from 12:00 on March 31 to the successful upgrade of Shanghai)

- April 6 18:00 (UTC+8), vETH2.0 contract will be officially online, users will be able to swap their vETH1.0 1:1 for vETH2.0.
The swap portal will be open for a long time.

- At 18:00 on April 10th (UTC +8) vETH/ETH Farming will be launched on bifrost.app, and LP staked to the Bifrost protocol will be rewarded with xcBNC (the EVM version of BNC)

- April 13, 6:27 (UTC+8): After the Shanghai upgrade is completed, Bifrost will open vETH 2.0 redemption after the ETH mainnet is running stably. The specific time will be announced.

Related Links:

- Token address of vETH 2.0: https://etherscan.io/token/0x4bc3263eb5bb2ef7ad9ab6fb68be80e43b43801f
- Token address of vETH 1.0: https://etherscan.io/token/0xc3d088842dcf02c13699f936bb83dfbbc6f721ab
- vETH 2.0 audit report: https://github.com/bifrost-finance/bifrost-vETH-2.0/tree/main/audit
- vETH 2.0 open source code: https://github.com/bifrost-finance/bifrost-vETH-2.0

## About xcBNC

BNC is a native asset of the Bifrost chain and cannot be used directly in the EVM ecosystem: it needs a cross-chain wrapped version of BNC - xcBNC. XC cross-chain allows users to cross-chain BNC from the Bifrost chain to the Moonriver chain, and after cross-chaining, BNC is automatically converted to xcBNC. xcBNC can then be cross-chained to other EVM chains, including Ethereum, via Multi-chain.

Token address of xcBNC: https://etherscan.io/token/0x1fd097b75679a2896c007da75f4c74598a46bb7e

## Conclusion

Bifrost is keeping pace with the Shanghai Upgrade, step by step, testing, auditing, going live with vETH contracts and turning on liquidity incentives. The new vETH2.0 will be more secure, scalable and composable. Although the migration from vETH1.0 to vETH2.0 is non-mandatory and not time-limited, we strongly recommend that you complete the migration as soon as possible because

- vETH2.0/ETH will become the main official liquidity pool and will be more liquid;
- participation in liquidity Farming of vETH2.0/ETH will be rewarded with xcBNC;

vETH2.0 is an EVM and Substrate dual environment asset that can easily move between the EVM ecosystem and the Polkadot ecosystem, enjoying interest-generating opportunities on both sides.
We will release detailed operation guidelines for replacing vETH2.0 and participating in vETH/ETH liquidity farming later, so please stay tuned.

Bifrost Announces The Official Launch of vETH 2.0, Supporting The ETH Mainnet Shanghai Upgrade

# 技术开发
## Bifrost v0.9.94
- 新增 SLPX SDK 在 Moonbeam 上动态添加 vToken 的支持功能
- 升级依赖至 Polkadot v1.3.0
- 新增对 vASTR DappStaking v3 版本的支持
- 恢复损坏的 referenda 数据
- 上线 Channel Commission 模块

## Dapp 1.8.8
上线 Loop Stake
优化 vToken 历史曲线，新增时间范围切换

## Omni LS 1.0.3
支持 vASTR zkEVM 网络

## Bifrost 官网 1.3.2
升级 News 板块为 blog

# 产品进展
- 流动性衍生品方面，vDOT 单月铸造净增长 1,511,049 枚，总铸造量 (TVS) 超 8,027,910 枚，单月增长 18.82%; vASTR TVS 突破 23,499,361 枚, 总锁仓量超 (TVL) $3.3M；本月 Bifrost 总 TVL：$142,845,351。
- 3月13日，Bifrost 发布首个 vToken 杠杆质押类产品 Loop Stake，旨在帮助用户一键完成以 vToken 为抵押品的循环质押，实现多倍的 Staking 收益。目前，Loop Stake 中已累积近 90,000 DOT 流动性供杠杆质押使用，最大可实现平均高于 DOT 质押 5% 的 APY。[LoopStake 入口](https://x.com/MantaNetwork/status/1759876622201839996?s=20)
- Interlay 社区用户正在探索将 BNC 加入 Lend Market 的用例，目前该[提案](https://interlay.subsquare.io/democracy/proposals/101)正在投票阶段。若提案通过，BNC 将被纳入 Interlay 借贷市场，作为抵押物亦或者抵押其它资产借出 BNC。
- Bifrost 正在对 Polkadot 社区 Meme 项目 Pink 以及 DED 进行空投的统计与计算。具体分发时间及细节请进入 Bifrost 官方社群，并持续关注 PINK 及 DED 的官方公告。

# 市场运营
- 3 月 13 日，Polkadot 开发者大会在曼谷开幕，Bifrost Product Manager Tyrone 在 Polkadotsub0 的会议上发表了[关于 Bifrost SLPx 潜力的演讲](https://twitter.com/0xBifrostCN/status/1767806698910351857)，并分享了最新上线的功能杠杆质押 Loop Stake。
- 3 月 20 日，[PINK 赛车联赛](https://twitter.com/0xBifrostCN/status/1770393345652937014)结束，吸引了数百名参赛选手的参与，并选出了 33 名获奖者，瓜分由 Bifrost 提供的 10,000 枚 GLMR 的专属奖池。
- 3 月 21 日，[vDOTisDED 活动](https://twitter.com/0xBifrostCN/status/1770788067676221612)圆满落幕，超过 11,000 名用户访问了 Airlyft 上的活动页面，其中近 3,000 个地址成功完成了任务。
- 3 月 22 日，Bifrost vDOT 持有者将收到 [PINK 空投代币](https://twitter.com/0xBifrostCN/status/1771118834998804945)，本次空投活动是针对在 Bifrost、HydraDX、Interlay、Moonbeam 以及 Astar 网络上持有 vDOT 福利之一。
- 3 月 28 日，Bifrost 上线 [Website Blog](https://bifrost.finance/blog)，未来将发布 Bifrost 的最新公告、行业趋势、研究教育和产品介绍等内容，满足用户第一时间对 Bifrost 消息的需求。

月报丨vDOT 总铸造量 (TVS) 超 8,027,910 枚

## 技术开发

### Dapp 1.9.0

- 右下角新增帮助中心，可以快速定位到 Docs 教程，或者 Discord help 频道
- vToken unsatke 页面增加用户地址赎回数量限制展示&公开队列展示

- 新增 vToken 计算器，用户可以手动输入投资量和持有时间来快速查看相关收益
- vToken Governance 卡片优化，用户可以更直观地看到更多关于公投和自己投票的信息
- 添加流动性界面添加 Stable swap 添加流动性的特点介绍避免用户疑惑
- 优化 Assethub 资产跨入前对用户地址手续费的检查
- Collator 赎回状态展示优化，成功赎回更明显地展示
- Loopstake 部分解释文案优化

### Bifrost 官网 1.3.3

- SEO 优化

### Runtime 11000

- 增加对 Currency Metadatas 进行修改的方法
- 增加直接查询 vToken 汇率的 RPC
- 新增 BNC 回购功能
- Zenlink 手续费接收地址调整为可自定义
- SLPx pallet 适配新版 Commission channel
- Polkadot SDK 1.7.0 升级
- 去除 SLP refund 逻辑
- 修复 vToken Voting 在调用 unlock() 后用户锁定金额异常的问题

## 产品进展

本月 Bifrost 总锁仓量（TVL）达到 87,404,549 美元，vDOT 总铸造量 (TVS) 为 **9,164,677** 枚;

其中，vASTR 表现亮眼，总铸造量（TVS）突破 **24,687,994** 枚, 总锁仓量超 (TVL) $1.71M，单月增长 8%；

- 本月，[vToken Reward-Share Program](https://docs.bifrost.io/partners/vtoken-reward-share-program) 正式启动。申请者可通过链上公投加入到该项目中，其目标旨在帮助 Bifrost 与各生态社区、协议、开发者建立长期的战略合作伙伴关系，共享协议收入，增加 vToken 的资产规模。

- Hydration Summer Liquidity Campaign 已开启，vDOT 作为 Omnipool 中 TVL 排名前三的资产，在此次激励活动中享有同时获得 vDOT 与 HDX 的机会。同时，BNC 也即将加入其中作为第三种激励 Token。为 vDOT [提供流动性](https://app.hydration.net/liquidity/all-pools?id=15)并参与 Farming，获得可观收益。

![farming.png](https://cdn.bifrost.finance/cms/farming_e60cea2bb8.png)

- Dapp 更新：多链 vToken 持有地址数量已纳入 Stakers 的数据统计范围。

![dapp.png](https://cdn.bifrost.finance/cms/dapp_36464ef934.png)

## 市场运营

6 月 3 日，Bifrost 社区联合 AIweb3 以及其他波卡生态项目方社区共同举办了[端午节特别活动](https://x.com/aiweb3dao/status/1797390427693400141)，参与用户可以瓜分近 1000 U 等值代币奖励。

6 月 6 日，Bifrost Business Strategy 负责人 Thibault 出席了由OpenGuild 和 Polkadot 举办的「[Polkadot Connect - Explore DeFi & Ecosystem Liquidity](https://twitter.com/openguildwtf/status/1800159648827556106)」线下活动，并对 Polkadot 中的流动性质押，投资挑战及偏见和 Appchain 用例进行了小组讨论与演讲。

6 月 8 日，Bifrost 联合创始人 Lurpis 空降越南「[GM Vietnam 2024](https://twitter.com/Bifrost/status/1799339756301553804)」活动现场，与来自全球的 Web3 人探讨加密行业的最新动态以及寻找市场增长与未来的发展机遇。并在 Polkadot 展台与参会嘉宾互动。

6 月 13 日，Bifrost 正式推出了 [vToken 渠道分佣计划](https://twitter.com/Bifrost/status/1801206048046608797)，获得长期稳定的收益。Bifrost 希望与越来越多的合作方一道，通过利益分享，构建加密领域的共生系统。

6 月 29 日，Bifrost 全球社区经理 Thomas RIVIERE 受邀出席 Substrate Saturday 举办的「[去中心化之声计划：如何影响 Polkadot 和 Kusama 的未来发展？](https://twitter.com/i/spaces/1mrxmyMXQEgxy)」主题活动，与其他嘉宾分享他们在参与 DV 计划中的经验和治理见解。

月报｜vASTR 总铸造量（TVS）突破 24,600,000 枚

## Development

### Official Website Enhancements

- **Help Center:** Added a Help Center on the official website for quick access to tutorials and the Discord channel.
- **vToken Unstake Page:** Now displays the redemption limit and shows the public queue.
- **vToken Calculator:** Introduced a calculator where users can manually input their investment amount and holding period to quickly view potential earnings.
- **Governance Card Optimization:** Enhanced the vToken Governance card, allowing users to see more information about referendums and their votes more intuitively.
- **Stable Swap Liquidity:** Added an introduction to the Stable swap liquidity feature in the liquidity interface to prevent user confusion.
- **Assethub Fee Check:** Improved the verification of fees before transferring assets into Assethub.
- **Collator Redemption Status:** Enhanced the display of Collator redemption status, making successful redemptions more evident.
- **Loopstake Explanations:** Improved explanatory texts in Loopstake page.

### Bifrost Website Version 1.3.3

- Search Engine Optimization

### Runtime Version 11000

- **Modification:** Added methods to modify `currencyMetadatas`.
- **vToken Exchange Rate RPC:** Added RPC for directly querying vToken exchange rates.
- **BNC Buyback:** Introduced BNC buyback functionality.
- **Customizable Address for Receiving Zenlink Fee:** Users can set the address to receive Zenlink fee.
- **SLPx Pallet:** The SLPx pallet supported new Commission channel.
- **SDK Update:** Upgraded to Polkadot SDK 1.7.0.
- **SLP Refund Logic Removal:** Removed the SLP refund logic.
- **vToken Voting Fix:** Fixed the issue where users' locked amounts were abnormal after calling `unlock()` in vToken Voting.

## Products

On June 2024, Bifrost's total value locked (TVL) reached $87,404,549, and the total minted amount (TVS) of vDOT was **9,164,677**.

Among them, vASTR performed remarkably well, with a total minted amount (TVS) exceeding **24,687,994** and a total value locked (TVL) of over $1.71 million, representing an 8% growth for the month.

- [vToken Reward-Share Program](https://docs.bifrost.io/partners/vtoken-reward-share-program) officially launched and applicants can join the program through on-chain voting. This program aims to help Bifrost establish long-term strategic partnerships with various ecosystem communities, protocols, and developers, share protocol revenue, and increase the asset scale of vTokens.
- The Hydration Summer Liquidity Campaign has started. As one of the Top3 assets in TVL in the Omnipool, vDOT enjoys the opportunity to earn both vDOT and HDX in this incentive campaign. Additionally, BNC will soon join as the third incentive token. [Provide liquidity for vDOT](https://app.hydration.net/liquidity/all-pools?id=15) and participate in Farming.
![farming.png](https://cdn.bifrost.finance/cms/farming_e60cea2bb8.png)
- **Dapp Update**: The number of multi-chain vToken holding addresses has now been included in the Stakers data statistics.
![dapp.png](https://cdn.bifrost.finance/cms/dapp_36464ef934.png)

## Marketing

**Online Campaigns**

On June 3rd, the Bifrost community, in collaboration with AIweb3 and other Polkadot ecosystem communities, hosted a special [Dragon Boat Festival](https://x.com/aiweb3dao/status/1797390427693400141) event. Participants had the opportunity to share in token rewards worth nearly 1000 USD.

**IRL Events**

On June 6th, Thibault, the Head of Business Strategy at Bifrost, attended the “[Polkadot Connect - Explore DeFi & Ecosystem Liquidity](https://twitter.com/openguildwtf/status/1800159648827556106)” IRL event hosted by OpenGuild and Polkadot. He participated in a panel discussion and gave a speech on topics including liquidity staking in Polkadot, investment strategy, and Appchain use cases.

On June 8th, Lurpis, the Co-Founder of Bifrost, made a surprise appearance at the "[GM Vietnam 2024](https://twitter.com/Bifrost/status/1799339756301553804)". He discussed the latest trends in the crypto industry and explored market growth and future development opportunities with Web3 enthusiasts from around the world. Additionally, he interacted with attendees at the Polkadot booth.

**New Program**

On June 13th, Bifrost officially launched the [vToken Channel Reward-Share Program](https://twitter.com/Bifrost/status/1801206048046608797), offering partners the opportunity to earn long-term, stable income. Bifrost aims to build a symbiotic system in the crypto space through profit sharing and collaboration with an increasing number of partners.

**Twitter Space**

On June 29th, Thomas RIVIERE, the Global Community Manager of Bifrost, was invited to attend the "[How the Decentralized Voices Initiative can shape the future of Polkadot and Kusama?](https://twitter.com/i/spaces/1mrxmyMXQEgxy)" event organized by Substrate Saturday. He shared his experiences and governance insights gained from participating in the DV program alongside other guests.

Bifrost Monthly Report | June 2024

## TL;DR

在 Bifrost 经济模型 2.0 提案中， Bifrost 计划使用协议利润的 100% 用于回购 BNC，并将其中 90% 分配至 bbBNC 持有者，剩余 10% 将被销毁。

2024 年下半年，Bifrost Team 的核心任务是完成 Bifrost 2.0 的上线，在这次大版本更新中，Bifrost 将上线全新的经济模型，完成 Bifrost Kusama 与 Bifrost Polkadot 平行链的跨链和合并，实现 Bifrost Polkadot Collator 的去中心化，兼容 EVM 生态并打通 Ethereum 及 L2 跨链，并推出 BNC 2.0 启动 Campaign。

在加密领域，有观点认为：Token 是比区块链技术本身更伟大的发明。这句话或许只是一句哗众取宠的爆论，但确实在提醒我们，Token 经济的设计对于加密协议的成功至关重要。

Bifrost 经济模型 2.0 提案已在社区发布，提案中，最核心的变化便是 bbBNC (Buy Back BNC) 的推出。 bbBNC 将可以通过锁定 vBNC 获得，享有协议治理权的同时，可以直接分享 Bifrost 协议的收益。

## Bifrost 经济模型 2.0 提案内容

[本提案](https://bifrost.subsquare.io/posts/77)提议将 Bifrost 协议利润的 100% 用于回购 BNC，并将其中 90% 分配至 bbBNC 持有者，剩余 10% 将被销毁，bbBNC 全称 Buy Back BNC，是 BNC 的一种锁仓票据，用于分享协议收益。

_*协议利润 = 协议收入 - 协议运营成本_

![Market Material BNC 2.0 framework.png](https://cdn.bifrost.io/cms/Market_Material_BNC_2_0_framework_28f0ef955d.png)

## 如何获取 bbBNC

用户通过质押 BNC 获取 vBNC，再锁定 vBNC 来获取 bbBNC，锁定的 vBNC 数量越多，锁定时间越长，获得的 bbBNC 数量越多。该机制与 Curve 协议的 veCRV 获得机制类似。

在 Bifrost 以往的运营活动中，获得 Raindrops 积分的用户，可以使用 Raindrops 积分兑换 bbBNC，这部分 bbBNC 并非直接 Mint 产生，而是从 Bifrost 协议财库中支出。

bbBNC 不可转账，到期之后可以赎回锁仓的 vBNC，如果在未到期前赎回，会产生一定的 Slash，Slash 将全部计入协议收入，并参与 BNC 回购、销毁和 bbBNC 激励。

![profit.png](https://cdn.bifrost.io/cms/profit_c808cbfc5c.png)

## 持有 bbBNC 有哪些权益

- **收益分配权**：bbBNC 持有者能够参与协议收益的分配。具体比例根据 bbBNC 的持有量和锁仓时间决定。持有量越大、锁仓时间越长，分配的比例越高。

- **Staking 收益**：由于 bbBNC 是由 vBNC 锁定所得，所以 bbBNC 会集成 vBNC 携带的 Staking 收益；

- **治理权**： vBNC 继承了 BNC 的治理权，而bbBNC 会继承 vBNC 的治理权，bbBNC Holders 可以参与 Bifrost 协议的治理投票；

- **Farming 增益**：bbBNC 持有者参与 **vToken Farming** 可以获得一定的**激励加成**。

## Bifrost 协议收入来源

Bifrost 作为领先的全链流动性质押协议，拥有多项协议收入，包括：

1. **vToken 佣金**：在提供流动性质押服务时，协议会从质押收益中收取一定佣金作为协议收入转入协议财库当中，这是目前 Bifrost 协议收入的主要部分；
2. **System Staking 收入**：Bifrost 系统账户中的资产质押产生的收入；
3. **链上手续费**：Bifrost Parachain 作为一条独立的 App Chain，用户在 Bifrost 链上进行交易时需要支付交易手续费，也就是 Gas 费；
4. **vToken 交易手续费**：Bifrost 为 vToken 建立专属的 LST 稳定交易池（LST Stable Swap），用户使用该池兑换 vToken，支付的手续费，大部分给到 LP 之外，也会有一部分分享给 bbBNC Holders；
5. **扩展应用收入**：Bifrost 还将围绕流动性质押，推出各种扩展应用服务，包括 LST 杠杆质押（Loop Stake），用户使用这些服务都会给 Bifrost 协议带来收入，从而给 bbBNC Holders 带来收益；
6. **bbBNC 提前赎回 Slash**：bbBNC 如果在未到期前赎回，会产生一定的 Slash，Slash 将全部计入协议收入。

## bbBNC 对 Bifrost 协议的意义

在当前的 Bifrost 经济模型中，协议的主要收入是进入财库，并直接用于业务拓展（vToken 铸造激励、流动性激励、渠道激励等），这种模式在推动 Bifrost 业务增长上发挥了一定作用，但未使 BNC 持有者直接获益，而在 Bifrost 经济模型 2.0 提案中假设有 40% 的 Staking BNC 被转化为 bbBNC，按照当前 Bifrost 协议的收入规模与 BNC 的价格，持有 bbBNC 的年化收益可以达到 100%以上。

更高的 BNC 价值捕获为 Bifrost 带来更高的市值，从而推动更多的 LST 应用场景，更多的应用场景会促进 vToken 的综合收益率提升（Staking 收益率+ vToken Restaking 收益率），从而带来更多的 vToken 铸造。更多的 vToken 铸造意味着更多的协议收入，这将提升 bbBNC 持有者的收益，从而进一步为 BNC 捕获更多价值，**形成一个正向的增长飞轮**，而 bbBNC 就是这个增涨飞轮的引擎，促使代币持有者与 Bifrost 协议利益高度统一起来，更大动力为共建 Bifrost 协议做出贡献。

![BNC20-3.png](https://cdn.bifrost.io/cms/BNC_20_3_6d192eb6f6.png)

## 路线图

目前 Bifrost 2.0 升级已正式启动，以下是正在进行中的路线图，您可以加入 [Bifrost Dsicord](https://discord.com/invite/bifrost) 社区获取最新进展，或在 gov-discussions 频道中参与 Bifrost 经济模型 2.0 的提案讨论。

![BNC 2.0 Roadmap (4).png](https://cdn.bifrost.io/cms/BNC_2_0_Roadmap_4_cef5ffcd80.png)

## 小结

DeFi 协议是在加密市场中少数已经完成了 PMF 验证的赛道，不少 DeFi 协议都有着稳定的盈利能力。但一直以来，DeFi 协议代币往往都是单纯的治理代币，持有者都无法分享到这些盈利。

DeFi 协议代币本就该具备更完整的权利，而非仅仅是治理权。我们的判断是，随着社区的觉醒、市场注意力从金融虚无主义到价值投资的回归、以及监管政策的清晰化，DeFi 协议向代币持有者分享收益必将成为趋势。

无论是 Uniswap 宣布向 UNI 持有者分享收益，还是 Bifrost 在新经济模型中推出 bbBNC，都是对这种趋势的呼应。

Bifrost 协议于 2019 年创建，经过市场周期的锤炼，产品和运营战略都日趋成熟，已具备稳定的业务和持续的创收能力。在此基础上，由于 Bifrost 在链抽象领域的率先布局，Bifrost 拥有巨大的增长潜力，随着更多的资金进入，协议的价值与收益也将不断增加。

bbBNC 的推出，将让 Bifrost 正式迈向**社区共治、社区共享，具备强健生命力的去中心化协议**。

Bifrost 经济模型 2.0 提案，提议协议利润的 100% 用于 BNC 回购和销毁

## TL;DR

In the Bifrost Tokenomics 2.0 proposal, Bifrost plans to use 100% of protocol profits for BNC buybacks, with 90% allocated to bbBNC holders and the remaining 10% to be burned.

## Highlights

In the second half of 2024, the core mission of the Bifrost Team is to launch Bifrost 2.0. This major update includes several key initiatives:

- Bifrost will launch its new tokenomics.
- Complete the cross-chain integration and merging of Bifrost Kusama and Bifrost Polkadot parachains into one.
- Achieve decentralization of the Bifrost Polkadot Collator set.
- Ensure compatibility with the EVM ecosystem and establish cross-chain connectivity with Ethereum and its L2.
- Launch the BNC 2.0 launch campaign.

In the field of cryptocurrency, there is a viewpoint that suggests: Tokens are a greater invention than blockchain technology itself. This statement may sound sensational, but it serves as a reminder that tokenomics design is crucial for the success of crypto protocols and broadly for businesses.

[The Bifrost Tokenomics 2.0 proposal](https://bifrost.subsquare.io/posts/77) has been released in the community, and the most significant change in the proposal is the introduction of bbBNC (Buy Back BNC). **bbBNC**, is obtainable by obtaining Bifrost liquid staking token “vBNC” and locking it. Holders of bbBNC receive staking rewards accrued in vBNC, enjoy protocol governance rights, and **directly share Bifrost protocol Profits**.

## Bifrost Tokenomics 2.0 Proposal

This proposal suggests using 100% of the profits from the Bifrost protocol for the **buyback of BNC**, with 90% allocated to bbBNC holders and the **remaining 10% to be burned**. bbBNC, short for Buy Back BNC, is a type of escrow token used for sharing the protocol's profit.

_*Protocol Profits = Protocol Revenue - Operation Cost_

![Overview of bbBNC Functions and Benefits](https://cdn.bifrost.io/cms/Market_Material_BNC_2_0_framework_28f0ef955d.png)

## How to obtain bbBNC

Users can obtain bbBNC by liquid staking BNC to acquire vBNC and then locking this vBNC to receive bbBNC. **The amount of bbBNC a user gets depends on the quantity of vBNC locked and the duration of the locking period**. For example, the longer a user locks vBNC, the more bbBNC they receive. This mechanism mirrors the veCRV mechanism in the Curve protocol.

In past community activities and Bifrost campaigns, participants earned Raindrops points. After the launch of Bifrost 2.0, these points can be exchanged for bbBNC. These bbBNC will not be minted directly but disbursed from the Bifrost treasury.

**bbBNC is non-transferable** and can be redeemed for locked vBNC upon maturity. However, bbBNC can be redeemed before maturity, but users may face slash for redeeming earlier than the set date. Slash will be fully counted as protocol revenue and will participate in BNC buybacks, burns, and bbBNC incentives.

![profit.png](https://cdn.bifrost.io/cms/profit_c808cbfc5c.png)

### Benefits of Holding bbBNC

Holding bbBNC entitles you to the following benefits:

- **Profit Distribution**: bbBNC holders will share protocol profits. The distribution proportion depends on the amount of bbBNC held and the length of the locking period. The larger the holding and the longer the lock-up period, the higher the share of the profit distribution.
- **Staking Rewards**: bbBNC, obtained by locking vBNC, integrates the staking rewards from liquid staking BNC.
- **Governance Rights**: bbBNC inherits the governance rights of BNC, allowing holders to participate in the governance of the Bifrost protocol.
- **Boosted farming**: bbBNC holders can receive additional incentives when participating in vToken farming.

## Sources of Bifrost Protocol Revenue

As a leading cross-chain liquid staking protocol, Bifrost generates multiple streams of protocol revenue, including:

1. **vToken Commission**: The protocol earns a commission from staking rewards through its liquid staking services, which are then transferred to the protocol treasury. This is a significant part of Bifrost's revenue.
2. **System Staking**: This is generated by staking assets within the Bifrost system account.
3. **Tx Fee**: As an independent app chain, Bifrost charges gas fees for transactions on the Bifrost chain. A percentage of these fees is allocated to the Bifrost treasury.
4. **vToken Swap Fees**: Bifrost establishes liquidity pools for vTokens. Users pay fees when using these pools to swap vTokens. Most of these swap fees go to liquidity providers (LPs), and a portion will be shared with bbBNC holders.
5. **Expanded Application Revenue**: Bifrost will also launch various extension application services centered around liquid staking, including LST leverage staking (Loop Stake). Users utilizing these services will generate revenue for the Bifrost protocol, thereby providing returns for bbBNC holders.
6. **bbBNC Early Redemption Slash**: If bbBNC is redeemed before maturity, a certain slash will be incurred, and the slash will be fully allocated to protocol revenue.

## The Significance of bbBNC for the Bifrost Protocol

In the current Bifrost Tokenomics, the main revenue of the protocol enters the treasury and is directly used for business expansion (such as vToken minting incentives, liquidity incentives, channel incentives, etc.). This model has played a role in promoting Bifrost's business growth, but it has not provided direct benefits to BNC holders. In the Bifrost Tokenomics 2.0 proposal, it is assumed that 40% of staking BNC be converted into bbBNC. Based on the current revenue scale of the Bifrost protocol and the price of BNC, the annualized yield for holding bbBNC could exceed 100%.

Higher BNC value capture leads to a higher market capitalization for Bifrost, which in turn drives more LST application scenarios. More application scenarios will promote an increase in the comprehensive yield of vTokens (staking yield + vToken restaking yield), resulting in more vToken minting. More vToken minting means more protocol revenue, which will enhance the returns for bbBNC holders, further capturing more value for BNC and forming a positive growth flywheel. bbBNC serves as the engine of this growth flywheel, aligning the interests of token holders closely with those of the Bifrost protocol and providing greater motivation to contribute to the co-development of the Bifrost protocol.

![BNC20-3.png](https://cdn.bifrost.io/cms/BNC_20_3_6d192eb6f6.png)

## Bifrost 2.0 Roadmap

The Bifrost 2.0 upgrade has officially launched. Below is the ongoing roadmap. You can join [Bifrost Discord community](discord.bifrost.io) to get the latest updates or participate in the proposal discussions on the Bifrost Tokenomics 2.0 in the gov-discussions channel.

![BNC 2.0 Roadmap (4).png](https://cdn.bifrost.io/cms/BNC_2_0_Roadmap_4_cef5ffcd80.png)

## Summary

DeFi protocols are among the few crypto market sectors that have successfully achieved Product-Market Fit (PMF), with many demonstrating stable profitability. However, DeFi protocol tokens have primarily served as governance tokens, giving holders no share of the revenues generated.

These tokens should **represent total equity, not just governance rights**. We believe that as the community becomes more aware, the market shifts from financial nihilism to value investing, and regulatory policies become more explicit, sharing profits with token holders will become the norm for DeFi protocols.

Examples like Uniswap announcing revenue sharing with UNI holders and Bifrost introducing bbBNC in its new economic model are responses to this trend.

Founded in 2019, Bifrost has **matured through two market cycles**, refining its product and operational strategies to achieve stable business and revenue generation capabilities. With its pioneering efforts in chain abstraction, Bifrost has enormous growth potential. As more capital flows into the ecosystem, the protocol's value and revenue will continue to rise.

The launch of bbBNC will officially lead Bifrost towards community governance and community sharing, establishing a robust and resilient protocol.

Bifrost Tokenomics 2.0 Proposal: Allocating 100% of Protocol Profits for BNC Buybacks, with 10% Dedicated to Burn

## 技术开发

### runtime 12000

- 适配支持通用 Ledger app
- 支持来自AssetHub DOT储备，允许接受AssetHub foreign Assets类型
- 支持 EVM 地址交易
- 修复 vtokenVoing.remove vote 部分情况下不成功的问题
- Assethub 跨链手续费处理优化
- 调整 OpenGov whitelistcaller 轨道参数，现在可以更快地通过提案
- Polkadot 依赖升级

### Omni LS 1.0.5

- vMANTA on Pacific 增加铸造流动性不足提示
- 支持 OKX wallet
- Moonbeam 上上线 vASTR

## 产品进展

本月 Bifrost 总锁仓量（TVL）达到 **80,813,585** 美元，vDOT 总铸造量 (TVS) 为 8,166,105 枚;

其中，vMANTA 表现亮眼，总铸造量（TVS）突破 **6,631,049** 枚, 总锁仓量超 (TVL) $6.58M，单月增长 52%；

- 本月，Bifrost-Polkadot [Collator Rivals](https://x.com/Bifrost/status/1816785748923940961) 正式开启，该活动旨在激励节点运行者参与 Bifrost Collator 测试，为后续 Bifrost-Kusama 向 Bifrost-Polkadot 的迁移打下基础。你可以在此[查询 Collator 运行方法及配置](https://docs.bifrost.io/builders/parachain-collator/requirement)。
- Bifrost SLPx 集成协议 [omni.ls](http://omni.ls) 已支持连接 OKX Web3 Wallet，该适配允许 OKX Web3 Wallet 用户使用 Leager 一键访问多链 vToken 的铸造。
- $ BNCS 最后一轮 Farming 激励已通过[#27号公投](https://bifrost.subsquare.io/referenda/27)执行，此 Farming 包含 BNC 与 DOT 的双币激励，激励周期将持续 6 个月。
- Staking 数据平台 Staking Rewards 已全面集成 Bifrost vToken。用户可通过访问 [Bifrost 专属页面](https://www.stakingrewards.com/provider/bifrost-finance) 查询各项 vToken 数据或直接参与质押。Bifrost 已通过 Staking Rewards 官方验证。

![stakingrewards.png](https://cdn.bifrost.io/cms/stakingrewards_37960131af.png)

## 市场运营

7 月 5 日，Bifrost 诚邀各位 Sub-Fellowship 的申请者在 Bifrost-Polkadot 上[完成身份设置](https://twitter.com/0xBifrostCN/status/1809169098582143099)，根据我们提供的子小组详细信息进行一些调整，并与大家再次深入讨论与治理相关的问题。

7 月 11 日，Bifrost Council 成员 Tyrone 出席了 [Polkadot Decoded 2024](https://twitter.com/Polkadot/status/1811433904089317651) 活动，并将发表主题为「全链流动性质押如何革新 DeFi 行业」的演讲。了解 Bifrost 如何利用 XCM、SnowBridge 和 HyperBridge 等跨链组件吸引多链流动性并分享了 Bifrost 全链流动性质押的长期路线图和战略优势。

7 月 17 日，Bifrost 发布了 [BNC 2.0 代币经济学](
https://x.com/Bifrost/status/1815386444372103523
)的预告，新的代币经济框架将包括增强 $BNC 效用和价值、促进长期持有者和收入公平分配的新机制。转向收入共享经济模型标志着 Bifrost 向更广泛 DeFi 生态系统迈出了重要一步。

7 月 26 日，为了实现 Bifrost Polkadot 链的去中心化的运行与区块收集，我们即将要进行在 [Bifrost Polkadot 链上启动 Collator 模块](https://bifrost.io/zh-CN/blog/article-14)，引导 BIfrost Kusama 链上的 Collators 迁移。并提供 8,000 枚 BNC 代币，用于激励公测活动。

月报｜参与 Bifrost Polkadot Collator 测试活动，瓜分 8,000 BNC 奖励

## Development

### Runtime Version 12000

- Integration with the general Ledger app
- Enabled support for DOT reserve from AssetHub, allowing acceptance of AssetHub foreign Assets
- Enabled transactions on EVM addresses
- Fixed the issue where vtokenVoing.remove vote was not successful in certain cases
- Optimized cross-chain fee handling for Assethub
- Adjusted OpenGov whitelistcaller track parameters for faster proposal approval
- Upgraded Polkadot dependencies

### Omni LS Version 1.0.5

- Added insufficient liquidity warning for vMANTA on Manta Pacific
- Integrated with OKX wallet
- Launched vASTR on Moonbeam

## Products

On July 2024, Bifrost's total value locked (TVL) reached **$80,813,585**, and the total minted amount of vDOT was **8,166,105**.

Among them, vMANTA performed remarkably well, with total minted amount exceeding **6,631,049** and total value locked surpassing $6.58M, representing a monthly growth of 52%.

- The Bifrost-Polkadot [Collator Rivals](https://x.com/Bifrost/status/1816785748923940961) started. This event aims to incentivize validators to participate in the Bifrost Collator test, laying the foundation for the subsequent migration from Bifrost-Kusama to Bifrost-Polkadot. You can find the [Collator setup and configuration guide](https://docs.bifrost.io/builders/parachain-collator/requirement) here.
- The Bifrost SLPx protocol [omni.ls](http://omni.ls/) now supports connection to the OKX Web3 Wallet. This allows OKX Web3 Wallet users to use Ledger for one-click access to multi-chain vToken minting.
- The final round of $BNCS farming incentives has been executed through [Referendum #27](https://bifrost.subsquare.io/referenda/27). This farming includes dual-token incentives with $BNC and $DOT, with the incentive period lasting for six months.
- The staking data platform **Staking Rewards** has fully integrated Bifrost vTokens. Users can visit the [Bifrost page](https://www.stakingrewards.com/provider/bifrost-finance) to view various vToken data or participate directly in staking. Bifrost has been officially verified by Staking Rewards.

![stakingrewards.png](https://cdn.bifrost.io/cms/stakingrewards_37960131af.png)

## Marketing

On July 5, Bifrost invited all Sub-Fellowship applicants to [complete their identity setup](https://twitter.com/0xBifrostCN/status/1809169098582143099) on Bifrost-Polkadot, make adjustments based on the subgroup details provided, and engage in further discussions on governance-related issues.

On July 11, Bifrost Council member Tyrone attended [Polkadot Decoded 2024](https://twitter.com/Polkadot/status/1811433904089317651) and delivered a speech titled "How Cross-Chain Liquid Staking is Revolutionizing the DeFi Industry." He discussed how Bifrost leverages cross-chain components like XCM, SnowBridge, and HyperBridge to attract multi-chain liquidity and shared Bifrost's long-term roadmap and strategic advantages in cross-chain liquid staking.

On July 17, Bifrost released a preview of the [BNC 2.0 tokenomics](https://x.com/Bifrost/status/1813514031178936566). The new token economic framework will include mechanisms to enhance the utility and value of $BNC, promote long-term holders, and ensure fair revenue distribution. The shift to a revenue-sharing economic model marks a significant step for Bifrost towards a broader DeFi ecosystem.

On July 26, to achieve decentralized operation and block collection on the Bifrost Polkadot chain, Bifrost launch the [Collator module on the Bifrost Polkadot chain](https://bifrost.io/zh-CN/blog/article-14), guiding Collators on the Bifrost Kusama chain to migrate. An incentive of 8,000 BNC tokens will be provided for the public test.

Bifrost Monthly Report | July 2024

## Development

### Runtime 0.13.0

- Optimized the flexible logic under the EVM environment.
- Aligned the algorithm for converting Substrate-derived addresses in the EVM with Assethub's future strategy.
- Added destruction logic to the BNC buyback module.
- The feeShare module now includes cumulative revenue logic.
- Updated the target address for bbBNC redemption penalty fees.
- Automated optimization of the bbBNC reward methodology.
- Added vBNC conversion functionality on Bifrost-kusama.
- Restructured the SLP vASTR functionality.
- Enabled vBNC participation in governance.

### Dapp 1.9.1

- Supported Ledger hardware wallets.
- Added related tips under Ledger hardware wallets.
- Discontinued the Collator testnet.

## Products

This month, Bifrost's Total Value Locked (TVL) reached **$68,992,701**, and the total minted amount of vDOT(TVS) was **8,459,301**, an increase of **293,196** from the previous month;

Among these, vMANTA stood out, with a total minted amount surpassing **9,353,157**, and a TVL exceeding $6.54M, marking a monthly growth of **29.1%**;

- Bifrost has [proposed adjusting the vDOT Commission Rate to 10%](https://x.com/Bifrost/status/1827194165157097836) in anticipation of the upcoming Bifrost Tokenomics 2.0 upgrade. This aims to accumulate more protocol revenue, expand vDOT integration across multiple blockchains, and ultimately guide value back to bbBNC holders. 
- Bifrost initiated the [BNC Tokenomics 2.0 proposal](https://bifrost.subsquare.io/posts/77), designed to discuss with the community the feasibility of capturing value around vToken. Revenue from various parts of the protocol will flow into bbBNC, creating a complementary economic flywheel effect between BNC and vToken. 
- The [BNC incentive proposal](https://x.com/Bifrost/status/1825593648550961253) has been approved, allowing users to earn BNC Farming rewards by providing liquidity to vASTR through Hydration.
- Bifrost Dapp now fully supports Ledger, enabling users to connect the Ledger App via Bifrost Dapp, Talisman, NovaWallet, Subwallet and experience all of Bifrost's assets and interactions. Learn the tutorial [here](https://x.com/Bifrost/status/1824023246074962320). 

![产品图片.png](https://cdn.bifrost.io/cms/_809ed21c4f.png)

## Marketing

In August, Bifrost was dynamically involved in numerous significant global events and conferences, promoting and expanding the reach of Bifrost 2.0. Below are the highlights from this month's primary activities:

### Events

- [ABS 2024 Roundtable Conference](https://x.com/aba_summit/status/1819976575892574243): On August 7, the Bifrost team participated in the ABS 2024 Roundtable Conference in Taipei, Taiwan, focusing on the latest blockchain technologies and trends. 
- [Polkaworld AMA](https://x.com/polkaworld_pro/status/1823963088749781346): On August 15, Bifrost showcased methods for acquiring and holding $bbBNC and detailed the roadmap for Bifrost 2.0 during a Polkaworld live stream. 
- ETH Shenzhen Event: On August 17 and 18, Bifrost engaged in "Explore Restaking: Past and Future" roundtable discussions and hosted an [offline meetup with the Pudgy Penguin Chinese Community](https://x.com/Bifrost/status/1825151694520324161) to strengthen community ties. 
- [Confest Asia 2024](https://x.com/Bifrost/status/1826898951125045356): On August 23, Bifrost's Growth Lead traveled to Indonesia for a roundtable on "Web3 Power Plays: Interoperable Alliances," exploring collaborative strategies in the Web3 ecosystem.
- [Jinse Finance Space](https://x.com/JinseFinance/status/1826822125745045921): On August 23, Bifrost Co-Founder Lurpis participated in "Funds, Technology, Summit... Polkadot Ready to Shine Again," a Jinse Finance event discussing upcoming opportunities in the Polkadot ecosystem. 
- [Polkadot Insider AMA](https://x.com/PolkadotInsider/status/1828371951867568597) - On August 28, an insightful AMA session was held with Polkadot Insider, focusing on the evolving token economics, vToken rewards, and the strategic blueprint for Bifrost 2.0. 

![企鹅.jpeg](https://cdn.bifrost.io/cms/_921a695cfc.jpeg)

### Campaigns

- [bbBNC Emoji](https://x.com/Bifrost/status/1823359524314739064 ) and [Meme Contest](https://x.com/Bifrost/status/1824748081549905978): Celebrating the launch of Bifrost 2.0, we launched an Emoji and meme contest on the X platform, offering significant BNC rewards and attracting over 300 entries. 
- [Collator Rivals Phase II](https://x.com/Bifrost/status/1823637422082810153): From August 8 to 16, sixteen active Collators competed, sharing 5200 $BNC. This event supported Bifrost's strategic transition from Kusama to Polkadot. 

Bifrost Monthly Report | August 2024

## 技术开发

### Runtime 0.13.0

- 优化 EVM 环境下的 flexible 逻辑
- EVM 转化 Substrate 衍生地址算法对齐 Assethub 未来的算法
- BNC 回购模块增加销毁逻辑
- FeeShare 模块增加累计收益逻辑
- bbBNC 赎回惩罚费用目标地址更新
- bbBNC 奖励方法逻辑自动化优化
- 在 Bifrost-Kusama 新增 vBNC convert 功能
- SLP vASTR 功能重构
- 支持 vBNC 参与治理

### Dapp 1.9.1

- 支持 Ledger 通用 App
- 增加 Ledger 下的相关 Tips
- 下线 Collator 测试网

## 产品进展

本月 Bifrost 总锁仓量（TVL）达到 68,992,701 美元，vDOT 总铸造量 (TVS) 为 8,459,301 枚，较上月增长 **293,196** 枚;


其中，vMANTA 表现亮眼，总铸造量（TVS）突破 **9,353,157** 枚, 总锁仓量超 (TVL) $6.54M，单月增长 29.1%；

- Bifrost 发布调整 [vDOT Commission Rate 至 10% 的提案](https://x.com/Bifrost/status/1827194165157097836)，为迎接即将升级的 Bifrost Tokenomics 2.0 积累更多协议收入，拓宽 vDOT 在多链部署的集成，最终将价值回归引导至 bbBNC 持有人。
- 本月，Bifrost 发起 BNC Tokenomics 2.0 提案，该提案旨在与社区讨论围绕 vToken 进行价值捕获的可行性。其中，协议的各部分收入都将流入 bbBNC，实现 BNC 与 vToken 之间互补的经济飞轮效应。
- [BNC 激励提案已通过](https://x.com/Bifrost/status/1825593648550961253
- )，用户可通过 Hydration 为 vASTR 提供流动性获取 BNC Farming 奖励。
- Bifrost Dapp 现已全面支持 Ledger，用户可在 Bifrost Dapp, Talisman, NovaWallet, Subwallet 连接 Ledger App 体验 Bifrost 全部的资产与交互。查看详细教程：[Bifrost Ledger 教程](https://x.com/Bifrost/status/1824023246074962320)。

![产品图片.png](https://cdn.bifrost.io/cms/_809ed21c4f.png)

## 市场运营

8 月份，Bifrost 在全球范围内积极参与了多项重要活动和会议，进一步推动了 Bifrost 2.0 的推广和布局。以下是本月的主要活动亮点：

- 8 月 7 日，Bifrost 团队出席了在中国台北举行的 [ABS 2024 圆桌会议](https://x.com/aba_summit/status/1819976575892574243)。这次会议聚焦于区块链技术的最新发展和行业趋势。
- 8 月 15 日，Bifrost 在 [Polkaworld 直播间](https://x.com/polkaworld_pro/status/1823963088749781346)分享了获取和持有 $bbBNC 的方法及 Bifrost 2.0 的详细路线图。
- 8 月 17 日和 18 日，Bifrost 参与了「Explore Restaking: Past and Future」的圆桌讨论，并与胖企鹅中文社区联合举办了一场[线下老友会](https://x.com/0xBifrostCN/status/1825163348595642629)，增强了与社区成员的互动和联系。
- 8 月 23 日，Bifrost Co-Founder Lurpis 参与了金色财经举办的直播活动[「资金、技术、峰会...波卡准备再次伟大」](https://x.com/JinseFinance/status/1826822125745045921)，这是 Decoded Asia 2024 的预热活动，讨论了波卡生态即将迎来的新机遇。
- 8 月 23 日，Bifrost Growth Lead 前往印度尼西亚，参加了以[「Web3 Power Plays: Interoperable Alliances」](https://x.com/Bifrost/status/1826801655284908135) 为主题的圆桌讨论，进一步探讨了 Web3 生态中的合作策略。
- 8 月 28 日，与 [Polkadot Insider 共同举办了 AMA 会议](https://x.com/PolkadotInsider/status/1828371951867568597)，重点讨论了新的代币经济学、vToken 奖励分享计划以及 Bifrost 2.0 的发展蓝图。
- 为庆祝 Bifrost 2.0 的启动，我们在 X 平台上举办了 bbBNC 的 [Emoji 创作大赛](https://x.com/Bifrost/status/1823359524314739064)和[迷因创作大赛](https://x.com/Bifrost/status/1824748081549905978)，并设置了丰厚的 BNC 奖励，吸引了 300 多份投稿。
- 从 8 月 8 日至 16 日，[Collator Rivals 第二阶段活动](https://x.com/0xBifrostCN/status/1821517201104638109)圆满结束。共有 16 位活跃的 Collator 参与了此次活动，瓜分了 5200 $BNC。此活动为 Bifrost 的主要业务从 Kusama 迁移到 Polkadot 奠定了坚实基础。

月报｜BNC Tokenomics 2.0 提案发布，将协议利润的 100% 用于 BNC 回购和销毁

With the ongoing [Bifrost 2.0 upgrade,](https://x.com/Bifrost/status/1823316929983234152) we are gradually migrating Bifrost’s operations to Bifrost-Polkadot network. To further decentralize the Bifrost-Polkadot chain’s operations and block production, we are launching the Bifrost-Polkadot Collator system. Following this, the Bifrost-Kusama network will cease generating rewards for Collators, and Collators need to migrate to Bifrost-Polkadot.

## What is a Collator

A [Collator](https://wiki.polkadot.network/docs/learn-collator) is essentially a block producer within a parachain. Collators are responsible for executing blocks and broadcasting them to the relay chain for verification, playing a role similar to that of Sequencers on Ethereum Layer2 networks.

![collator1.png](https://cdn.bifrost.io/cms/collator1_fddd96184c.png)

The Collator system on Bifrost-Polkadot operates in cycles of 600 blocks per round, with each round taking approximately 2 hours. Rewards are settled at the end of each round, and any staking or unstaking behavior takes effect based on the round.

Anyone can run a Collator by staking a minimum of 5,000 BNC, but only those with the highest total staking volume (personal stake + delegated stake) are eligible to be selected as a block producer. These top Collators are referred to as the “Active Set”, while the remaining Collators are called “Candidates”. 

Currently all the 32 Collators spots are filled in the active set, with 3 as candidates.

![collator2.png](https://cdn.bifrost.io/cms/collator2_fa6c785603.png)

At the launch of the Bifrost-Polkadot Collator system, Bifrost will offer 16 Active Set slots. As the network stabilizes, this number will gradually increase to a maximum of 32. Detailed parameters of the Collator system are as follows:

 
![collator3.jpg](https://cdn.bifrost.io/cms/collator3_376459b07d.jpg)

Running a Collator node involves some technical operations, so we encourage participants with a technical background to get involved. We provide a [Collator operation guide](https://docs.bifrost.io/for-collators/run-a-collator) and a [Discord channel](https://discord.gg/GpJhFC93GT) for Collators to discuss technical issues.

In theory, you can delegate BNC to up to 350 Collators, but avoid delegating to "saturated" Collators. Only the first 300 delegators for each active Collator are eligible for rewards. Here are the detailed parameters for Delegators:

![collator4.jpg](https://cdn.bifrost.io/cms/collator4_7557f1843b.jpg)

Once the Collator system on Bifrost-Polkadot goes live, users must switch their wallet connection to Bifrost-Polkadot on the [Bifrost Dapp](https://app.bifrost.io/vstaking/vBNC?network=polkadot) to regain access to BNC staking.

## Reward Distribution

**BNC does not use an inflation model** and Collator rewards are pre-allocated. According to [Bifrost Tokenomics](https://docs.bifrost.io/tokenomics/bnc), 5% of the total token supply is allocated for Collators. There are 800,000 BNC rewards in the first years with 10% to Collators and 90% to Delegators.

Collator commission depends on block production and Delegator staking allocation, while Delegator rewards are calculated based on the Collator’s block production performance and the amount of staked BNC. For detailed reward calculations, refer to the [Bifrost Docs](https://docs.bifrost.io/for-collators).

## Bifrost-Polkadot Collator FAQ

### How to choose a Collator? ###

Delegators can select a Collator based on node configuration, the total BNC staked amount, and node stability. You can also mint BNC into vBNC and let the SLP protocol manage the delegation.
    
### What is the maximum number of Collators? ###

There is no limit for the Candidate set; anyone who meets the hardware requirement and minimum staked amount can register as a Collator. However, the number of Active Set with block production rights is limited. Initially, it is set to 16, which will gradually increase to 32 as the network stabilizes.
    
### What are the minimum requirements to become a Collator? ###

First, you need to meet the hardware requirements. Additionally, you must register the session key for your node and stake a minimum of 5,000 BNC to join the Candidate set. Only Collators with the highest staked amount can join the Active Set. The initial number for the Active Set is set at 16, expanding to 32 gradually.
    
### How Can I check  BNC staking rewards? ###

Log in to the [Bifrost Collator page](https://app.bifrost.io/collator), and you can view daily staking rewards in the top-right corner and check each round’s BNC rewards under “Recent Staking Rewards”.

Bifrost Polkadot Collator is Live: A New Era of Decentralization

2022 年 3 月 22 日， Bifrost 开启了 Bifrost Kusama Collator 的自由准入，以及 BNC 的质押，标志着 Bifrost 正式实现了 Collator 运行的去中心化。

随着 Bifrost 2.0 升级的进行，我们已将 Bifrost 的业务陆续迁移到了 Bifrost-Polkadot 网络。为了实现 Bifrost-Polkadot 链的去中心化的运行和区块收集，我们已经启动了 Bifrost-Polkadot 链上的Collator 系统，届时， Bifrost-Kusama 链上的 Collator 将很快停止产生收益，Collators 需要进行迁移。

## 什么是 Collator

所谓 Collator，即搜集者，是平行链中的出块节点，他们负责打包区块，并提交给中继链进行验证，其作用类似于以太坊 L2 上的 Sequencer。

![collator1.png](https://cdn.bifrost.io/cms/collator1_fddd96184c.png)

Bifrost Polkadot Collator 系统的运行周期为 600 个区块一轮，每轮大约需要 2 个小时，收益每轮结算一次，且任何增加质押或是解质押的操作生效时间都是按轮次计算。

所有人只要自己质押超过 5000 BNC 就可以运行 Collator，但只有总质押量（自己质押的部分 + 收到的委托）排在前面的若干位 Collator 有机会获得出块权，这些 Collator 被称为 Active set（活跃集），而其余的 Collator 被称为 Candidates（候补集）。

在 Bifrost-Polkadot Collator 系统上线的初始阶段，Bifrost 将开放 16 名活跃集名额，随着链上网络运行稳定后，Bifrost 将逐渐释放活跃集名额直至最大值 32 位。更多详细的 Collator 参数如下：

![collator3.jpg](https://cdn.bifrost.io/cms/collator3_376459b07d.jpg)

Collator 节点运行涉及到部分技术操作，建议有技术基础的小伙伴参与，我们提供了 [Collator 运行文档](https://docs.bifrost.io/for-collators/run-a-collator)和一个供 Collator 交流技术问题的 [Discord 频道](https://discord.gg/GpJhFC93GT)。

## BNC Staking

如果你持有 BNC， 并且希望通过质押去赚取收益，那么你可以作为 Delegator 直接参与 BNC Staking，也可以通过铸造为 vBNC，间接参与 Staking。在 Bifrost Polkadot 的 Collator 系统上线后，Bifrost Kusama 的 Collator 系统会同步停止产生收益。

理论上讲，你最多可以将 BNC 分散委托给 350 个 Collator，但需要注意，尽量不要委托给已经“饱和”的 Collator。因为每个活跃 Collator 的前 300 名委托人可获得收益，超出前 300 名的委托人不计算收益。下方表格列出了详细的 Delegator 主网参数：

![collator4.jpg](https://cdn.bifrost.io/cms/collator4_7557f1843b.jpg)

在 Bifrost-Polkadot 网络的 Collator 系统上线后，[Bifrost Dapp](https://app.bifrost.io/vstaking/vBNC?network=polkadot) 上的 BNC Staking 界面也将进行转移，需要你在将钱包连接的网络切换为 Bifrost-Polkadot 才能看到。

## 收益分配

BNC 没有通胀机制，Collator 奖励为提前预留，根据经济模型设计，BNC 总发行量的 5% 用于 Collator 激励建设，第一年总计激励为 800,000 BNC。Collator 与 Delegator 的收益分别为 10% (80,000x BNC) 与 90% (720,000 BNC)。

Collator 佣金取决于活跃节点出块情况与 Delegator 质押数量分配，Delegator 的收益则根据委托的 Collator 节点的出块情况和个人 BNC 质押量来计算。你可以通过 [Bifrost 文档](https://docs.bifrost.io/for-collators/requirement)了解详细收益计算方式。

## FAQ

### 如何选择一个 Collator?

Delegator 可以根据 Collator 节点运行配置 + BNC 质押量 + 节点运行稳定性等方面选择想要委托的 Collator。也可以直接将 BNC 铸造为 vBNC，让 SLP 协议来管理委托。

### 最多共有多少名 Collator？

Collator 候补集没有上限，任何满足技术配置及质押数量的人都有资格注册 Collator。但我们设定了拥有出块资格的活跃集的数量。在初始，我们设定为 16 名，根据运行情况在合适的时间逐步增加活跃 Collator 数量，直至最大 32 名。

### 成为 Collator 的最低要求是什么？

技术上来讲，你需要满足最低节点配置。此外你还需要注册节点 Session Key 并满足最低自身质押量（5000 BNC）的条件，就可以进入候补集。但只有总质押量排名前 n 位的 Collator 可以进入活跃集。n 的初始设定是 16，将逐步扩大至 32。

### 在哪里查看 BNC 质押收益？

登录 Bifrost Collator 界面，右上角可以看到每天 Staking 的收益，点击下方「最近质押收益」查看每一轮 BNC 收益 。

Bifrost Polkadot Collator 正式启动，迈向去中心化新纪元

Bifrost 2.0 升级的核心目标就是将 Bifrost 的业务全部从 Bifrost-Kusama 迁移到 Bifrost-Polkadot 网络。

作为先行网络（或者说测试网络），Bifrost-Kusama 已经完成了其使命。Bifrost 的业务已经相对成熟，迁移到拥有更丰富生态、更强可组合性、更多流动性的 Polkadot 生态之中，是必然之举。

尤其重要的是，Polkadot 与更多的异构链建立了桥接，这对于 Bifrost 的 Omnichain LST 业务拓展具有战略意义。

迁移完成后，[BNC Tokenomocis 2.0](https://bifrost.io/zh-CN/blog/article-17) 将在 Bifrost-Polkadot 上全面启动。

## vBNC 的迁移
 
第一步是 Collator 的迁移。我们启动了 Bifrost-Polkadot Collator 系统，同时停止了 Bifrost-Kusama Collator 系统的收益产生，鼓励 Collator 迁移到 Bifrost-Polkadot。这一步，我们已经在之前的文章《[Bifrost Polkadot Collator 正式启动，迈向去中心化新纪元](https://bifrost.io/zh-CN/blog/article-33)》中做了详细阐述。

第二步是 vBNC 的迁移。我们完成了在 Bifrost-Polkadot 网络上启动新的 vBNC，并停用了 Bifrost-Kusama 上的 vBNC。

vBNC 的迁移是采用快照的方式进行，具体迁移过程如下：

- 11 月 27 日前，完成了 Bifrsot Polkadot 上的 vBNC 相关业务的初始化；

- 11 月 27 日，暂停了 Bifrost Kusama 上的 vBNC 业务；用户无法铸造、赎回，vBNC/BNC 的池子也暂停流动性的添加和撤出功能，vBNC/BNC LP Token 也无法铸造和赎回；

- 11 月 28 日，禁用了 Bifrost-Kusama 上的 vBNC 的转账功能，vBNC/BNC LP Token 的转账和交易功能也被禁用，并对地址余额进行了快照；根据快照结果，在 Bifrost-Polkadot 上给用户空投 vBNC 及 vBNC/BNC LP Token；

- 11 月 29 日，开启 Bifrost-Polkadot 上 vBNC 以及 vBNC/BNC LP Token 的铸造和赎回。

请在[这里](https://x.com/Bifrost/status/1862466860379513321)查看 vBNC 在 Bifrost-Polkadot 上的铸造教程。

## BNC 的迁移

BNC 依旧还是通用于 Bifrost-Kusama 和 Bifrost-Polkadot 上的双链资产，在两边都可以正常转账，但在 Bifrost-Kusama 上的 BNC 将没有使用场景。我们还是建议您将 BNC 从 Bifrost-Kusama 跨链到 Bifrost-Polkadot。

由于目前在 Bifrost-Polkadot 和 Bifrost-Kusama 之间没有跨链桥，你需要通过 CEX 来完成跨链操作。

将 Bifrost-Kusama 上的 BNC 充值到 CEX，然后再从 CEX 中提取 BNC，提取的时候选择 Bifrost-Polkadot 网络。

![IMG_1934.jpg](https://cdn.bifrost.io/cms/IMG_1934_545833992c.jpg)

支持 BNC 的中心化交易所有 Gate、Kucoin、MEXC、CoinEX。

## 迁移完成后

迁移完成后的第一场重头戏是 BNC Tokenomics 2.0 的上线，bbBNC 将在 Bifrost-Polkadot 上发布，Bifrost 将面向 bbBNC 持有者全面分享协议利润，迈向新的增长飞轮！

更加长远的计划则是，立足 Polkadot 生态，借助 Polkadot 生态的跨链桥基础设施，扩张 LST 业务，践行全链 LST 战略，将更多生态的 LST 引入的同时，将 vBNC 的使用场景也推向全链。

vBNC 已完成从 Bifrost-Kusama 迁移到 Bifrost-Polkadot

With the ongoing Bifrost 2.0 upgrade, the core goal is to migrate all of Bifrost’s operations from Bifrost-Kusama to Bifrost-Polkadot.

As a test network, Bifrost-Kusama has fulfilled its mission. Bifrost’s operations have now matured enough to justify the migration to the Polkadot ecosystem, which offers a richer set of features, stronger composability, and greater liquidity. This migration is a natural step in Bifrost's evolution.

Importantly, Polkadot has established bridges with more heterogeneous chains, which strategically supports the expansion of Bifrost’s Omnichain LST business.

Once the migration is completed, [BNC Tokenomics 2.0](https://bifrost.io/blog/bifrost-releases-new-tokenomics-proposal-sharing-protocol-profit-to-buy-back-and-burn-bnc) will be fully launched on the Bifrost-Polkadot network.

## vBNC Migration

The first step in the migration process is the migration of Collators. We have initiated the Bifrost-Polkadot Collator system while discontinuing the reward generation for the Bifrost-Kusama Collator system. Collators are encouraged to migrate to Bifrost-Polkadot, a process we've previously detailed in our article "[Bifrost Polkadot Collator is Live: A New Era of Decentralization](https://bifrost.io/blog/bifrost-polkadot-collator-is-live-a-new-era-of-decentralization)".

The second step involves the migration of vBNC. We have successfully launched the new vBNC on the Bifrost-Polkadot network and deactivated the vBNC on Bifrost-Kusama.

The migration of vBNC is being carried out through a snapshot process, with the following steps:

- By November 27: Initializing the vBNC-related operations on Bifrost-Polkadot.
- November 27: Pausing vBNC operations on Bifrost-Kusama. Users will not be able to mint, redeem, or add/remove liquidity from the vBNC/BNC pool. vBNC/BNC LP Tokens can no longer be minted or redeemed.
- November 28: Disabling the transfer function for vBNC on Bifrost-Kusama. The transfer and trading of vBNC/BNC LP Tokens will also be disabled, and the account balances will be snapshot. Based on the snapshot, vBNC and vBNC/BNC LP Tokens will be airdropped to users on Bifrost-Polkadot.
- November 29: Enabling the minting and redemption of vBNC and vBNC/BNC LP Tokens on Bifrost-Polkadot.

For a detailed tutorial on how to mint vBNC on Bifrost-Polkadot, please check [here](https://x.com/Bifrost/status/1862466860379513321).

## BNC Migration

BNC remains a dual-chain asset, usable on both Bifrost-Kusama and Bifrost-Polkadot, allowing transfers on both networks. However, there will be no further use cases for BNC on Bifrost-Kusama, so we recommend migrating BNC from Bifrost-Kusama to Bifrost-Polkadot.

Currently, there is no cross-chain bridge between Bifrost-Kusama and Bifrost-Polkadot, so you will need to use a centralized exchange (CEX) to complete the cross-chain transfer.

To migrate your BNC from Bifrost-Kusama, deposit it into a CEX, and then withdraw it from the exchange, selecting the Bifrost-Polkadot network for the withdrawal.

Supported centralized exchanges for BNC include Gate.io, KuCoin, MEXC, and CoinEx.

![IMG_1935.jpg](https://cdn.bifrost.io/cms/IMG_1935_b9c2795a9e.jpg)

## Post-Migration: What’s Next?

After the migration is completed, the first major event will be the launch of BNC Tokenomics 2.0. bbBNC will be introduced on Bifrost-Polkadot, and Bifrost will share protocol profits with bbBNC holders, setting the stage for a new growth flywheel!

Looking further ahead, Bifrost will leverage the Polkadot ecosystem and its cross-chain bridge infrastructure to expand its LST business. This will fulfill the vision of a full-chain LST strategy, bringing LST from more ecosystems into the fold while broadening the use cases for vBNC across the entire blockchain landscape.

Bifrost Has Finished Migration from Bifrost-Kusama to Bifrost-Polkadot

## 技术开发

### Runtime 0.15.0

- Bifrost-Polkadot 侧上线 collator 激励模块
- Bifrost-Polkadot 侧上线 vBNC
- vBNC 迁移相关细节处理
- vTokenVoting 支持 vBNC
- 部分系统收益流转地址优化
- bbBNC 模块优化

### Runtime 0.15.1（开发中）

- 提高 vToken 每个周期赎回上限到 1000
- 更新 Moonbeam 和 Moonriver SLP 跨链交易构造

### Omni LS 1.0.7

- 支持 commission channel 传入

## 产品进展

本月 Bifrost 总锁仓量（TVL）突破 **109,886,941** 美元，vDOT 总铸造量 (TVS) 为 **7,187,068** 枚;

其中，vASTR 表现亮眼，总铸造量（TVS）突破 **38,509,553** 枚, 总锁仓量超 (TVL) $3.06M，单月增长 4.15%；

- Bifrost 发布 DOT 解质押补贴计划，该计划将针对在 11 月 19 日至 12 月 31 日期间赎回 DOT 质押并铸造 vDOT 的用户补贴赎回期间的收益损失。
- 本月，vBNC 已成功迁移至 Bifrost-Polkadot 网络。若用户在 Bifrost-Kusama 中持有 vBNC，则其现已迁移至 Bifrost-Polkadot 的对应地址下。此外，vBNC 的汇率上调即将随着 Bifrost-Polkadot Collator 的加入而调整。 
- 在完成 2023 年 Kusama 国库流动性借贷的还款后，新一年度的借款提案现已发布，请[在此](https://kusama.subsquare.io/referenda/477)参与投票。
- 本月，Subscan 上线针对 Bifrost-Polkadot 与 Bifrost-Kusama 区块浏览器的页面优化：新增快捷质押按钮、资产分布详情、vToken 美金价格展示以及 Bifrost 功能性模块的快捷切换导航。

![subscan.png](https://cdn.bifrost.io/cms/subscan_b6775b8254.png)

## 市场运营

- 11 月 3 日，Bifrost Dev Rel Lead Tyrone 参与了 AIWeb3 举办的 [Polkatalk 活动](
https://x.com/aiweb3dao/status/1852744433558831564)，分享了 Bifrost Liquid Wave 活动以及 BNC tokenomics 2.0 的升级内容。
- 11 月 8 日，Bifrost 出席了在曼谷举行的 [Staking Summit](https://x.com/0xBifrostCN/status/1854042023147544827)，并在主题为《如何通过流动性激励吸引质押用户》的圆桌会议中发表了观点，向参会者详细介绍了 Bifrost 的全链 LST 业务。

![staking summit.jpeg](https://cdn.bifrost.io/cms/staking_summit_5fed53609a.jpeg)

- 11 月 11 日，Bifrost 赞助的 [Coordination Day 活动](https://x.com/0xBifrostCN/status/1854693956568879346)在曼谷顺利举行，本次活动由 LXDAO 主办，将公益建设者、研究人员、社区、学术研究者、公共部门、基金会等聚集在一个合作空间，进行讨论、座谈和研讨会。
- 11 月 19 日，Bifrost 做客了 PolkaWorld 的直播间，详细介绍了[如何参与 Liquid Wave 活动](https://www.youtube.com/watch?v=xff6RXslvMA)，瓜分 BNC 奖池，组建 DeFi 收益矩阵。
- 11 月 19 日，Bifrost 参与了由 [ByDAO 主持的直播活动](
https://x.com/bydao_cn/status/1857389777064177863)。作为全链流动性解决方案，Bifrost 致力于打破链与链之间的壁垒。本次活动，我们和业内专家一同探讨了 Bifrost 的全链技术架构、生态战略以及未来规划。
- 11 月 8 日 - 11 月 29 日，Bifrost 顺利完成了 Liquid Wave 第一阶段 [LST Campers 活动](https://x.com/0xBifrostCN/status/1854846684704260517)。完成流动性质押任务、治理投票、邀请好友等即可获得 WAVE 积分。


月报｜Bifrost 总锁仓量（TVL）再次突破 100,000,000 美元

2024 年，是属于加密货币和 Web3 的一年。伴随着 BTC ETF 和 ETH ETF 获得通过，加密市场进入了主流视野，新概念层出不穷，也带来许多新的产品和新的机遇。

对于 Bifrost 来说，2024 是稳中有进的一年，我们的目标也从未改变，持续深耕在全链流动性质押赛道，成功地完成了产品建设和生态拓展的年度计划。

2024 年，Bifrost Bifrost TVL 再次突破 1 亿美元，总协议收入达到 **7,926,900** 美元，总协议毛利润达到 **1,695,300** 美元。总交易数量突破 305,223 笔，活跃地址数量超过 40,000 个。Dapp 浏览量和访问用户数均创新高，分别达到 3,380,000 和 126,000，并且 Dapp 的新用户数量突破了 60,000。

![图表七：Community (2).png](https://cdn.bifrost.io/cms/Community_2_a7bf5faddc.png)

请继续阅读，和我们一起回顾 Bifrost 在 2024 年的高光时刻以及未来计划。

## 新经济模型：共享协议利润

[Bifrost 经济模型 2.0 提案](https://bifrost.io/zh-CN/blog/article-17)已在社区发布，最核心的变化是 bbBNC (Buy Back BNC) 的推出，这是 BNC 的一种锁仓票据，可以通过锁定 vBNC 获得，不仅享有协议治理权，并且可以直接分享 Bifrost 协议的收益。

2024 年，Bifrost 的协议收入达到 792 万美元，[累计协议毛利润达到 169 万美元](https://app.bifrost.io/stats)。

![协议收入.png](https://cdn.bifrost.io/cms/_43a3159985.png)

在新经济模型推出后，Bifrost 协议利润的 100% 会用于回购 BNC，并将其中 90% 分配至 bbBNC 持有者。

bbBNC 是实现 Bifrost 正向增长飞轮的引擎，促使代币持有者与 Bifrost 协议利益高度统一起来，共同促进 Bifrost 协议的发展。

![bbbnc.png](https://cdn.bifrost.io/cms/bbbnc_dae971b737.png)

## Loop Stake：一键杠杆质押工具

2024 年 3 月，Bifrost 推出了 [Loop Stake](https://bifrost.io/zh-CN/blog/bifrost-loop-stake-staking)，这是一款针对 vToken 推出的一键杠杆质押产品，通过闪电贷来直接为用户创建杠杆，帮助实现多倍质押收益率。目前支持杠杆质押的资产有 DOT、KSM，未来将逐步扩展更多平行链资产。

自上线以来，通过 Loop Stake 供应和借出的 DOT 总量达到 170,000+，资金利用率始终保持在 55% 左右，Loop Stake 的推出丰富了 Bifrost LST 的可组合性玩法。

![图表一：LoopStake.png](https://cdn.bifrost.io/cms/Loop_Stake_2b14d12573.png)

## Fellowship：迈向去中心化治理

[Bifrost Fellowship](https://bifrost.io/zh-CN/blog/article-13) 沿袭了 Polkadot 的治理模式，旨在通过从多个角度，以长期路线图为基准来促进 Bifrost 协议的长期发展和增长。

Fellowship 由拥有多样化专业知识和经验的成员组成，目前共有 25 名成员，包括具有技术能力的开发人员、其他 DeFi 和 Web3 协议的创始人和建设者、区块链研究人员、专业基础设施和节点运营商、社区和意见领袖、生态系统贡献者和合作伙伴。

## 渠道分佣计划：生态共建

[vToken 渠道分佣计划](https://bifrost.io/zh-CN/blog/earn-long-term-rewards-and-reward-share-program)是 Bifrost 推出的一个合作激励项目。合作伙伴可以在 Bifrost OpenGov 中申请，加入该计划，成为合作渠道。合作渠道将获得一个专属的 vToken 铸造链接。当用户通过该链接铸造 vToken 时，合作渠道将持续获得分佣。

自上线以来，共有 9 个渠道成功申请，渠道累计铸造 TVL 超过 560 万美元。

![rsp.png](https://cdn.bifrost.io/cms/rsp_15405d428d.png)

## Liquid Wave：大规模空投活动

为了顺利推出 bbBNC，Bifrost 发起了 [Liquid Wave 系列空投活动](https://wave.bifrost.io/)。其中，第一阶段 LST Campers 已顺利结束，活动页面访问量达到 300,000+，共有 100,000+ 地址参与了第一轮活动，通过活动铸造了价值 $3,945,900 的 Parachain LST Token。

![图表二：Liquid Wave.png](https://cdn.bifrost.io/cms/Liquid_Wave_f842454268.png)

WAVE 是本次活动的唯一积分凭证，在整个 Liquid Wave 系列活动结束后，用户可以将 WAVE 兑换为 bbBNC。

## vBNC 成功迁移至 Bifrost-Polkadot 网络

2024 年 11 月，Bifrost 的全部业务已经从 Bifrost-Kusama [迁移到 Bifrost-Polkadot 网络](https://bifrost.io/zh-CN/blog/article-34)，完成了 Bifrost 2.0 升级的关键一环。

Bifrost 的业务已经相对成熟，而 Polkadot 网络拥有更丰富的生态、更强可组合性偶口更多流动性，尤其重要的是，Polkadot 与更多的异构链建立了桥接，这对于 Bifrost 的 Omnichain LST 业务拓展具有战略意义。

## 社区建设：持续产生影响力

在 2024 年，Bifrost 在新加坡、香港、曼谷、布鲁塞尔等全球 10 座城市留下了足迹。我们一共参与了 27 场活动，无论是线上直播还是线下峰会，从 vToken 产品推介、 DeFi 行业的发展和机遇、到 Liquid Staking 的实践，我们持续进行了高质量的分享和讨论。

![Online & Offline Events.png](https://cdn.bifrost.io/cms/Online_and_Offline_Events_051e105bb1.png)

此外，我们的社区也在发展壮大，社区成员总数突破了 150,000，活跃用户数量突破 20,000，总发送消息数量超过 100,000 条！

## 展望 2025：拓展边界，探索可能

在即将到来的 2025 年，对 Bifrost 而言，最重要的便是新经济模型和 bbBNC 的推出。Bifrost Dapp 已经上线了新的协议数据面板，将协议费用和收入公开透明化，为接下来 BNC 的回购和向 bbBNC 持有者分享利润奠定了基础。

从产品层面来说，vToken 的新增和扩展将持续进行，目前 Bifrost 已经完成了 Hyperbridge 测试网的接入，将现有的 vToken 拓展到更多异构链已近在眼前；此外，我们也在尝试接入一些新的 LST，将 SLPx 架构和更多 Token 结合起来。

在活动和内容方面，Bifrost 将持续参与行业内的重大活动，分享 Liquid Staking 的实践经验和 DeFi Appchain 的发展趋势。

让 2024 的成就归于过去，开启 2025 梦想的序章。

Bifrost 2024 年度报告

2024 has been a landmark year for Web3, highlighted by the approval of BTC and ETH ETFs, marking crypto's full entry into the mainstream capital. Alongside this significant milestone, we have seen the full blown points meta, the memecoin craze, and the emergence of AI in crypto exciting opportunities have emerged and there is much more to come.

## Key Achievements in 2024

For Bifrost, 2024 has been a year of steady progress. Our goals have remained consistent: to be the best dedicated liquid staking appchain, successfully completing our product development and ecosystem expansion plans.

- **TVL** exceeded $100 million once again
- **Total protocol profit**: $1,695,300
- **Total protocol revenue**: $7,926,900
- **Transactions**: 305,223
- **Active addresses**: 40,000+
- **DApp views**: 3,380,000
- **Unique DApp users:** 126,000
- **New DApp users**: 60,000+

![图表七：Community (2).png](https://cdn.bifrost.io/cms/Community_2_a7bf5faddc.png)

Let’s dive into some of the highlights from Bifrost in 2024 and take a glimpse at what lies ahead.

### New Tokenomics: Sharing Protocol Profits with bbBNC Holders

The [Bifrost 2.0 Tokenomics proposal](https://bifrost.io/blog/bifrost-releases-new-tokenomics-proposal-sharing-protocol-profit-to-buy-back-and-burn-bnc) was unveiled to the community this year, with one of the most pivotal changes being **bbBNC** (Buy Back BNC).  [bbBNC](https://bifrost.io/blog/bbbnc-community-faq-a-deep-dive-into-bifrost-tokenomics) is an escrow token and bbBNC holders can directly share in the profits generated by the Bifrost protocol.

In 2024, Bifrost’s protocol fee reached **$7.92 million**, with a total protocol profit of **$1.69 million**.

![协议收入.png](https://cdn.bifrost.io/cms/_43a3159985.png)

After the launch of new tokenomics on 2025 Q1, **100% of the protocol’s profits** will be used to buy back BNC, with **90% of that** being distributed to bbBNC holders.

Bifrost is part of the few main DeFi protocols activating protocol revenue sharing. This mechanism drives the flywheel of positive growth, aligning token holders' interests with those of the Bifrost protocol, propelling the entire ecosystem forward.

![bbbnc.png](https://cdn.bifrost.io/cms/bbbnc_dae971b737.png)

## Loop Stake: Leverage Staking at Your Fingertips

In March 2024, Bifrost launched [Loop Stake](https://app.bifrost.io/vstaking/vDOT?tab=loopstake), an innovative one-click leveraged staking tool for Bifrost LSTs “vTokens”. Users can create leverage instantly, enhancing their staking yield. Currently, **DOT** and **KSM** are supported, with more parachain assets expected to be added soon.

Since its launch, over **1,000,000$** have been staked via Loop Stake, with a utilization rate hovering around **55%**. Loop Stake has enhanced the flexibility and composability of Bifrost's liquid staking offerings.

![图表一：LoopStake.png](https://cdn.bifrost.io/cms/Loop_Stake_2b14d12573.png)

## Fellowship: Building Towards Decentralized Governance

[Bifrost's **Fellowship**](https://bifrost.io/blog/insights-into-the-roles-and-responsibilities-of-bifrost-sub-fellowships) follows Polkadot's governance model, bringing together experts from diverse fields to drive long-term growth and development for the protocol.

Currently, the Fellowship consists of **25 members**, including technical developers, DeFi specialists, infrastructure and node operators, community leaders, and ecosystem partners.

## vToken Reward-Share Program

Bifrost’s [vToken reward-share **Program**](https://bifrost.io/blog/earn-long-term-rewards-with-the-bifrost-vtoken-reward-share-program) is a new collaboration incentive initiative that allows partners to join the Bifrost OpenGov community and earn commissions for minting vTokens through their exclusive referral links.

Currently, 9 **channels** have successfully joined the program, with a total minted value of over **$5.6 million**.

![rsp.png](https://cdn.bifrost.io/cms/rsp_15405d428d.png)

## Liquid Wave: Airdrop Campaign

To celebrate the launch of bbBNC, Bifrost initiated the [**Liquid Wave** series campaign](https://wave.bifrost.io/). The first phase, **LST Campers**, concluded successfully, with over **300,000 page views** and participation from **100,000+ addresses**. This event resulted in the minting of **Parachain LST Tokens** worth **$3,945,900**.

WAVE, the event's exclusive point, can be exchanged for **bbBNC** once the entire Liquid Wave series is complete.

![图表二：Liquid Wave.png](https://cdn.bifrost.io/cms/Liquid_Wave_f842454268.png)

## vBNC Migrates to the Bifrost-Polkadot Network

In November 2024, Bifrost completed a major milestone, [migrating all operations from Bifrost-Kusama network to **Bifrost-Polkadot** network](https://bifrost.io/blog/bifrost-has-finished-migration-from-bifrost-kusama-to-bifrost-polkadot). This marks a key step in the Bifrost 2.0 upgrade.

With a more mature business model and the richer ecosystem and liquidity that Polkadot offers, this migration will significantly enhance Bifrost's cross-chain liquid staking services, opening up new opportunities for growth.

## Community Building: Growing Our Global Impact

In 2024, Bifrost made its mark across **10 cities globally**, including Singapore, Hong Kong, Bangkok, Berlin or Brussels. We participated in **27 events**, ranging from online webinars to in-person summits. Our discussions spanned vTokens, DeFi trends, and the practicalities of Liquid Staking. Our community also grew, with **over 150,000 members**, **20,000 active users**, and more than **100,000 messages** exchanged.

![Online & Offline Events.png](https://cdn.bifrost.io/cms/Online_and_Offline_Events_051e105bb1.png)

## Looking Ahead to 2025: Beyond Boundaries

As we look ahead to 2025, Bifrost's main focus will be the continued rollout of the new tokenomics and bbBNC. The Bifrost Dapp has already introduced a new protocol dashboard, offering full transparency on protocol fees and revenue, laying the groundwork for the upcoming BNC buybacks and profit-sharing with bbBNC holders.

On the product front, we will continue expanding **vToken** assets. The **Hyperbridge testnet** is live, and we are on track to extend vToken to more heterogeneous chains. We are also exploring new LST integrations, combining SLPx architecture with new tokens.

We’ll continue to participate in major industry events, sharing our experiences with Liquid Staking and the development trends of DeFi Appchains.

As we close out 2024, we look forward to turning our achievements into a foundation for the exciting journey ahead in 2025.

Bifrost 2024 Annual Report

Bifrost is excited to announce its partnership with Phala Network and the introduction of a new liquid staking token—**vPHA**. vPHA is the first native liquid staking token which offers Phala holders a unique opportunity to earn staking yield whilst participating in on-chain DeFi.

## What is vPHA Pre-mint?

vPHA represents staked PHA on the Phala chain and returns from staking rewards.  As staking rewards are received, vPHA increases in value, without any change to the quantity of vTokens. 

![vPHA_INFO.png](https://cdn.bifrost.io/cms/v_PHA_INFO_91ddabcb39.png)

Pre-Mint refers to the initial phase of vPHA’s development, during which the token operates as a vault contract (ERC-20) deployed on the Ethereum Mainnet. At this stage, vPHA functions as a single-chain liquid staking token. In the future, vPHA will be integrated into Bifrost’s SLP and SLPx, and will be used across multiple blockchains, enhancing its utility and accessibility in DeFi applications.

This Pre-Mint phase provides early adopters with the opportunity to participate in vPHA staking while benefiting from the token’s growth as it evolves into an omnichain LST.

## Why choose vPHA?

vPHA provides a simple way to convert your PHA into a yield-bearing asset. By staking PHA, you can start earning passive income immediately, all while keeping your assets liquid.

Getting started is easy: simply deposit your PHA into [omni.ls](https://omni.ls/stake/vPHA), where it will automatically be converted to vPHA. From the moment of deposit, your vPHA will generate yield through the underlying strategy vaults, allowing you to earn rewards passively.

## How to mint and Unstake vPHA

Before you mint vPHA, you will need **ETH** for gas fees and **PHA** for staking. You can easily acquire both on CEX like Binance and transfer them to your on-chain wallet.

- Connect your wallet and Input the amount of PHA you want to stake, click on "**Approve**" and sign the 1st transaction, then click on "**Stake now**" and sign the 2nd transaction to mint your vPHA.
- Once minted, your vPHA will be deposited directly into your EVM wallet. This process typically takes between 5 to 15 minutes.
- To unstake, click on "Unstake" in the top menu, enter the amount you wish to unstake, and note that the process will take 21 days to complete.

## About Phala Network

[Phala Network](https://phala.network/) is a a next-generation cryptographic computer that enables trustless and verifiable computation for web3 and AI applications. By leveraging a **hybrid infrastructure** including Trusted Execution Environments (TEEs), blockchain, Multi-Party Computation (MPC), and Zero-Knowledge Proof (ZKP), Phala delivers flexible, open-source, and affordable **verification** solutions for any developer, in any type of program.

## About Bifrost

[Bifrost](https://bifrost.io/) is a **Liquid Staking Appchain** tailored for all blockchains, utilizing **decentralized cross-chain interoperability** to empower users to earn staking rewards and DeFi yields with **flexibility**, **liquidity**, and **high security** across multiple chains. 

SLPx is an extension module developed by Bifrost, serving as a developer toolkit that enables the minting of vTokens on any chain. The goal is to simplify the integration of vTokens for more DeFi applications.

Bifrost Partners with Phala Network to Launch vPHA Pre-Mint

As a leading liquid staking appchain, Bifrost has partnered with the next-gen interoperability coprocessor Hyperbridge to successfully deploy **vDOT** (Polkadot’s largest Liquid Staking Token) and BNC (Bifrost’s native token) across **Optimism, Arbitrum, Base, and BNB Chain!**

➡️ Bridge your vDOT or BNC to Arbitrum, Optimism, Base and BNB Chain on [Bifrost Dapp](https://app.bifrost.io/crosschain)

## OmniChain Liquid Staking is here!

With new public chains emerging, a multi-chain landscape is on the way. This has driven technical innovations in public chains, but it has also led to liquidity fragmentation and complex user experiences.

Bifrost’s [**SLPx**](https://bifrost.io/slpx), a omnichain liquid staking techstack, is the solution to this challenge. SLPx simplifies multi-chain liquid staking by consolidating liquidity onto a single chain—eliminating the need to bootstrap liquidity across multiple ecosystems, reducing transaction fees, and improving efficiency.

Previously, Bifrost implemented a limited "chain abstraction" within the Polkadot ecosystem. With the integration of Hyperbridge, vDOT and vBNC can now seamlessly operate on BSC, Base, Arbitrum, and Optimism, allowing them to be traded and participate in DeFi yield opportunities.

## Seed Pools is Ready!

The seed liquidity pools for BNC and vDOT have been successfully deployed across these networks, and users can start swap at any time! The details are as follows:

![Farming pools - purple-3.png](https://cdn.bifrost.io/cms/Farming_pools_purple_3_0ea4dbcd9d.png)

Besides, the contract addresses of registered vToken on Layer2 networks are as follows:

- **BNC**: 0xf877500C6ff3cf8305245bCb3Cf1c5A6B7287aEF
- **vBNC**: 0x61c57c187557442393a96bA8e6FDfE27610832a5
- **DOT**: 0x8d010bf9C26881788b4e6bf5Fd1bdC358c8F90b8
- **vDOT**: 0xBC33B4D48f76d17A1800aFcB730e8a6AAada7Fe5
- **ASTR**: 0x44C97257Ab904A22DAfA31E75190E3AF9331E81c
- **vASTR**: 0xf659c15AEB6E41A9edAcBbF3fAeF3902c7f3fE1b
- **GLMR**: 0xF83455EBd661eB4f414aD3BF252a62b08C3f990C
- **vGLMR**: 0x0Bc2e0cab4AD1Dd1398D70bc268c0502e8A6DF24

## Cross-Chain Guide

Want to transfer vDOT to another network? Follow these steps:

1. Open the Bifrost Dapp, connect your wallet, and navigate to the [Cross-Chain](https://app.bifrost.io/crosschain) page;

2. Select the target network, token, and amount you want to transfer, click "Confirm," and pay the gas fees;

![crosschain1.png](https://cdn.bifrost.io/cms/crosschain1_950a248185.png)

3. Wait for the cross-chain transaction to complete. The time required may vary depending on the network.

![crosschain3.png](https://cdn.bifrost.io/cms/crosschain3_0ee5bce676.png)

**💡 Tips**

1. Ensure you have sufficient gas fees for the cross-chain transaction;
2. Transferring from Bifrost to a Layer2 network takes approximately 5-10 minutes;
3. Transferring from Layer2 to the Bifrost network takes approximately 60-90 minutes.

## Liquidity Incentive Proposal

On February 13th, Bifrost and Hyperbridge jointly launched a new liquidity incentive proposal, requesting **795,000 DOT** from the Polkadot treasury to support a 12-month liquidity incentive program. The initiative aims to introduce DOT and vDOT into high-traffic ecosystems such as Ethereum, Base, and Arbitrum.

All funds from the proposal will be used to support DeFi, lending, liquidity, and other multi-chain financial innovations involving DOT and vDOT, and to attract users and developers to the Polkadot network!

This proposal marks an important step toward a broader Polkadot ecosystem. We invite everyone to discuss the proposal and provide feedback here: [Polkadot DeFi Singularity](https://polkadot.subsquare.io/referenda/1439)

Bifrost and HyperBridge Bring Polkadot’s Liquid Staking to Multi-Chain DeFi

作为领先的流动性质押应用链，Bifrost 与下一代互操作协议 Hyperbridge 达成合作，已成功将 **vDOT**（DOT 流动性质押代币）和 BNC（Bifrost 原生代币）部署到 **Optimism、Arbitrum、Base 和 BNB Chain！**

现在，已经可以在 Bifrost Dapp 上体验跨链：[https://app.bifrost.io/crosschain](https://app.bifrost.io/crosschain)

## 开启全链流动性质押

新公链层出不穷，多链格局已成趋势，这促进了公链的技术创新，但也导致了应用、资产、用户体验的碎片化。

而 Bifrost 提出的全链架构 SLPx 正是破局之策。Bifrost SLPx 技术栈可以将多链流动性聚合至单一链，降低 Gas费，提升资金效率！

此前，Bifrost 已经在波卡生态内实现了有限的”链抽象“，在 Hyperbridge 的支持下，vDOT 和 vBNC 已经可以跨入 Ethereum、BSC、Base、Arbitrum、Optimism，在这些 EVM 链上进行交易，参与 DeFi 生息机会。

## 种子流动性池已部署

BNC 与 vDOT 的种子流动池已在上述网络完成部署，用户随时可以进行兑换！具体的流动性池子分布和交易对如下：

![Farming pools - purple-3.png](https://cdn.bifrost.io/cms/Farming_pools_purple_3_0ea4dbcd9d.png)

已注册的 vToken 在 Layer2 网络上的合约地址如下：

- BNC: 0xf877500C6ff3cf8305245bCb3Cf1c5A6B7287aEF
- vBNC: 0x61c57c187557442393a96bA8e6FDfE27610832a5
- DOT: 0x8d010bf9C26881788b4e6bf5Fd1bdC358c8F90b8
- vDOT: 0xBC33B4D48f76d17A1800aFcB730e8a6AAada7Fe5
- GLMR: 0xF83455EBd661eB4f414aD3BF252a62b08C3f990C
- vGLMR:0x0Bc2e0cab4AD1Dd1398D70bc268c0502e8A6DF24
- ASTR: 0x44C97257Ab904A22DAfA31E75190E3AF9331E81c
- vASTR:0xf659c15AEB6E41A9edAcBbF3fAeF3902c7f3fE1b

## 跨链操作指南

想将 vDOT 和 BNC 跨链至其他网络？跟着以下步骤操作：

1、打开 Bifrost Dapp，连接钱包并找到「跨链」页面；

2、选择想要跨入的目标网络、币种、数量，点击「确认」，支付 Gas 费用；

![crosschain1.png](https://cdn.bifrost.io/cms/crosschain1_950a248185.png)

3、等待跨链到账，不同链需要的时间不同；

![crosschain3.png](https://cdn.bifrost.io/cms/crosschain3_0ee5bce676.png)

**💡 小贴士**

1. 跨链过程中需确保有足够的 Gas 费；
2. 从 Bifrost 跨链到 Layer2 网络大约需要 5-10 分钟；
3. 从 Layer2 跨链到  Bifrost 网络大约需要 60-90 分钟；

## 795,000 DOT 激励提案

2 月 13 日，Bifrost 和 Hyperbridge 联合发起了新的流动性激励提案——向波卡国库申请 795,000 DOT，推动为期 12 个月的流动性激励活动，推动 DOT 和 vDOT 进入以太坊、Base、Arbitrum 等高流量生态。

提案申请的所有资金将用于支持 DOT 和 vDOT 的 DeFi、借贷、流动性等多链金融创新，引导外部用户和开发者加入 Polkadot！

这是 Polkadot 生态迈向更广泛生态的重要一步，欢迎大家在这里讨论提案，并提出建设性的意见：[Polkadot DeFi Singularity](https://polkadot.subsquare.io/referenda/1439)

Bifrost x Hyperbridge：开启 Polkadot 多链流动性！

Following vBNC’s successful migration from Bifrost-Kusama to Bifrost-Polkadot, we proudly unveil **BNC Explorers**—the second phase of the Liquid Wave campaign. 

This stage empowers users to mint vBNC, engage with the ecosystem, and prepare for Bifrost Tokenomics 2.0 and step into the new era of **[Fee Switch](https://bifrost.io/blog/fee-switch-revolution-bifrost-rewrites-de-fi-tokenomics-with-profit-sharing-and-buybacks)**.

## Event Period

27 February 2025, 18:00 SGT – 27 March 2025, 18:00 SGT

## Event Rules

Earn WAVE points through the following tasks to claim BNC rewards, convertible to bbBNC post-event:

1. **Mint vBNC**

    - Earn **5 WAVE per 1 vBNC minted**.
    - **10% bonus WAVE** for minting during Week 1.
    - Redeeming vBNC during the event deducts corresponding WAVE points.


2. **Invite & Earn**

    - Inviters receive **10% of their invitees’ minted WAVE points**.
    - Example: If Alice invites Bob, and Bob earns 150 WAVE, Alice gains 15 WAVE.


3. **Convert Raindrops**

    - Exchange legacy Raindrops points for WAVE at **100:1** during the event.


4. **Governance Participation**

    - Voting on designated OpenGov proposals with vBNC unlocks an **additional 10% minting bonus**.

## Rewards

There are three reward pools for this event, including the exclusive minting user pool, the WAVE leaderboard pool, and the invitation pool. All rewards will be settled in BNC.

### Minting Pool

Users who mint vBNC or invite friends to mint vBNC can earn WAVE. Based on the number of WAVE held, users can farm rewards from the BNC prize pool. The more WAVE you hold and the earlier you participate, the more BNC rewards you will receive.

The total amount in the exclusive minting user pool is **20,000 BNC**.

### WAVE Leaderboard Pool

During the event period, the **top 10 addresses with the highest WAVE holdings** will receive an additional **10,000 BNC** in rewards, as detailed below:

![IMG_2655.jpg](https://cdn.bifrost.io/cms/IMG_2655_0f1c7444ad.jpg)

### Invitation Pool

When users successfully invite others to mint vBNC, they will earn WAVE invitation points. After the event ends, users can exchange their invitation points for corresponding rewards. The total reward pool for the invitation pool is **10,000 BNC**!

The reward a single address can claim is calculated as:

**Reward = (Your Invitation points / Total invitation points) * Total reward pool**

For example, if Alice invites Bob, and Bob successfully mints 30 vBNC, Bob will earn 150 WAVE, and Alice will earn 10% of Bob's minted points, i.e., 15 points. If the total invitation points generated are 1,000, Alice will receive 150 BNC in rewards.

## bbBNC – Coming Soon

After the vBNC event concludes, the launch of bbBNC will follow. All vBNC stakers will be able to share in the profits of the Bifrost protocol.

Revenue Sharing is the core of Bifrost Tokenomics 2.0, which will redefine the value of BNC, provide real protocol profit support for bbBNC, and help the Bifrost protocol form a positive growth flywheel.

BNC Explorers is Live: Farm BNC Rewards and Gear Up for the Fee Switch

## 技术开发

### Runtime 16002

- 优化 Felxiable Fee token 选择逻辑
- 集成 Hyperbridge
- 优化 bbBNC 相关模块逻辑
- 降低 Bifrost EVM 基础交易手续费

### Omni LS 1.0.8

- 接入 SLPx 最新的交易接口
- 关闭 vFIL 相关功能

### Campaign 1.1.0

- 全面适配第二期 BNC Explorers 活动

### Dapp 1.9.4

- 支持通过 Hyperbridge 对多种 Token 和网络进行双向互跨

## 产品进展

本月 Bifrost 总锁仓量（TVL）达到 **64,661,367** 美元，vDOT 总铸造量 (TVS) 为 **8,515,720** 枚;

其中，vASTR 表现亮眼，总铸造量（TVS）突破 **97,551,416** 枚, 总锁仓量超 (TVL) $3.86M，单月增长 38.06%；

- 本月，[Bifrost 已正式完成 Hyperbridge 模块接入](https://x.com/Bifrost/status/1894659802300911953)，成功打通包括 $BNC、$vDOT 等多种 vToken 与 Base、Arbitrum、OP、BNB 链的跨链互操作。

- #95 号公投通过后，[Bifrost 已将流动性部署至多链](https://x.com/Bifrost/status/1894659862501757349)，支持了 BNC/vDOT 和 ETH/BNB/USDT 等币种的兑换。

![Farming pools - purple-3.png](https://cdn.bifrost.io/cms/Farming_pools_purple_3_0ea4dbcd9d.png)

- Bifrost 与 Hyperbridge 和 Snowbridge 发布联合提案，向国库申请 795,000 DOT 以激励 DOT/ETH，vDOT/ETH 在多链的流动性。欢迎发表意见，进行讨论：[https://polkadot.subsquare.io/referenda/1439](https://polkadot.subsquare.io/referenda/1439)

- Bifrost 与 Phala 联合发布 vPHA Pre-mint Event，用户可通过使用 [omni.ls](http://omni.ls) 或 Phala Dapp 参与vPHA 的提前铸造。

# 运营活动

2 月 18-19 日，Bifrost 来到了香港 Consensus 大会！其中，Bifrost Dev Rel Lead 参与了 EasyA 举办的开发者 Workshop，并在《Polkadot 建设者之亚洲力量》圆桌讨论中发表了观点。

2 月 21 日，[WUD 已正式加入 Bifrost 渠道分佣计划](https://x.com/Bifrost/status/1893257496460140568)！我们通过渠道分佣计划与 Degen 社区建立合作，以促进长期战略合作关系并推动社区持续发展。


2 月 26 日，Bifrost Co-founder Lurpis 参与了 JAM Tour 北京场和上海场的活动，并发表了 Pre-Talk 演讲，分享了 Polkadot 演进史和 JAM 协议未来发展的看法。

2 月 27 日，Bifrost Dev Rel 参与了 Polkaworld 主办的直播活动。直播主要介绍了集成 Hyperbridge 的情况，以及 DOT 激励提案的申请概况。

2 月 27 日，Liquid Wave 系列活动第二阶段 [BNC Explorers](wave.bifrost.io/bnc) 正式上线。在活动期间完成任务可获得 WAVE 积分，瓜分 BNC 奖励和后续兑换 bbBNC。

月报｜Bifrost 已正式集成 Hyperbridge，连接波卡资产与以太坊二层生态！

## Development

### Runtime 16002

- Optimized the token selection logic for Flexible Fee.
- Integrated with Hyperbridge.
- Optimized logic for bbBNC modules.
- Reduced the basic transaction fees for Bifrost EVM addresses.

### Omni LS 1.0.8

- Integrated the latest transaction interface of SLPx.
- Disabled vFIL-related functionalities.

### Campaign 1.1.0

- Developed the BNC Explorers campaign.

### Dapp 1.9.4

- Supports cross-chain transfers for multiple tokens between Bifrost-Polkadot and Layer2 networks through Hyperbridge.

## Product

This month, Bifrost's Total Value Locked (TVL) reached **$64,661,367**, and the total minted vDOT (TVS) was **8,515,720**.

Among these, vASTR performed exceptionally well, with the total minted amount (TVS) surpassing **97,551,416**, and its total TVL exceeding $3.86 million, showing a 38.06% month-over-month growth.

- Bifrost officially completed the integration of the Hyperbridge module, successfully enabling cross-chain interoperability for multiple vTokens, including $BNC, $vDOT, and chains such as Base, Arbitrum, Optimism, and BNB Chain.


- After referendum #95 passed, Bifrost has deployed liquidity to multiple chains.

![Farming pools - purple-3.png](https://cdn.bifrost.io/cms/Farming_pools_purple_3_0ea4dbcd9d.png)

- Bifrost, in collaboration with Hyperbridge and Snowbridge, has submitted a joint proposal to the treasury requesting 795,000 DOT to incentivize liquidity for DOT/ETH and vDOT/ETH across multiple chains. The proposal details can be found [here](https://polkadot.subsquare.io/referenda/1439).

- Bifrost, in partnership with Phala, launched the vPHA Pre-mint Event. Users can participate in the early minting of vPHA through [omni.ls](http://omni.ls/) or the Phala Dapp.

# Marketing

On February 18-19, Bifrost attended the Hong Kong Consensus Conference! During this event, Bifrost's Dev Rel Lead participated in a developer workshop hosted by EasyA and shared insights in the "Building on Polkadot: an Asia take" roundtable discussion.

On Feburary 21, WUD has joined the Bifrost Reward Share Program! Through this program, we have formed a strategic partnership with the Degen community to foster long-term collaboration and promote sustainable community growth. 

On February 26, Bifrost Co-founder Lurpis participated in the JAM Tour events in Beijing, delivering a Pre-Talk where he shared his views on the evolution of Polkadot and the future development of JAM.

On February 27, Bifrost Dev Rel participated in a live-stream event hosted by Polkaworld. The live stream focused on the integration of Hyperbridge and provided an overview of the DOT incentive proposal.

On February 27, the second phase of the Liquid Wave campaign, BNC Explorers, officially launched. During this campaign, completing tasks allows users to earn WAVE points, share BNC rewards, and later redeem bbBNC.

Bifrost Monthly Report | February 2025

**Hello Polkadot Community,**

We’re thrilled to announce the second round of DOT unbonding **Subsidy Program.** This is your chance to earn **triple rewards** and enjoy a **compound yield** of up to 33.18%:

1. **vDOT Base Staking Rewards (90d):** 11.81%
2. **vDOT on Hydration Liquid Boost:** 9.37%
3. **vDOT 28-Day Staking Reward Subsidy:** 12%

![Farming pools - purple.png](https://cdn.bifrost.io/cms/Farming_pools_purple_6dca947622.png)

## What is the Subsidy Program?

The Subsidy Program is a special initiative for those who unbond DOT from nomination pools or classic staking. They are automatically eligible to receive a full **28-day staking reward subsidy** when they mint vDOT on Bifrost.

## How the Subsidy Program Works

**Subsidy Period: From March 1 (UTC+0), 2025 to May 1 (UTC+0), 2025.**

- **Unbond Your DOT:** If you unbond DOT from nomination pools or classic staking during the period, you qualify for the subsidy. *(Note: even if you mint vDOT before June 1, 2025, you will still qualify.)*
- **Mint vDOT on Bifrost:** Once your DOT is unbonded, head over to [**Bifrost**](https://app.bifrost.io/vstaking/vDOT) and mint vDOT. This converts your staked DOT into liquid staking form, allowing you to farm in DeFi protocols while continuing to earn staking rewards.
- **Receive Your Subsidy:** Bifrost will **fully subsidize the missed 28-day staking rewards** that would otherwise be lost during unbonding. You’ll receive these rewards in DOT after the snapshot period.

Bifrost reserves all rights to the final interpretation of this program.

## **Snapshot Rules**

- After the subsidy program ends, we will take a snapshot of the vDOT balances on DOT unbonding addresses 30 days later.
- Subsidy will be distributed based on the vDOT growth from the first vDOT holding snapshot on June 1 (UTC+0).
- The missed staking rewards accrued during the 28-day unbonding period will be distributed as a one-time payout.
- The subsidy will be distributed as a one-time payout following the vDOT holdings snapshot on June 1 (UTC+0), 2025.

### Holdings Included in the Snapshot

The following vDOT holdings will be counted in the snapshot:

- **Bifrost Network**
    - vDOT holdings
    - vDOT in LP (Liquidity Pools)
        - vDOT-USDT LP
        - vDOT-DOT LP
        - vDOT-DOT BLP
        - vDOT-BNC LP
        - vsDOT-vDOT LP
    - vDOT in LoopStake
    - vDOT in Farming Pools
        - vDOT Single Pool
        - LP vDOT-USDT
        - BLP vDOT-DOT
- **Hydration Network**
    - vDOT holdings
    - vDOT in Omnipool
    - vDOT in Farming
    - vDOT in Money Market

## Why Join the Subsidy Program

- **Triple Rewards:** Take advantage of base vDOT staking, Hydration Liquid Boost, and a 28-day unbonding subsidy.
- **Liquidity + Staking:** Maintain liquidity with vDOT while still benefiting from staking rewards.
- **Convenient One-Time Payout:** Subsidy rewards will be settled in DOT, making it easy to access and reinvest as you wish.

## Welcome Unbonded DOT to Bifrost!

We warmly invite everyone unbonding DOT to join Bifrost for liquid staking. Take advantage of the Subsidy Program to enhance staking strategies!

Liquid stake your DOT on [Bifrost](https://app.bifrost.io/vstaking/vDOT) today!**

DOT Unbonding Subsidy Program Season II

Hi, DOT Stakers，

DOT 解质押补贴计划自首期推出以来，许多用户通过 vDOT 实现了质押收益+流动性自由的双重突破！

为了让大家更好地体验流动性质押，Bifrost 推出了第二期的 DOT 解质押补贴计划，凡是从提名池或 Classic Staking 中解锁了 DOT 并通过 Bifrost 质押成 vDOT 的用户，均可享受补贴激励！

通过参与我们的计划，您可以享受高达 33.18% 的 DOT 质押收益，具体包括以下三重收益：

- 近 90 天的 vDOT 基础质押奖励：11.81%
- vDOT 在 Hydration 的流动性奖励：9.37%
- 28 天解锁等待期的奖励补贴：12%

![Farming pools - purple.png](https://cdn.bifrost.io/cms/Farming_pools_purple_6dca947622.png)

## 补贴计划规则

**补贴时间**：从 2025 年 3 月 1 日（UTC+0）到 2025 年 5 月 1 日（UTC+0）；

**补贴资格**：在补贴计划期间，如果您从提名池或 Classic Staking 中解锁了 DOT，就有资格获得补贴；

**补贴额度**：每个地址可获得的最大可补贴数量等于该地址在活动期间内提名池解锁的 DOT 总量；

**如何参与**：从 Classic Staking 或提名池中解锁你的 DOT，并在 Bifrost Dapp 上完成流动性质押（铸造 vDOT）。我们将全额补贴您在 28 天解锁等待期内损失的质押奖励！

结算：补贴奖励将以 DOT 结算。

## 奖励发放规则

补贴计划结束后，我们将在 2025 年 6 月 1 日（UTC+0）对所有活动地址的 vDOT 余额进行快照。

补贴将根据 vDOT 净增长量进行计算。vDOT 净增长量 = 最终快照时的 vDOT 持有量 - 第一次快照时的 vDOT 持有量。

活动结束后，我们会在快照后的两周内一次性发放 28 天解锁期间损失的质押奖励。

vDOT 持仓净增长量的快照范围：vDOT 持有数量、在 Bifrost LP/Farming/LoopStake 和在 Hydration LP/Farming/Money Market 的 vDOT 数量。

质押入口：[DOT 流动性质押](https://app.bifrost.io/vstaking/vDOT)

举个例子，在第一次快照时，地址 A 的 vDOT 余额是 0。在 3 月 1 日 - 5 月 1 日期间，地址 A 从提名池中共解锁了 1,000 DOT，那么该地址可以获得的最高补贴额度为 1,000 DOT。

在 2025 年 6 月 1 日之前，如果地址 A 将 1,000 DOT 铸造为 vDOT，那么地址 A 可以获得大约 9.2 DOT 的补贴奖励。

如果地址 A 只将 500 DOT 铸造为 vDOT，那么地址 A 可以获得大约 4.6 DOT 的补贴奖励。

如果地址 A 将铸造后的 vDOT 放到 Hydration 或 Bifrost Dapp 内进行挖矿，也是计算入持有数量的。

这是提升 DOT 收益的绝佳机会，欢迎在 Bifrost 体验 DOT 流动性质押，实现收益最大化！

我们鼓励解锁 DOT 的用户在 Bifrost 进行流动性质押！享受质押的收益，同时保持流动性。

*活动最终解释权归 Bifrost 所有

DOT 解质押补贴计划第二季启动！

## Development

### Runtime 17000

- Enabled asynchronous 6-second block production.
- Completely removed all modules related to Gov1.
- Implemented rapid unlocking in vTokenVoting after unsuccessful votes.
- Optimized cross-chain fee friction for SLP.

### Runtime 17001

- Support for the latest Hyperbridge indexer.
- Enhanced XCM oracle logic for compatibility with Hydration.

### Dapp 1.9.4

- Launched the second season of the vDOT Subsidy.
- Relaunched flexible fee mechanism for vBNC on Bifrost-Polkadot.
- Adapted to Bifrost's 6-second block production.

## Product

In March, Bifrost’s Total Value Locked (TVL) reached **$60,997,877**, with vDOT’s Total Value Staked (TVS) hitting **8,554,699**.

Notably, vMANTA performed exceptionally, with the total minted amount (TVS) surpassing **8,290,190**, and its total TVL exceeding **$2.36 million**, showing a 8.09% month-over-month growth.

- Hydration joined the Bifrost Reward Sharing Program (RSP). With [gigaDOT’s upcoming launch](https://hydration.substack.com/p/breaking-news-gigadot-and-hollar), Hydration’s Dapp UI will integrate vDOT minting features, significantly enhancing user experience for both vDOT and gigaDOT.
- Bifrost successfully completed the [first repayment](https://bifrost.subsquare.io/referenda/110) of its Polkadot liquidity loan and initiated the [second round](https://polkadot.subsquare.io/posts/407) proposal. Similar to the first round, this proposal aims to borrow 500,000 DOT over one year to bolster vDOT/DOT liquidity.
- Polkadot community members Alice und Bob proposed utilizing Polkadot treasury funds to inject liquidity into Bifrost and Hydration, aiming to expand use-cases for vDOT and gigaDOT. The detailed proposal can be accessed [here](https://forum.polkadot.network/t/deploy-idle-treasury-capital-into-dot-vdot-liquidity-buy-btc-eth-mint-hollar/12175).

## Marketing

- The Bifrost team participated in the [JAM Tour](https://x.com/Bifrost/status/1897586333331411070) in Shanghai, Hangzhou, and Shenzhen, showcasing our business development strategies leveraging Polkadot technology through thematic Pre-talk speeches.
- The second season of the [DOT Unstaking Subsidy](https://x.com/Bifrost/status/1894742839659221089) Program commenced. Users who unstake DOT from nomination pools or Classic Staking and restaked it as vDOT on Bifrost became eligible for subsidy incentives.
- [The Polkadot Yappers](https://x.com/Bifrost/status/1899399945406566516) campaign was launched, encouraging creators to produce in-depth analysis, tutorials, or creative content related to Bifrost, with outstanding contributions earning BNC rewards.
-  Bifrost Community Manager Thomas joined the [Next Block Expo](https://x.com/Bifrost/status/1903054026180268261) and ETH Warsaw events in Poland. His presentation highlighted the Bifrost SLPx architecture and demonstrated how Bifrost and Hyperbridge are revolutionizing DeFi on ETH Layer 2 solutions.

![y.png](https://cdn.bifrost.io/cms/y_96bf0309b8.png)

- The BNC Explorers event concluded successfully, meeting its initial goal of minting 2,700,000 BNC in just 10 days, followed swiftly by achieving an additional 800,000 BNC. Driven by this event, the total minting of vBNC reached a new high of 11,800,000 tokens.

Bifrost Monthly Report | March 2025

## 技术开发

### Runtime 17000

- 支持异步 6 秒出块
- 彻底移除 Gov1 相关模块
- vTokenVoting 支持投票结果失败后快速解锁
- SLP 跨链手续费损耗对齐优化

### Runtime 17001

- 支持 Hyperbridge 最新的 indexer 实现
- 优化 xcm oracle 逻辑适配 hydration

### Dapp 1.9.4 更新

- 上线 vDOT Subsidy 第二期
- vBNC 在 Bifrost-polkadot 重新上线 Flexible Fee

## 产品进展

本月 Bifrost 总锁仓量（TVL）达到 60,997,877 美元，vDOT 总铸造量 (TVS) 为 8,554,699 枚;

其中，vMANTA 表现亮眼，总铸造量（TVS）突破 8,290,190 枚, 总锁仓量超 (TVL) $2.36M，单月增长 8.09%；

本月，[Polkadot 领先的 DEX 项目 Hydration 加入 Bifrost Reward Sharing Program](https://x.com/Bifrost/status/1905605871683674596)。随着 gigaDOT 的即将上线，Hydration Dapp UI 将集成 vDOT 铸造功能，全面优化 vDOT 和 gigaDOT 的用户体验。

Bifrost 已完成 Polkadot 流动性借款第一期还款，并已发起[第二期](https://polkadot.subsquare.io/posts/407)提案。该提案与第一期条件相同，将在一年期内借入 500,000 DOT 用于扩充 vDOT/DOT 流动性。

Polkadot 社区成员 Alice und Bob 发起提案，建议[从 Polkadot 国库向 Bifrost 和 Hydration 注入流动性](https://forum.polkadot.network/t/deploy-idle-treasury-capital-into-dot-vdot-liquidity-buy-btc-eth-mint-hollar/12175)，以扩大 vDOT 和 gigaDOT 的应用范围。

## 市场运营

3 月 1 日 - 3 月 6 日，Bifrost 团队先后参与了 [JAM Tour](https://x.com/Bifrost/status/1897586333331411070) 上海、杭州、深圳三站活动，通过「Pre-talk 主题演讲」展示了我们是如何借助 Polkadot 技术架构进行业务开发的。

3 月 6 日，[DOT 解质押补贴计划第二季](
https://x.com/Bifrost/status/1894742839659221089)已经开启，凡是从提名池或 Classic Staking 中解锁了 DOT 并通过 Bifrost 质押成 vDOT 的用户，均可享受补贴激励！

3 月 11 日，Bifrost 开启了 [Polkadot Yappers 奖励活动](https://x.com/Bifrost/status/1899399945406566516)，鼓励创作者发布与 Bifrost 相关的深度分析、教程或创意内容，优质内容可以获得 BNC 奖励。

3 月 19 日 - 20 日，Bifrost 社区经理 Thomas 前往波兰参加了  [Next Block Expo](
https://x.com/Bifrost/status/1903054026180268261) 和 ETH Warsaw 活动，并发表了演讲，向现场参会者演示了 Bifrost SLPx 架构，以及 Bifrost 与 Hyperbridge 如何彻底改变 ETH L2s 上的 DeFi。

3 月 21 日，[BNC Explorers 活动圆满结束](
https://x.com/Bifrost/status/1903023807109140502)，仅用 10 天时间就达到了最初铸造 2,700,000 BNC 的目标，随后又提前完成了额外的 800,000 BNC 目标。在活动的推动下，vBNC 的总铸造量突破新高，达到 11,800,000。

月报｜BNC Explorers 活动圆满结束，BNC 总铸造量突破新高！

2025 年 5 月，Polkadot 社区通过了由 Bifrost 提出的第 1538 号公投，批准向其提供 100 万 DOT 的流动性贷款，为期一年，年利率约为 6%。这笔贷款旨在增强 vDOT 的流动性，推动其在 DeFi 应用中的广泛采用，进一步巩固 Polkadot 在多链质押和跨链金融领域的领先地位。

## 什么是 vDOT？为何它对 Polkadot 至关重要？

[vDOT](https://bifrost.io/vtoken/vdot) 是 Bifrost 推出的 DOT 流动性质押代币，允许用户在保留质押收益的同时，释放资产流动性。随着 DeFi 生态的快速发展，vDOT 已成为多个应用场景中的关键资产，包括：

- 在 Hydration 的货币市场中作为借贷资产；
- 作为 Interlay iBTC Vault 的抵押品；
- 在 Bifrost 的 LoopStake 中实现杠杆质押；
- 通过 Hyperbridge 和 Snowbridge 实现跨链应用，覆盖 Base、Arbitrum、BNB Chain 等多个网络。

截至目前，vDOT 的持有地址已从 2024 年 3 月的 2,820 个增长至接近 6,000 个，增长率接近 100%。

## Bifrost 的贷款提案为何获得 Polkadot 社区高度支持？

Bifrost 在 Kusama 和 Polkadot 生态中有着良好的贷款偿还记录：

2022 年和 2023 年，Bifrost 分别偿还了两笔 50,000 KSM 的贷款，共计为 Kusama 国库带来超过 8,000 KSM 的利息收益。

2024 年初，Bifrost 成功偿还了来自 Polkadot 国库的 500,000 DOT 贷款，并支付了约 42,723 DOT 的质押奖励作为利息。

此次提案的核心目标是：

- 增强 DOT-vDOT 的流动性，降低交易滑点；
- 扩大 vDOT 的应用场景，提升其在 DeFi 生态中的影响力；
- 通过质押收益，为国库带来额外的收益，预计年利率约为 6%。

整个贷款的操作过程将通过 XCM 跨链消息传递协议在链上公开执行，确保透明度和安全性。

## vDOT 的生态扩展：跨链应用与合作伙伴关系

Bifrost 正在积极推动 vDOT 的跨链应用和生态合作：

- 通过 Hyperbridge 和 Snowbridge，[实现 vDOT 在 Base、Arbitrum、BNB Chain 等网络的部署](https://bifrost.io/zh-CN/blog/article-38)；
- 与 13 个合作伙伴开展[渠道分佣计划](https://bifrost.io/zh-CN/blog/earn-long-term-rewards-and-reward-share-program)，包括 Astar、Subscan、The Kusamarian 等，累计贡献超过 76,000 vDOT，TVL 达到近 400 万美元；
- 在 Interlay 的借贷市场中，vDOT 已成为主要的抵押资产，提升了借贷效率和收益率。

## vDOT 正在成为 Polkadot DeFi 的基石资产

随着此次 100 万 DOT 流动性贷款的批准，vDOT 的流动性和应用场景将进一步扩展，推动其成为 Polkadot DeFi 生态中的核心资产。Bifrost 的稳健运营和创新能力，为 Polkadot 社区带来了新的增长动力。

1,000,000 DOT 流动性贷款提案通过，助力 vDOT 成为 Polkadot DeFi 核心资产！

In a major step to boost DeFi adoption within the Polkadot ecosystem, Bifrost has [secured a 1 million DOT ($4M) liquidity loan from the Polkadot Treasury](https://polkadot.subsquare.io/referenda/1538). With a clear repayment structure and strong track record, this initiative marks a significant milestone in advancing **Polkadot staking** and reinforcing **Polkadot DeFi** use cases across Substrate parachains and EVM-compatible chains.

## Ref 1538 at a Glance

- **Loan amount**: 1,000,000 DOT
- **Duration**: 1 year
- **Estimated interest**: ~6% (~60,000 DOT via staking rewards)
- **Repayment**: Full principal + interest returned to Treasury at maturity via XCM

This loan will be used to mint [vDOT](https://bifrost.io/vtoken/vdot), a liquid staking token of DOT issued by Bifrost, and deepen liquidity in the vDOT-DOT StableSwap pool—enhancing capital efficiency and unlocking new DeFi integrations.

## Why This Matters for Polkadot Staking

Traditional staking on Polkadot locks assets, limiting their utility across the growing DeFi landscape. vDOT, a liquid staking token, solves this by enabling:

- **Continuous staking rewards** while maintaining liquidity
- **Use as collateral** in lending protocols like Interlay
- **Participation in governance** without unbonding
- **Composable yield strategies** such as leveraged staking via LoopStake

This loan effectively puts idle Treasury capital to work by staking DOT and circulating vDOT into the broader Polkadot DeFi ecosystem.

## Bifrost’s Proven Track Record

Bifrost has previously:

- Repaid 50,000 KSM Treasury loans (2022 & 2023) with interest, delivering over 8,370 KSM to Kusama
- Repaid 542,723 DOT to Polkadot in 2024, including ~42,723 DOT in interest
- Secured an 18-month KSM loan extension in 2024

These successes reinforce Bifrost’s reliability in handling large-scale treasury-backed liquidity operations.

## Explosive Growth of vDOT

vDOT adoption has doubled in just one year:

* **March 2024**: 2,820 holders
* **Today**: 5,000+ holders

Deployed across multiple use cases:

* Yield aggregation (Hydration, Omnipool)
* Money Markets (Hydration, Interlay)
* Governance (OpenGov voting with vDOT)
* Collateral (Interlay’s iBTC Vault)
* Cross-chain integrations (Base, Arbitrum, BNB Chain, Moonbeam, Astar)

Over 2.7 million vDOT have been transferred cross-chain, and Omnipool liquidity has surpassed $6M.

## Ecosystem Expansion: Hyperbridge, gigaDOT, and RSP

- **Hyperbridge + Snowbridge** enable vDOT to reach Ethereum, L2s, and BSC
- **gigaDOT** strategy offers composite yield from vDOT + aDOT + incentives
- [Bifrost RSP](https://bifrost.io/blog/earn-long-term-rewards-with-the-bifrost-vtoken-reward-share-program) has onboarded 13+ partners and over $4M in TVL, contributing 76,000 vDOT

These initiatives collectively expand Polkadot staking utility across new chains and user segments.

## Transparent Fund Management & Repayment

- vDOT minted using 600K DOT from the loan
- 400K DOT + 600K DOT worth of vDOT provided to StableSwap
- No impermanent loss due to correlated asset pairing
- Full repayment (1M DOT + staking rewards) via XCM upon loan maturity

All operations are publicly trackable on-chain, ensuring transparency and security.

## Why This Matters for Polkadot DeFi

This proposal showcases how the Polkadot Treasury can:

- Maximize idle capital with on-chain staking rewards
- Empower native protocols like Bifrost to scale
- Strengthen DeFi infrastructure through strategic liquidity injections
- Build a sustainable staking economy without compromising liquidity

Polkadot staking is evolving, and vDOT is at the center of this transformation. By combining staking yield with DeFi usability, Bifrost is unlocking a new chapter in Polkadot DeFi.

With strong community backing and clear incentive plans, the 1M DOT Treasury loan is more than just a funding move—it's a catalyst for long-term ecosystem growth.

How a 1M DOT Treasury Loan is Powering Polkadot Staking and DeFi with vDOT

In the DeFi world, even the smallest vulnerability can trigger millions in losses. Just recently, [Hydration awarded a **$500,000 whitehat bounty**](https://hydration.subsquare.io/referenda/119) for the discovery of a critical flaw that, if left unpatched, could have resulted in **over $22 million** in potential damage — a timely fix that safeguarded both the protocol and user funds.

At Bifrost, we understand that **security is the sword of Damocles hanging over every DeFi protocol**, and that whitehats are the indispensable guardians of this decentralized world. That’s why we’re launching a new bounty program — offering **up to $500,000** for anyone who can find a protocol-level flaw before it’s too late.

If you can find a vulnerability that allows someone to **illegitimately increase the supply of any vToken** (e.g., vDOT, vMANTA, vBNC, etc.) without staking or collateral input — you could earn **up to $500,000 in a single payout**.

This is part of our Immunefi **bug bounty**, designed to uncover the deepest, most dangerous risks in the Bifrost protocol — before malicious actors do.

## Why It Matters

vTokens like vDOT and vBNC represent **real, staked capital**. Their minting is tightly controlled through validator participation, staking queues, and reward distribution.

This bounty program focused on:

- Protocol-level exploits
- Severe Fund or governance manipulation
- unauthorized vToken minting

## Reward Highlights

### Protocol Vulnerabilities (Blockchain/DLT)

| Severity | Reward (Up to) | Description |
| --- | --- | --- |
| **🟥 Critical** | **$500,000** | Unauthorized vToken minting (vDOT, vKSM, etc.), chain halt, or permanent fund freeze |
| **🟧 High** | $25,000 | Chain splits, RPC crashes, mempool abuse |
| **🟨 Medium** | $10,000 | Node shutdowns, resource exhaustion |
| **🟩 Low** | $1,000 | Fee miscalculations, partial disruption |

### Website / Application Vulnerabilities (Front-end)

| Severity | Reward (Up to) | Description |
| --- | --- | --- |
| **🟥 Critical** | $5,000 | Wallet exploit, unauthorized withdrawals, full server access |
| **🟧 High** | $2,000 | Subdomain takeover, HTML injection, private info leaks |
| **🟨 Medium** | $1,000 | Redirects, non-sensitive user manipulation |
| **🟩 Low** | $500 | Broken links, minor UI abuse |


Please check the full scope on [Immunefi](https://immunefi.com/bug-bounty/bifrostfinance/information/) 

### How to Participate:

1. Review the code
2. Identify an exploit path that leads to **unbacked vToken inflation**
3. Submit a full report, including reproduction steps and impact assessment via [Immunefi](https://immunefi.com/bug-bounty/bifrostfinance/information/)
4. If verified, receive the reward

## Terms

- Only the **first valid submission** is eligible for the bounty
- Must be previously unknown and exploitable
- Bifrost reserves the right to validate findings with internal and external audit partners

Code is law — until it’s not. And in a world where billions move across trustless bridges, where staking powers ecosystems, and where a single vulnerability can unravel everything, we’re not leaving anything to chance. That’s why we’re offering up to $500,000 for a single critical discovery, and inviting the smartest minds in Web3 to test the very foundations of our protocol before the wrong person ever gets the chance.

Bifrost Launches Bug Bounty on Immunefi With $500,000 for a Single Critical Vulnerability

在 DeFi 世界里，一个看似微小的漏洞，往往足以引发数百万美元的灾难。就在不久前，[Hydration 向一位白帽支付了 50 万美元的漏洞奖励](https://hydration.subsquare.io/referenda/119)，用于表彰其发现的一项关键漏洞。如果该漏洞未被及时修复，协议与用户资金将面临超过 **2200 万美元** 的潜在损失。所幸，在白帽的帮助下，Hydration 得以及时封堵了风险，守住了资金安全。

Bifrost 同样深知，**安全问题始终是悬在 DeFi 协议之上的达摩克里斯之剑**。而白帽黑客，正是这个去中心化世界不可或缺的守护者。因此，我们正式发起 **漏洞赏金计划** —— 任何人只要能发现 Bifrost 协议层的关键漏洞，比如绕过质押流程增发 vToken（如 vDOT、vMANTA、vBNC 等）的漏洞，我们将提供单笔最高 50 万美元的赏金。

这次赏金计划由 [Immunefi](https://x.com/immunefi) 提供平台支持，目标是挖掘 Bifrost 协议中最底层的风险点，在黑客找到它们之前，先由白帽将它们揭露。

## 为什么要发起赏金计划

vToken 是 Bifrost 协议发行的质押衍生资产，直接锚定用户所质押的底层 Token，其价值由链上真实质押资金支持，是 Bifrost 协议中最关键的资产形态之一。

本次赏金计划的重点，不在于 UI、小漏洞或优化建议，而是**真正对系统稳定和资金安全构成威胁的核心漏洞**：

- 协议逻辑缺陷
- 绕过 vToken 铸造机制
- 节点层的共识/处理攻击

只要漏洞可能导致资金损失、破坏验证逻辑，即视为「有效范围」。

## 赏金等级与分类

### 区块链 / 协议级漏洞（Blockchain / DLT）

| 严重等级 | 最高赏金 | 举例 |
| --- | --- | --- |
| **🟥 严重（Critical）** | **$500,000** | vToken 超额增发导致的用户资金受损 |
| **🟧 高风险（High）** | $25,000 | 分叉、RPC 崩溃、内存池滥用等 |
| **🟨 中等（Medium）** | $10,000 | 节点宕机、资源耗尽等 |
| **🟩 轻微（Low）** | $1,000 | 交易费率错误、轻度中断等 |

### 网站 / 前端漏洞（Website / App）

| 严重等级 | 最高赏金 | 举例 |
| --- | --- | --- |
| **🟥 严重（Critical）** | $5,000 | 钱包攻击、未授权提现、服务器权限控制等 |
| **🟧 高风险（High）** | $2,000 | 子域接管、私密信息泄露、持久性注入等 |
| **🟨 中等（Medium）** | $1,000 | 页面重定向、非敏感用户操作劫持等 |
| **🟩 轻微（Low）** | $500 | 页面链接接管、小范围 UI 干扰等 |

Scope 详情请通过 Immunefi 查看：[https://immunefi.com/bug-bounty/bifrostfinance/information/](https://immunefi.com/bug-bounty/bifrostfinance/information/)

## 如何参与

1. 阅读并审查 Bifrost 开源代码
2. 定位潜在漏洞路径（例如 vToken 的非质押增发）
3. 使用 [Immunefi](https://immunefi.com/bug-bounty/bifrostfinance/information/) 提交漏洞报告，必须提供**完整的可执行 PoC**（Proof of Concept），仅文字说明不予评估。

## 赏金条款说明

- 仅对**第一个有效提交人**发放奖励
- 所有漏洞需为**真实可复现的未知漏洞**
- Bifrost 保留联合安全审计伙伴（如 SlowMist 等）复审的权利

在加密世界，代码是规则的载体，也是信任的根基。但哪怕是最严谨的协议，也可能因一个漏洞而瞬间崩塌。随着跨链资产流转日益频繁，质押与收益机制不断复杂，每一行底层代码，都关乎整个系统的安全与命运。

与其等黑客出手，不如先把奖励交给愿意守护系统的白帽。如果你找到了那个关键漏洞，**Bifrost 愿意为此买单。**

Bifrost 启动漏洞赏金计划，单个漏洞最高奖励 50 万美元

## 技术开发

### Runtime 20000（已升级）

- 支持 vDOT 在 Assethub 与 Bifrost 之间互跨
- vTokenVoting 支持 delegate 将 vToken 投票权托管给其他地址
- vToken 汇率计算模型优化，与总发行量解耦方便 vToken 与不同形式的跨链桥对接
- SLPx 支持 Assethub PoC
- 修复 vDOT XCM Oracle 无法成功喂价给 Hydration 问题

### Runtime 21000（开发中）

- Runtime 整体排查并适配 Asset Hub Migration
- 升级 Polkadot SDK 至 2503 版本
- bbBNC 适配兼容 vToken 利率模型
- SLP 跨链功能适配 Asset Hub Migration
- Hyperbridge 跨链逻辑适配 Asset Hub Migration

### Omni LS 1.0.9（已升级）

- 在 4 个网络，3 个 vToken 上支持 SLPx 2.0

### Dapp 1.9.4 (Hot update)

- 支持 vDOT 与 Assethub 之间的互跨

## 产品进展

本月 Bifrost 总锁仓量（TVL）达到 **95,081,731** 美元。

其中，vDOT 表现亮眼，总铸造量（TVS）突破 **19,174,767** 枚, 总锁仓量超 (TVL) $77M，单月增长 21.62%；

[Defi Singularity Campaign](https://bifrost.io/zh-CN/blog/article-53) 第一期激励已正式部署至 vDOT/ETH 在 Base, Ethereum mainnet, Arbitrum 和 BNB Chain。用户需要在 Uniswap 添加流动性即可自动参与 Merkl 的激励分发。

![DeFi Singularity Details.png](https://cdn.bifrost.io/cms/De_Fi_Singularity_Details_eb5434ccc1.png)

本月，vBNC 上线 Bifrost 杠杆质押市场 - Loopstake，最大支持 4 倍杠杆，目前使用率为 34.23%，APY 最多可扩大至 13.60%。

访问入口：[https://app.bifrost.io/vstaking/vBNC?tab=loopstake](https://app.bifrost.io/vstaking/vBNC?tab=loopstake)

![loop stake vx.png](https://cdn.bifrost.io/cms/loop_stake_vx_161fd7c9c4.png)

SLPx 已完成对 Hyperbridge 的接入，vASTR, vGLMR, vBNC 均可在 L2 网络直接完成铸造。vDOT 将在后续上线。

## 市场运营

7 月 10 日，Bifrost 发布了全新 [Workshop 视频](
https://x.com/Bifrost/status/1942977114032226366
)，由团队成员讲解如何在 Uniswap v4 上构建 LST Hook。这一节内容深入介绍了如何利用 Uniswap v4 的 Hooks 架构，将协议打造成一个「无限可能的开发者乐园」。

7 月 18 日，Bifrost 社区经理 Thomas 前往德国柏林，参与了为期三天的 [Web3 Summit](https://x.com/Bifrost/status/1945876191732523117)，该峰会汇聚了全球 Web3 建设者、研究者与波卡生态核心人物。

7 月 28 日，Bifrost 在安全平台 Immunefi 上正式启动[漏洞赏金计划](https://bifrost.io/zh-CN/blog/article-54)，聚焦协议级别的核心漏洞披露，单个有效漏洞最高可获得 50 万美元奖励。本次赏金计划的目标漏洞类型包括 vToken 非授权增发、共识层攻击、治理机制绕过等，旨在通过社区力量提前发现系统性安全隐患，强化协议抗风险能力。

7 月 29 日，Bifrost 在越南河内举办 [DeFi Connect in Vietnam](https://x.com/Bifrost/status/1949500059982365035) 线下活动，拉开越南周序幕！汇聚了 DeFi OG、开发者与生态伙伴，交流 Alpha 观点，拓展生态联络，碰撞全链未来的新观点。



月报｜vDOT 流动性激励已部署至以太坊生态，vDOT 铸造量突破 1900 万

## Tech

### Runtime 20000 (Upgraded)

- Enabled vDOT cross-chain transfers between AssetHub and Bifrost
- vTokenVoting now supports vote delegation—users can delegate vToken voting rights to other addresses
- Optimized vToken exchange rate calculation model by decoupling it from total issuance, improving compatibility with various cross-chain bridge types
- SLPx now supports AssetHub PoC
- Fixed the issue where the vDOT XCM oracle failed to feed price data to Hydration

### Runtime 21000 (In Development)

- Full audit and adaptation of Runtime for AssetHub Migration
- Upgraded Polkadot SDK to version 2503
- Adapted bbBNC for compatibility with the vToken interest rate model
- Adapted SLP cross-chain functionality for AssetHub Migration
- Adapted Hyperbridge cross-chain logic for AssetHub Migration

### Omni LS 1.0.9

- SLPx 2.0 is now supported for three vTokens across 4 networks

### Dapp 1.9.4 (Hot Update)

- Enabled cross-chain transfers between vDOT and AssetHub

## Product

This month, Bifrost’s **Total Value Locked (TVL)** reached **$98,333,113**.

Among them, vDOT performed exceptionally well, with a total minted supply (TVS) exceeding 19,174,767, and TVL surpassing $77M, reflecting a monthly growth of 21.62%.

The [DeFi Singularity Campaign Phase 1](https://bifrost.io/blog/defi-singularity-continues-earn-vdot-yield-across-ethereum-base-and-more) is now live, with incentives deployed to the vDOT/ETH pair on Base, Ethereum mainnet, Arbitrum, and BSC. Users can join the Merkl rewards program simply by adding liquidity on Uniswap.
    
- vBNC is now available on Bifrost’s leveraged staking market – Loopstake, supporting up to **4x leverage**. Current utilization is **34.23%**, with APY boosted up to **13.60%**.  You can try vBNC loop stake here: [https://app.bifrost.io/vstaking/vBNC?tab=loopstake](https://app.bifrost.io/vstaking/vBNC?tab=loopstake)

-  SLPx has been successfully integrated with Hyperbridge. vASTR, vGLMR, and vBNC can now be minted directly on Layer 2 networks. vDOT integration is coming soon.

## Marketing

- Bifrost released a new [workshop video](https://x.com/Bifrost/status/1942977114032226366), exploring how to build LST Hooks on Uniswap v4. This session offered an in-depth look at how Uniswap's Hooks architecture enables a flexible, developer-centric playground.

- Bifrost’s Community Manager, Thomas, traveled to Berlin to attend the three-day [Web3 Summit](https://x.com/Bifrost/status/1945876191732523117), which brought together Web3 builders, researchers, and key Polkadot ecosystem contributors from around the world.

- Bifrost officially launched a [bug bounty program](https://immunefi.com/bug-bounty/bifrostfinance/information/) on Immunefi, focusing on critical protocol-level vulnerabilities. Rewards for valid exploits go up to **$500,000**. Target issues include unauthorized vToken minting, consensus-level attacks, governance bypasses, and more—aimed at identifying systemic risks through community-driven efforts.

![Bug Bounty with Immunefi.png](https://cdn.bifrost.io/cms/Bug_Bounty_with_Immunefi_43522fb22a.png)

- Bifrost kicked off its Vietnam Week by hosting “[DeFi Connect in Vietnam](https://x.com/Bifrost/status/1949500059982365035)” in Hanoi. The event brought together DeFi OGs, developers, and ecosystem partners to share Alpha, forge new connections, and explore visions for the future of cross-chain liquidity.

Bifrost Monthly Report | July 2025

Ethereum staking has become one of the most secure and reliable yield-generating strategies in crypto. As the second-largest blockchain, Ethereum’s staking market has surpassed **$100 billion**, making it the single largest value sink in the DeFi landscape. For ETH holders, staking not only provides sustainable yield, but also represents a direct contribution to network security and the long-term growth of the Ethereum ecosystem.

However, today’s Ethereum staking market faces a structural challenge: **fragmented liquidity**.

High gas fees on Ethereum mainnet have pushed users toward Layer 2 networks such as Arbitrum, Base, and Optimism. Yet most liquid staking protocols still require staking ETH on mainnet. This creates friction—cross-chain complexity, unnecessary time delays, and higher costs. As a result, Liquid Staking Tokens (LSTs) remain far less seamless to use across chains than native ETH itself.

**This is why Bifrost launches vETH 3.0.**

## vETH 3.0: ETH Liquid Staking on Any Chain

[vETH 3.0](https://bifrost.io/vtoken/veth) is Bifrost's next-generation omnichain liquid staking solution for Ethereum. Rather than simple cross-chain bridging, it represents a fundamental architectural design that enables users to mint and use vETH directly on any supported network—truly delivering on the vision of "one LST, universal across all chains."

**Core Features**

- **Native omnichain minting**: Mint vETH directly using ETH on Ethereum mainnet, Base, Arbitrum, Optimism, and the Polkadot ecosystem—no complex cross-chain operations required
- **Unified liquidity**: Regardless of which chain you mint on, vETH represents the same underlying staked assets with fully synchronized exchange rates and yields
- **Flexible redemption**: Initiate redemption requests from multiple networks, with funds automatically routed through optimal paths

## How Does vETH 3.0 Enable Cross-Chain Staking?

The technical implementation of vETH 3.0 is built on three parts:

### SLPx 2.0

SLPx 2.0 serves as the core contract layer of vETH 3.0, handling minting and redemption requests from different networks. When users initiate minting on Base or Arbitrum, the SLPx contract securely transmits ETH to the Bifrost network for unified management through decentralized cross-chain protocols such as Snowbridge and Hyperbridge, while simultaneously returning vETH to the user.

![Base等 Layer2铸造.png](https://cdn.bifrost.io/cms/Base_Layer2_615d565ffd.png)

The key advantage of this design: users enjoy a consistent experience on any supported chain, while the underlying cross-chain complexity is fully abstracted away.

### ERC-4626

vETH 3.0 adheres to the ERC-4626 Standard—the unified interface specification for yield-bearing assets in the Ethereum ecosystem. ERC-4626 defines standardized methods for deposits, withdrawals, and share calculations, enabling vETH to integrate seamlessly with any DeFi protocol that supports this standard.

This means lending protocols can directly accept vETH as collateral, while DEXs and aggregators can automatically recognize vETH's yield-bearing properties and incorporate it into more sophisticated strategy compositions.

### Decentralized Validator Services

The security of staked assets depends on validator quality. vETH 3.0 utilizes SSV Network (Secret Shared Validator) as its underlying validator infrastructure. SSV works by splitting validator keys into multiple shares distributed across independently operated nodes—a leading Distributed Validator Technology (DVT) solution in the Ethereum ecosystem.

![SSV.png](https://cdn.bifrost.io/cms/SSV_c7545506d6.png)

Currently, SSV Network secures over 4 million ETH (approximately $18 billion) and is trusted by industry giants including Kraken and Lido, making it a battle-tested and proven solution.

## How to Participate in vETH 3.0 Staking and Farming

Minting vETH takes just a few minutes:

1. Visit [Omni.ls](https://omni.ls/stake/vETH)
2. Connect your wallet and select a supported network (Ethereum, Base, Optimism, or Arbitrum)
3. Ensure you have sufficient ETH for staking and gas fees
4. Enter the amount of ETH to stake (minimum 0.001 ETH)
5. Click **“Stake”** and confirm the transaction
6. Base staking APY: **~3.5%**

### **vETH Farming Incentives**

To coincide with the launch of vETH 3.0, a **one-month incentive program** will be live soon on the Bifrost–Polkadot chain. By depositing vETH into the single-asset farming pool, users can earn **vDOT rewards**.

vDOT rewards accrue in real time and can be claimed at any time.

## What's Next for vETH

Ethereum staking should not be constrained by network boundaries. vETH 3.0 represents the next evolution in liquid staking—a decentralized, omnichain ETH staking solution.

The launch of vETH 3.0 is just the beginning. Looking ahead, Bifrost will enable direct conversion of stETH and rETH to vETH, providing existing LST holders with a seamless migration path. Additionally, deeper integration with Hydration is underway, with plans to unlock more DeFi opportunities for vETH holders through Omnipool and gigaETH strategies.

vETH 3.0: The First LST Built for Native Multichain ETH Staking

In 2025, the crypto industry did not arrive at an easy answer.

While ETFs continued to channel institutional capital into the market, the year was equally defined by heightened volatility, closer regulatory scrutiny, and an unprecedented demand for sustainability. Liquid staking has moved beyond being a yield tool—it has evolved into an infrastructure layer that connects multi-chain liquidity, governance, and DeFi returns.

If one word were to define Bifrost’s 2025, it would be **“DELIVERY”**

We delivered on the promise of the new tokenomics “bbBNC”, aligning the interests of the community and the protocol more closely than ever before. We delivered on our yield layer vision, extending vToken accessibility to Ethereum and its Layer2 networks. And we delivered on our commitment to long-term product iteration, closing the year with the release of vETH 3.0—establishing the technical foundation for the next phase of growth.

What follows is a review of Bifrost’s key milestones and achievements throughout the year.

## Key Insights

- **Buyback & Profit Sharing Mode on**: 100% of protocol profits are allocated to BNC buybacks, with 90% distributed to bbBNC holders, marking Bifrost’s transition into a phase of real profitability and yield sharing
- **vToken minting expanded across the board**: vDOT, vBNC, vASTR, and vMANTA all achieved multi-fold growth in staked volume
- **Infrastructure takes shape**: multiple cross-chain solutions integrated, enabling vTokens to natively enter heterogeneous ecosystems such as Ethereum, Base, Arbitrum, and BNB Chain
- **Product stack completes a generational upgrade**: the launch of vETH 3.0 and SLPx 2.0 solidifies Bifrost’s long-term direction as the staking yield layer.

## Performance Overview

Numbers tell the most honest story.

In 2025, Bifrost generated over \$8.07 million in total protocol revenue, with gross profit reaching \$1.2 million. This marked a clear transition into a more mature phase, driven by sustainable protocol profitability.

On-chain activity remained strong throughout the year. Total transactions exceeded 634,000, with nearly 39,000 active addresses. The Bifrost dApp recorded more than 1.16 million cumulative page views and close to 39,000 unique users, indicating the emergence of a stable and recurring user base.

Community growth also stayed healthy. By year-end, total community membership reached 138,000, with over 27,000 vToken-holding addresses and more than 130,000 BNC holders.

![report-overview.png](https://cdn.bifrost.io/cms/report_overview_e8b9024b75.png)

Despite increased market volatility in the second half of the year, minting volumes across multiple vTokens continued to grow significantly—reflecting improved liquidity retention and stronger product stickiness across the protocol.

### bbBNC: Sharing with Holders

**This represents the most important narrative shift for Bifrost in 2025.**

Historically, many DeFi governance tokens have struggled with a fundamental problem: beyond voting rights, holders had little exposure to the economic upside of protocol growth. bbBNC was designed to break this pattern.

Built on an enhanced veToken model, bbBNC directs 100% of protocol profits toward BNC buybacks, with 90% distributed directly to bbBNC holders.

Market response exceeded expectations. BNC locked rapidly surpassed **16 million tokens**, accounting for over **20% of total supply**. By year-end, the protocol had cumulatively repurchased more than **1.72 million BNC**, of which **172,000 BNC** were permanently burned.

![report-bbbnc.png](https://cdn.bifrost.io/cms/report_bbbnc_fd950a1af8.png)

We believe that only when protocol success is meaningfully aligned with community interests can a truly durable ecosystem be built.

## vTokens: Broad-Based Growth Across the Stack

In 2025, multiple vTokens under the Bifrost umbrella achieved substantial growth, reaffirming sustained demand for liquid staking across multi-chain environments.

![datavtoken.png](https://cdn.bifrost.io/cms/datavtoken_6e02f04637.png)

**vDOT** remained the core growth engine. Minted supply increased from approximately 7 million at the beginning of the year to **18 million** by year-end—representing over **157% growth**, with peak issuance surpassing **24 million**. vDOT continues to lead the Polkadot ecosystem as its most liquid staking asset.

**vBNC** growth was closely tied to the launch of the bbBNC economic model. As more users opted to lock BNC for protocol revenue participation, demand for vBNC rose in parallel, with minted supply approaching **20 million** by year-end.

**vASTR** maintained steady momentum, doubling from 50 million to **100 million** over the course of the year. Continued expansion within the Astar ecosystem provided a solid demand foundation.

**vMANTA** experienced breakout growth following the release of vMANTA 2.0. Minted supply rose from 8 million to **22 million**, an increase of nearly **175%**. Instant minting and improved cross-chain UX were the primary drivers behind this acceleration.

## vETH 3.0: The First Native ETH LST on Multichains

On December 18, Bifrost officially launched vETH 3.0—its most significant step into the Ethereum ecosystem to date.

With over **$100 billion** staked, Ethereum represents the largest value pool in DeFi. vETH 3.0 rethinks liquidity architecture from the ground up, delivering on the vision of “one LST, natively usable everywhere.” Users can mint vETH directly on Ethereum mainnet, Base, Arbitrum, Optimism, and Bifrost-Polkadot, without complex bridging workflows.

**vETH 3.0 marks Bifrost’s formal entry into the competition for omnichain LST infrastructure.** Next, Bifrost will support direct conversions from stETH and rETH into vETH, enabling seamless migration for existing LST holders. Deeper integration with Hydration is also underway, leveraging Omnipool and gigaETH strategies to unlock broader DeFi use cases for vETH holders.

## Reward Share Program (RSP)

The [vToken Reward Share Program](https://bifrost.io/zh-CN/blog/earn-long-term-rewards-and-reward-share-program) has become a key driver of Bifrost’s TVL growth. Its premise is simple: partners who help grow Bifrost should continue to share in the protocol’s success.

In 2025, the number of RSP partners expanded to **15**, collectively driving over **$1.8 million** in effective TVL. Subscan and WUD emerged as standout contributors.

![report-rsp.png](https://cdn.bifrost.io/cms/report_rsp_66ee6a376a.png)

Bifrost’s growth does not rely solely on internal marketing spend. Through ecosystem-level collaboration, partners become both co-builders and beneficiaries of long-term value creation.

## Liquid Wave: The Power of Community Participation

In 2025, Bifrost successfully completed the [Liquid Wave airdrop campaign](https://wave.bifrost.io/), the largest community incentive initiative in the protocol’s history.

The campaign page recorded over **100,000 visits**, with **37,131 addresses** participating. TVL driven through the campaign exceeded **$3.17 million**, and more than **135 million WAVE points** were distributed.

Liquid Wave represented a deep engagement experiment with the community. Through a points-based system and phased tasks, users were introduced to the value of vTokens, experienced the convenience of liquid staking firsthand, and became long-term participants in the Bifrost ecosystem.

## Security First

For a liquid staking protocol managing tens of millions of dollars in assets, security is paramount. In 2025, Bifrost completed several critical upgrades across its technical and security stack.

At the protocol level, the **Runtime 20000/21000 upgrade series** significantly improved performance and stability. **AssetHub migration support** was completed in preparation for the Polkadot 2.0 era. Deep integration with **Hyperbridge** established robust cross-chain communication channels, laying the groundwork for multi-chain vToken expansion.

On the security front, Bifrost partnered with Immunefi, maintaining a bug bounty program with rewards of up to **$500,000**.

## Ecosystem Collaboration

Throughout 2025, Bifrost established deep partnerships across the ecosystem.

**DeFi Singularity** was one of the year’s most impactful collaborative initiatives. Through joint incentives with Hyperbridge, the campaign successfully attracted over **$4,000,000** in cross-chain TVL, extending vDOT yield opportunities from Polkadot into Ethereum, Base, and beyond.

On the developer side, Bifrost partnered with OneBlock and PaperMoon to host a global hackathon with a total prize pool of **$12,000**.

## Community and Global Presence

In 2025, the Bifrost team traveled to **10 cities worldwide**, participating in **27 events**.

From Token2049 in Singapore to Korea Blockchain Week in Seoul, from Hong Kong to Buenos Aires, we remained committed to engaging with the community both online and offline—sharing vToken updates, discussing DeFi trends, and showcasing the latest liquid staking innovations.

![report-event.png](https://cdn.bifrost.io/cms/report_event_2f0a94e6ee.png)

These events were not merely about visibility. They served as vital channels for listening, feedback, and iteration. Many of Bifrost’s most important product decisions originated from these face-to-face conversations.

## Closing Thoughts

If “delivery” defines 2025, it refers not to a single outcome, but to a capability.

This year, Bifrost chose to do the hard things well: turning tokenomics into real buybacks and revenue distribution, transforming omnichain ambition into verifiable cross-chain functionality, and distilling product iteration into reusable, long-term technical frameworks.

We deliberately chose a path without shortcuts—stabilizing infrastructure first and grounding growth in genuine demand. These choices may not always generate the loudest headlines, but they determine whether a protocol remains resilient under pressure.

In 2026, we build forward from this foundation: stronger systems, a more diverse product suite, deeper collaboration, and staking yield solutions for stablecoins, DeFi, and real-world assets.

In a rapidly evolving crypto landscape, steady progress requires continuous exploration and persistent innovation. What carries us through each phase is a deep commitment to the industry—and the long-term trust of our community.

The period at the end of 2025 is also the starting point of 2026. We will continue to turn every promise into the next verifiable delivery.

*All data in this report is current as of December 30, 2025.*

Bifrost 2025 Annual Report

2025 年，加密行业并没有迎来一个简单的答案。

在 ETF 推动机构资金持续进入的同时，市场也经历了更频繁的波动、更严格的审视，以及对“可持续性”前所未有的要求。流动性质押不再只是提升收益的工具，而是演变为连接多链流动性、治理与 DeFi 收益的基础设施层。

如果用一个词来总结 Bifrost 的 2025 年，这个词是「兑现」。

我们兑现了 bbBNC 经济模型的承诺，让社区与协议利益前所未有地紧密联结；我们兑现了全链愿景，让 vToken 的足迹延伸至 Ethereum 及其 Layer2 网络；我们也兑现了对产品迭代的坚持，在年末发布了 vMANTA 2.0 与 vETH 3.0 ，确立了下一阶段的技术基底。

接下来，我们将回顾 Bifrost 在这一年中完成的重要进展与阶段性成果。

## Key Insights

- **回购+分红模式正式开启**：100% 协议利润用于 BNC 回购，90% 分配给 bbBNC 持有者，Bifrost 进入真实盈利与分红阶段
- **vToken 铸造规模全面增长**：vDOT、vBNC、vASTR、vMANTA 质押量均实现倍数级提升
- **全链基础设施成型**：集成多个跨链解决方案，vToken 开始原生进入 Ethereum、Base、Arbitrum、BNB Chain 等异构链生态
- **产品线完成代际升级**：vETH 3.0 和 SLPx 2.0 的发布，确立“多链原生 LST + 基础设施层”的长期方向

## 数据概览

数字是最诚实的叙述者。

2025 年，Bifrost 协议总收入突破 **807 万美元**，累计协议毛利润达到 **120 万美元**。这意味着 Bifrost 已经从「靠激励驱动」的早期阶段，迈入「靠产品盈利」的成熟阶段。

在链上活跃度方面，全年总交易笔数超过 63.4 万**笔**，活跃地址数接近 **3.9 万个**。Dapp 累计浏览量突破 **116 万次**，访问用户数接近 **3.9 万人**。这些数据表明，Bifrost 的产品已经形成了稳定的用户基础和使用习惯。

社区规模同样保持健康增长。截至年底，社区成员总数达到 **13.8 万人**，vToken 持有者超过 **2.7 万个地址**，BNC 持有者更是突破 **13 万个地址**。

![report-overview.png](https://cdn.bifrost.io/cms/report_overview_e8b9024b75.png)

尽管下半年市场波动加剧，Bifrost 多个 vToken 的铸造量仍然实现了大幅度增长，反映出协议在流动性留存与产品粘性方面的成熟度正在提升。

### bbBNC：让协议增长惠及每一位持有者

**这是 2025 年 Bifrost 最重要的叙事转变。**

在过去，DeFi 协议的代币往往面临「治理代币无实际价值」的困境——持有者除了投票，几乎无法分享协议成长的收益。bbBNC 的推出，正是为了打破这一僵局。

bbBNC 是一种基于 veToken 模型的增强版经济设计，协议利润的 100% 用于回购 BNC，其中 90% 直接分配给 bbBNC 持有者。

bbBNC 上线后，市场反应超出预期。BNC 锁仓量迅速突破 **1600 万枚**，占 BNC 总供应量的 **20% 以上**。截至年底，协议已累计回购超过 **172 万枚 BNC**，其中 **17.2 万枚**已被永久销毁。

![report-bbbnc.png](https://cdn.bifrost.io/cms/report_bbbnc_fd950a1af8.png)

我们相信，只有当协议的成功与社区的利益真正统一，才能构建长久繁荣的生态。

## vToken：多点突破

2025 年，Bifrost 旗下多个 vToken 均实现了显著增长，印证了流动性质押在多链生态中的持续需求。

![datavtoken.png](https://cdn.bifrost.io/cms/datavtoken_6e02f04637.png)

**vDOT** 依然是 Bifrost 增长的核心引擎。年初铸造量约为 700 万枚，年末已攀升至 **1800 万枚**，增长率超过 **157%**，峰值更是突破 **2400 万枚**。vDOT 在 Polkadot 生态中的市场份额持续领先，成为该生态最具流动性的质押资产。

**vBNC** 的增长与 bbBNC 经济模型的上线密切相关。随着越来越多用户选择锁定 BNC 获取协议分红，vBNC 的铸造需求同步上升，年末铸造量接近 **2000 万枚**。

**vASTR** 保持稳健增长态势，从年初的 5000 万枚增长至年末的 **1 亿枚**，实现翻倍。Astar 生态的持续发展为 vASTR 提供了坚实的需求基础。

**vMANTA** 在 vMANTA 2.0 发布后迎来爆发式增长。从年初的 800 万枚一路攀升至 **2200 万枚**，增幅接近 **175%**。vMANTA 2.0 带来的即时铸造和更优的跨链体验，是这一增长的核心驱动力。

## vETH 3.0：进入以太坊 LST 竞争层

12 月 18 日，Bifrost 正式发布 vETH 3.0，这是 Bifrost 在以太坊生态的关键落子。

以太坊质押市场规模超过 **1000 亿美元**，是 DeFi 世界中最大的价值沉淀池。vETH 3.0 从底层架构出发，重新设计流动性框架，真正实现「一个 LST，全链通用」的愿景。用户可以在 Ethereum 主网、Base、Arbitrum、Optimism、Bifrost-Polkadot 等多个网络直接使用 ETH 铸造 vETH，无需繁琐的跨链操作。

**vETH 3.0 标志**着 Bifrost 正式升级为全链 LST 基础设施的竞争者。接下来，Bifrost 将支持 stETH/rETH 直接转换为 vETH，让现有 LST 持有者无缝迁移，同时推进与 Hydration 的深度整合，通过 Omnipool 和 gigaETH 策略为 vETH 持有者创造更多 DeFi 场景。

## **Reward Share Program（RSP）**

[vToken 渠道分佣计划](https://bifrost.io/zh-CN/blog/earn-long-term-rewards-and-reward-share-program)是 Bifrost TVL 增长中的一个重要部分引擎。这一计划的核心理念很简单：让帮助 Bifrost 成长的合作伙伴，持续分享协议的收益。

2025 年，RSP 计划的合作伙伴数量累计增长到 **15 个**，累计有效引导 TVL 超过 **180 万美元**。其中，Subscan 和 WUD 表现尤为突出。

![report-rsp.png](https://cdn.bifrost.io/cms/report_rsp_66ee6a376a.png)

Bifrost 的增长不必完全依赖自身的市场投入，而是可以通过「生态协同」的方式，让合作伙伴成为增长的共建者和受益者。

## Liquid Wave：社区参与的力量

2025 年，Bifrost 顺利完成了 [Liquid Wave 系列空投活动](https://wave.bifrost.io/)，这是 Bifrost 有史以来规模最大的社区激励计划。

活动页面累计访问量突破 **10 万次**，共有 **37,131 个地址**参与了活动。通过活动引导的铸造 TVL 超过 **317 万美元**，累计发放的 WAVE 积分超过 **1.35 亿枚**。

Liquid Wave 是 Bifrost 与社区深度互动的重要实践，通过积分体系和阶段性任务，我们让更多用户有机会了解 vToken 的价值，体验流动性质押的便利，并成为 Bifrost 生态的长期参与者。

## 安全至上：完善基础设施

对于一个管理着数千万美元资产的流动性质押协议而言，安全是生命线。2025 年，Bifrost 在技术架构和安全体系上完成了多项关键升级。

在底层架构方面，Bifrost 完成了 **Runtime 20000/21000 系列升级**，显著提升了链上处理效率和稳定性。同时，我们完成了 **AssetHub 迁移支持**，为 Polkadot 2.0 时代的资产管理做好准备。**Hyperbridge 深度集成**的完成，则打通了 Bifrost 与异构链之间的通信通道，为 vToken 的多链扩展奠定了技术基础。

在安全保障方面，Bifrost 持续与 Immunefi 合作，推出最高 **50 万美元**的漏洞赏金计划。

## 生态合作

2025 年，Bifrost 与多个项目建立了深度合作关系。

**DeFi Singularity** 是年度最重要的生态合作活动之一。通过与 Hyperbridge 的联合激励，该活动成功引导跨链 TVL 超过 **400 万美元**，让 vDOT 的收益机会从 Polkadot 延伸至 Ethereum、Base 等多条链。

在开发者生态方面，Bifrost 联合 OneBlock 和 PaperMoon 举办了总奖金池达 **12,000 美元**的全球黑客松。

## 社区与全球活动

2025 年，Bifrost 团队的足迹遍布全球 **10 座城市**，累计参与了 **27 场活动**。

从新加坡的 Token2049 到首尔的韩国区块链周，从中国香港到布宜诺斯艾利斯，无论是线上直播还是线下峰会，我们始终坚持与社区面对面交流，分享 vToken 产品动态、探讨 DeFi 行业趋势、展示 Liquid Staking 的最新实践。

![report-event.png](https://cdn.bifrost.io/cms/report_event_2f0a94e6ee.png)

这些活动不仅是品牌曝光的机会，更是我们倾听社区声音、收集用户反馈的宝贵渠道。许多重要的产品决策，正是来源于这些面对面的交流。

## 结语

如果说「兑现」是 2025 年的关键词，那么它所指向的，并不是一次结果，而是一种能力。

这一年，Bifrost 选择把复杂的事情做扎实：把经济模型真正落到回购与分红机制上，把全链愿景落实为可用、可验证的跨链能力，把产品迭代沉淀为能够长期复用的技术框架。

我们选择了一条并不取巧的路径——把基础设施先做稳，将增长建立在真实需求之上。这些选择未必制造最大的声量，但它们决定了协议在不同时刻、不同压力下是否依然成立。

而 2026 年，将是在此基础上的进一步推进：更稳健的系统、更多元的产品、更广泛的协作，以及为 稳定币、DeFi、RWA 提供质押收益。

加密世界瞬息万变，唯有不断探索、持续创新，才能在浪潮中稳步前行。而支撑我们走过每一段旅程的，始终是对行业的热爱与坚持，以及来自社区的长期信任。

2025 年的句号，亦是 2026 年的起点。我们会继续把每一次承诺，变成下一次可被验证的兑现。

*本报告所有数据截至 2025 年 12 月 30 日。*

Bifrost 2025 年度回顾

Announcements

公告

Although the Liquid Staking Tokens (LST) sector has gained attention after the Shapella Upgrade, the product offered within this category is not new. Staking-related services have been offered since the beginning of the Proof of Stake (PoS) consensus mechanism.

Liquid staking is the service that provides the most significant benefit to stakers, lowering the staking threshold, fixed by projects, and enhancing the capital efficiency of users. At the same time, LSTs are important underlying assets in DeFi, creating the possibility of multiple returns, contributing to the birth of a brand new category: LSTFi.

# How has Bifrost evolved?

Bifrost started working on this sector back in 2019 and is now providing LST services up to 9 public chains. Among those, Bifrost provides vETH, the ETH Liquid Staking Token.

vETH was launched on its version 1.0 in 2020. After completing the Shapella Upgrade, the vETH contract was upgraded to version 2.0, enabling features such as the withdraw of Staked ETH.

# What are the advantages of vETH？

Compared to other types of ETH Liquid Staking Tokens, vETH has three significant advantages:

- Competitive yields 
- High security
- Dual ecosystem

Let explain those, below:

## Competitive Yields of vETH

Most of the existing ETH LST yields are set around 4%.

vETH offers a very competitive yield, hovering around 6.9%!

This happens because Bifrost distributes the MEV revenue of the nodes to vETH holders in addition to the primary staking revenue.

In addition to the base yield, vETH offers a higher overlay yield as vETH holders can provide liquidity to the vETH/WETH pool on Balancer and earn trading fees from all trades made on the vETH/WETH pool. Users can stake vETH/ETH BPT to Aura Finance and earn AURA and BAL incentives.

![1_Tag_XOF2E368M85ovrUg3w.webp](https://cdn.bifrost.finance/cms/1_Tag_XOF_2_E368_M85ovr_Ug3w_b08dc377e5.webp)

The yield from the vETH /WETH pool fee is about 1.0%, while the AURA and BAL incentives obtained by staking BPT yields 12.6%. Adding these and the base yield of 6.9% means users could end up with a combined yield of over 9%!

In addition to Aura Finance, Bifrost is also working to include vETH or BPT-vETH/WETH in more LSTFi protocols to give users more flexible interest-bearing options.

## High Security of vETH

vETH adopts an entirely decentralized and non-custodial solution. Every single ETH users entrust Bifrost is delegated to nodes through on-chain contracts and pledged to the Ethereum Network. They are controlled by the contract code and third parties are not able to modify the entrusted node.

As with the PoS consensus, staked ETH may be slashed due to the misbehavior of the validators. We spread the ETH as much as possible to hedge the risk of staked ETH being slashed.

Bifrost also score the credit of the validators and select those with high credit to enter the validator White List (VWL). Currently, there are 130 validators commissioned by vETH. In addition, Bifrost has a complete and proper buffer, stop-loss, and even a compensation mechanism in case of slash events.

## Dual Ecosystem of vETH

Bifrost is a parachain in the Polkadot ecosystem, and vETH has both the ERC20 and Substrate formats. With the cross-chain bridge, Bifrost allows vETH to travel freely between the Polkadot and the Ethereum ecosystems and be available for the potential growth opportunities they bring. At the same time, thanks to the XCM, vETH can circulate easily on all Substrate-based chains and thoroughly combine with the protocols on each parachain, providing almost endless opportunities.

Currently, Bifrost is one of the most successful LST protocols in the Polkadot ecosystem, hence why we are confident vETH has the opportunity to become the most widely circulating ETH LST in the Polkadot eco.

The dream would be to even surpass the circulation of ETH token itself, within the Polkadot ecosystem, becoming the “improved ETH” available inside the network and carrying its interest-bearing properties.

This is a unique advantage of Bifrost in the actual LST Scenario.

With vETH as a medium, Bifrost will stimulate the development of LSTFi in the Polkadot ecosystem. EVM and Substrate ecosystem developers, on the other hand, can integrate vETH as a base asset into their products.

# Conclusion

Bifrost has been build and secured by Polkadot for a very long time and the initial hope of going beyond single-chain LST and becoming an omni-chain LST protocol thanks to the XCM integration, is finally a possibility.

Bifrost brings an asset such as vETH to the Polkadot ecosystem and LSTFi applications that can fully stimulate the Polkadot ecosystem. We expects vETH being valued more than just an integrated token on Ethereum. Our vision demands vETH to be the underlying asset in the omni-chain DeFi.

We encourage developers to develop full-chain LSTFi applications based on vToken and provide incentives by inviting everyone to build together.

The 2023 Polkadot Eco Summer Hackathon is in full swing and on top of those hackathons already announced, Bifrost is working to launch new LST challenges and hackathons over the rest of the year.

Join us on X, Discord, and Telegram. Do not miss a single news or update!

Unique vETH Applications: Unlocking Polkadot LSTFi Potential

# 什么是杠杆质押？

尽管 LST 在 PoS 共识机制诞生伊始便已存在，但让 LST 受到加密行业大规模关注的事件是以太坊的上海升级。ETH 的 LST 给加密市场提供了某种接近固定收益产品的资产，类似于美元的债券。在各种 DeFi 协议中，ETH LST 正在取代 ETH，成为更通用的基础资产。与此同时，加密行业中产生了各种基于 LST 的可组合性玩法 — 杠杆质押便是其中非常典型的一种。

杠杆质押是一种将 LST 协议与借贷协议组合起来的玩法。以 ETH 为例，在杠杆质押过程中，通常会用到借贷协议中的 ETH/ETH LST 流动性，因为它不需要太大的超额抵押率。在 AAVE 中，抵押 ETH 借出 stETH，超额抵押率仅需 107.5% 左右（抵押 1 ETH，最多借出约 0.93 ETH 价值的 stETH），而如果你要质押 ETH，借出 USDT，超额抵押率可能高达 130%（抵押 1 ETH，最多只能借出约 0.77 ETH 价值的 USDT）。

这是因为，ETH/ETH LST 具有较强的价格相关性，而且 ETH LST 中会积累 Staking 收益，还会呈现 ETH 本位价格的单向上涨。

杠杆质押可以通过手动循环质押来实现：

- 比如你有 1 ETH
- 你铸造 1 ETH LST （假设铸造汇率为 1:1）
- 然后你在借贷协议中，抵押 1 ETH LST 借出 0.93 ETH
- 紧接着，你可以将 0.93 ETH 再次铸造为 0.93 ETH LST

以此类推，你可以循环很多次，放大你的收益率，直到借贷利率超过质押收益率，这种行为就不再有利可图。

但是上述这种手动进行循环质押的操作效率非常低，而且会多笔的操作还会消耗很多 Gas，因此 DeFi 领域也出现了专门的杠杆质押管理工具，允许用户一键完成杠杆质押。

&emsp;

# Bifrost 推出 vToken 杠杆质押产品 Loop Stake

波卡生态的用户，同样希望通过杠杆质押放大收益率。如果通过手动操作来实现，用户除了需要手动频繁操作之外，还可能需要在平行链间来回跨越资产（如果借贷池与 LST 协议不在一条平行链上）。

作为波卡生态领先的 LST 协议，Bifrost 推出了 Loop Stake，这是一款针对波卡生态资产的杠杆质押工具。用户可以通过 Bifrost.dapp 进入 vToken 管理界面，感受一键进行杠杆质押的丝滑体验。产品上线初期，Loop Stake 支持杠杆质押的资产有 DOT、KSM，将逐步扩展更多平行链资产。

点击 [Bifrost Loop Stake](https://bifrost.app/vstaking/vDOT?tab=loopstake)

Loop Stake 将允许用户根据自己的风险偏好，设定和管理杠杆率，并且一键完成杠杆质押，在背后，Loop Stake 通过闪电贷来直接为用户创建杠杆，无需循环借贷，减少了交易笔数，Gas 消耗更加低廉。

Loop Stake 有以下特性：

&emsp;

## 最高 4 倍杠杆

Loop Stake 支持设置最高 4 倍的杠杆率。

如果你不使用杠杆：

1 DOT 可以质押为 0.73 vDOT（当前汇率1:0.73），按照波卡网络当前的激励参数，年化收益率约为 18%，一年你可以获得 0.18 DOT 的收益。

如果不满足于这样的收益率，你可以使用 Loop Stake：

假设你使用 4 倍杠杆，1 DOT 可以放大为 4 DOT（通过闪电贷借入 3 DOT），然后 4 DOT 质押铸造为 2.92 vDOT（铸造完成后，vDOT 会放入抵押池，闪电贷就会转化为真正的抵押借贷）。你会获得 2.92 vDOT 带来的质押收益，同时你会支付借出 3 DOT 的借贷利息。最终的净收益率，就是你能实际获得的收益率。
![0_OnxkBEbrJ3cC_MEy.webp](https://cdn.bifrost.finance/cms/0_Onxk_B_Ebr_J3c_C_M_Ey_722dc559d1.webp)

我们假设借贷利率为 10%，且保持不变。3 DOT 一年的借贷利息为 0.3 DOT，2.92 vDOT 期初可赎回 4 DOT，期末可赎回约 4.72 DOT，收益为 0.72 DOT，0.72 DOT-0.3 DOT = 0.42 DOT，这就是你的净收益。相比不使用杠杆的 0.18 DOT 质押收益, 你的收益被放大为了原来的 2.33 倍。

&emsp;

## 聚合全链借贷池流动性

杠杆质押需要用到借贷池的流动性，因此 Loop Stake 对生态保持开放，力求聚合波卡生态的全链流动性，为用户提供最优的借贷利率。借助波卡的 XCM 消息和 Bifrost 的 Omni 模块，Loop Stake 可以远程调用任何其他平行链上借贷池流动性，例如我们可以远程使用 Interlay Lend 和 Hydradx Omnipool 中的 DOT/vDOT 借贷池。

但考虑到杠杆质押的业务量上升是一个过程，在 Loop Stake 产品上线初期，我们采取的方案是在 Bifrost 本地创建一个借贷池提供借贷流动性，后续会逐渐扩展。

&emsp;

# 杠杆质押的风险
杠杆质押是以放大风险为代价去放大收益的。如果你设置了较高的杠杆率，你将承受更多的风险。尽管 vToken/Token 的价格比是比较稳定，且呈现单向上升趋势，但某些极端情况下，也可能会使这种锚定受到冲击。

- 预言机问题：预言机报价可能发生错误或者被恶意操纵；
- Slash 风险：节点作恶或者网络故障可能导致 Slash，从而造成 Staking 资产减少，vToken 价格下降；
- 市场操纵：通过大批量的买卖行为，操纵 vToken/Token 的价格产生波动；
- 代码风险：杠杆质押模块或者 SLP 模块可能存在代码漏洞。

这些情况都有可能导致 vToken 的价格异常下行，造成您质押的本金被清算平仓，您设置的杠杆率越高，抵御这种风险的能力就越差。

我们实行一系列措施来规避上述问题：

- 多元化预言机：我们从 4 家预言机服务商获取报价，个别预言机的异常值会被排除掉。
- Slash 保护：Bifrost 采取系统的 Slash 保护策略，详见《面对 Slash 风险， Bifrost 如何为 vToken 持有者提供保险机制》。
- vToken/Token 的流动性池采用的是专门为 vToken 设计的 Stable Curve 自动化做市曲线，随 vToken/Token 的汇率变动。相比传统 AMM 做市曲线，其优点在于极低的交易滑点损耗与保持兑换率之间的相对稳定。此外，在发生大额交易时，MEV Bot 会迅速出动，抹平其对价格造成的影响。Bifrost 官方将运行一组 MEV 机器人，任何第三方也可以运行套利机器人。更多详情请参考[《Bifrost LST Stable Swap》](https://docs.bifrost.finance/quick-start-and-tutorials/lst-stable-swap)

- 严格审计：Loop Stake 代码已经经过了知名审计公司 Oak Security 的审计，[点击查看](https://github.com/oak-security/audit-reports/blob/main/Bifrost/2024-03-11%20Audit%20Report%20-%20Bifrost%20Finance%20Leveraged%20Staking%20v1.0.pdf)。

尽管如此，我们还是建议用户充分了解潜在风险，根据自己的风险承受能力合理设置杠杆率，切勿一味追求 Yield Maximization。

&emsp;

# 小结
在 DeFi 领域，我们看到一个明确的发展趋势，就是 “Farming as a service” 会流行起来。在这个趋势下，DeFi 协议将不只是提供单一的收益来源，而是为用户提供一系列组合收益策略，使得用户有多种方案可以一键获得多重收益。这种模式将简化用户的操作，也为用户提供了更高的资本效率和更灵活的选择。Loop Stake 是一个开始，后续，Bifrost 将推出更多组合收益策略产品，进一步拓展 vToken 持有者的选择范围。

就像 Loop Stake 允许远程调用多链借贷池，我们的组合收益策略将不会局限于单链策略，而是可以充分利用全链 DeFi 生态，创建跨链组合策略。Bifrost 在链抽象和全链架构领域的研究和探索，已经可以充分支持我们做到这一点。

Bifrost 推出新产品 Loop Stake，实现多倍 Staking 收益率

# 什么是 SLPx

Bifrost 链上用于处理 vToken 铸造和赎回的模块被称为 SLP，而想要通过 SLP 铸造和赎回 vToken，用户必须把资产先转入 Bifrost 链，这带来了用户体验上的问题。

**SLPx 是近期我们在 SLP 的基础上，开发的一个扩展模块，该模块将允许用户在远程链上调用 SLP 的功能，而不必将资产转入 Bifrost 链。**

具体来说，SLPx 将允许你

- 在远程链上铸造 vToken
- 在远程链上赎回 vToken
- 在远程链上进行 vToken/Token 的 Swap，但背后使用的是 Bifrost 链上的流动性

你将可以直接把 Moonbeam/Moonriver/Astar 链的 DOT 铸造为 vDOT，原始资产和目标资产都在 Moonbeam/Moonriver/Astar 上，**你将感觉到所有事情就像在 Moonbeam/Moonriver/Astar 本地链上完成**，而对背后的跨链交互过程完全无感。同样，你可以在 Moonbeam/Moonriver/Astar 链上直接将 vDOT 赎回为 DOT。

远程铸造和远程赎回为远程链上的用户操作提供了便利，而远程 Swap，除了给远程用户提供便利，还有更加深远的意义，那就是“统一流动性”

你可以在 Moonbeam/Moonriver/Astar 上进行 vDOT/DOT 之间的兑换，**背后的流动性由 Bifrost 链上的池子支撑**。这样一来，Bifrost 不需要把 vDOT/DOT 的流动性分割到不同链上，就可以让用户在不同链上进行 vDOT/DOT 的兑换，来自所有链的 vDOT/DOT 兑换都共享同一个池子的深度，这将带来更小的 Price Impact 和更好的交易体验。

与此同时，**如果远程链上的借贷协议使用 vDOT 作为抵押品，涉及到清算环节时，就可以直接调用 Bifrost 上的统一流动性池，以完成清算**。倘若在远程链上建流动池以执行清算，很有可能因为深度不足而让清算过程产生更高的折损率。

&emsp;

# SLPx 的意义

对用户而言，**vToken 的铸造、赎回、Swap 变的更简单了，可以在 Moonbeam/Moonriver/Astar 直接完成，而省去了繁冗的跨链操作步骤。**此外，统一流动性的特点也会给用户带来更好的 Swap 体验。

对于 Moonbeam/Moonriver/Astar 上的应用程序而言，可以通过集成 SLPx，给自身用户带来更多重的收益，比如借贷协议可以把用户抵押的 DOT 远程转化为 vDOT，用户则不需要额外操作就可以获取多一份的 Staking 收益，此其一。

其二，统一流动性则会给借贷协议的清算带来更小的折算率。

其三，只需要集成 SLPx，就可以远程铸造、赎回、Swap 所有类型的 vToken，而无需一一适配不同类型的 vToken。

对于 Moonbeam/Moonriver/Astar 的生态建设来说，**SLPx 可以为其引入来自不同链的 LST 资产，而远程服务的方式，可以让用户不离开链的情况下，享受来自其他链的全链服务。

对于 Bifrost 而言，SLPx 所实现的远程调用功能，是 vToken 迈向 Onmi-LST 的重要里程碑。**

&emsp;

# 如何实现？

SLPx 分为两个部分，一个部分是 Bifrost 链上的 local pallet，另一部分是远程链上部署的 remote pallet/contract。

以 Moonbeam 为例，当 Moonbeam 上的用户想要把 DOT 铸造为 vDOT，实际上 DOT 先会被发送到 Bifrost 链上，被铸造为 vDOT 之后，再被发送回 Moonbeam。在此过程中，用户需要和 remote contract 交互，远程调用 local pallet 完成相关操作。整个操作包含三个步骤：

① 将 DOT 发送到 Bifrost
② 将 DOT 铸造为 vDOT
③ 将 vDOT 发送回 Moonbeam

**但这三个步骤只需要用户发起一次交互（支付一次费用），即可全部自动完成。**远程赎回和远程 Swap 的逻辑也是如此。

该流程之所以能够实现，是因为 SLPx 使用了最新的 XCM V3 作为跨链指令格式。XCM V3 规定了 XCM V2 所不具备的指令格式，其中很重要的一类指令就是”多跳执行。

源链可以发送一个 XCM V2 消息给目标链，并在其中定义目标链如何执行它，但 XCM V2 中没有相关指令能够支持目标链以发起一个新 XCM 消息的方式执行该消息。

但 XCM V3 中增加了该类型的指令，源链可以发送一个 XCM-001 消息给目标链，并让目标链做一系列执行之后，发起一个新的 XCM-002 消息给任意第三条链（第三条链也可以是源链自身）。简单来说，就是 XCM V3 允许一个 XCM 消息指挥另一条链发起另一个 XCM 消息。

不仅如此，XCM-002 消息抵达第三条链之后，根据消息指令，还可以继续发起新的 XCM-003 消息，这就是多跳传递，这个多跳链条理论上是可以无限的。只要源链上用户支付了足够多的费用，消息就可以完成多跳执行，直到其逻辑终止。

在 SLPx 的远程铸造用例中，实际上就是用户在 Moonbeam/Moonriver/Astar 上销毁 DOT 后，调用 remote contract，向 local pallet 发出了包含以下指令的 XCM 消息：

① 在 Bifrost 铸造  DOT（Burn-Mint 逻辑传递资产）
② 在 Bifrost 链上将 DOT 铸造为 vDOT
③ 在 Bifrost 链上锁定 vDOT
④ 向 remote contract 发出 XCM 指令，令其在 Moonbeam/Moonriver/Astar 上铸造 vDOT（Lock-Mint 逻辑传递资产）

从第④步，我们可以清晰的看到，一个 XCM 指令在指挥目标链上的 Pallet 发起另一个 XCM 指令。

&emsp;

# SLPx 实施进度

目前我们已经在 Moonbeam、Moonriver、Astar 上部署了 SLPx 的 remote pallet/contract，后续我们会陆续在 Interlay、Filecoin、Ethereum、HydraDX 上部署。

remote pallet/contract 已经完成代码审计，[审计报告](https://www.commonprefix.com/projects/bifrost)

此外，基于 SLPx 扩展模块开发的 Omni LS Dapp，用户将可以体验远程铸造、远程赎回、远程 Swap 这一系列功能。

Omni LST Dapp：https://omni.ls

&emsp;

# 小结

总之，SLPx 是 Bifrost 实现全链 LST 愿景的技术方法。部署 SLPx 远程模块的链将可以远程调用 Bifrost 链上的 SLP 模块，实现远程铸造、赎回 vToken。**这种全新的交互方式，给用户带来了便利，也给远程链的开发者提供了便捷的跨链集成路径。**


SLPx Pallet 实现 vToken 远程铸造，全链 LST 迈出重要一步

Liquid staking tokens (LSTs) have been present since the inception of the Proof of Stake (PoS) consensus mechanism. Since the Shanghai upgrade on Ethereum, LSTs have gained significant prominence, now representing the largest category within DeFi, with assets under management surpassing $60 billion.

Across various DeFi protocols, ETH LSTs are rapidly replacing ETH as a more versatile collateral option. This shift is attributed to Ethereum LSTs offering the market a yield-bearing asset. Consequently, many composability plays have emerged with LSTs as the foundational component for strategies and products - **Leverage Staking** serving as a prime example.

&emsp;

# What is Leverage Staking

Leverage staking is a strategy that allows users to utilize LSTs on lending protocols to amplify the staking yield earned from these tokens. Users stake their assets to obtain an LST, use the LST as collateral on a lending protocol to borrow the staked assets, and obtain the LST again with the borrowed asset.

For instance, by collateralizing ETH to borrow stETH in AAVE, the over-collateralisation rate stands at approximately 107%. This means that for every 1 ETH collateralized, users can borrow up to about 0.93 ETH worth of stETH. In contrast, if users were to collateralize ETH to borrow USDT, the over-collateralisation rate could be as high as 130%. In this scenario, for every 1 ETH collateralized, users may only be able to borrow up to approximately 0.77 ETH worth of USDT.

This is because ETH/ETH-LST exhibits a strong price correlation. ETH-LST accumulates staking rewards, showing a one-way upward trend in ETH-based prices.

**Leverage Staking is typically achieved through a manual looping process.**

For example, if you are a user with 1 ETH:

- You can mint 1 ETH LST (assuming a minting rate of 1:1)
- Then, on a lending protocol, you collateralize 1 ETH-LST to borrow 0.93 ETH
- Next, you can mint the 0.93 ETH back into 0.93 ETH-LST

You can repeat this loop many times, boosting your yield. This, however, becomes unprofitable when the borrowing rate exceeds the staking yield.

As described above, the efficiency of manually conducting iterative staking operations is very low, and multiple transactions consume a lot of gas. Therefore, specialized leveraged staking management tools have emerged in the DeFi space, allowing users to complete leveraged staking within one single click.

&emsp;

# Bifrost introduces LoopStake

**The one-click leverage staking service tailored for the Polkadot ecosystem.**

As a leading LST protocol in the Polkadot ecosystem, Bifrost’s LoopStake offers users a streamlined one-click leverage staking service designed explicitly for assets within the Polkadot ecosystem.

Manual leverage staking is possible, but it requires users to perform frequent manual operations and to transfer assets between parachains especially if the lending pool and LST protocol are not on the same parachain.

Users can access the **LoopStake** interface through bifrost.app and enjoy the seamless leverage staking experience with just one click. The initial phase of the product launch will support leverage staking for assets such as DOT and KSM, and we will gradually expand to include more parachain assets.

[**Explore LoopStake directly on Bifrost dApp!**](https://bifrost.app/vstaking/vDOT?tab=loopstake)

![Loopstake is Now.png](https://cdn.bifrost.finance/cms/Loopstake_is_Now_3978412ff6.png)

**LoopStake** will allow users to set and manage leveraged ratios according to their risk preferences and leverage stake their assets with just one click. Behind the scenes, Bifrost directly creates leverage for users through flash loans, eliminating the need for iterative borrowing and reducing the number of transactions, resulting in lower gas costs.

Loop Stake features include a **Leverage Up to 4x**: LoopStake supports setting a maximum leverage ratio of 4x. With this feature, users can earn staking rewards on 4 times their initial deposits.

Basic users can simply liquid stake their DOT - obtaining vDOT - with an exchange rate of 0.73! According to the current incentive parameters of the Polkadot network, the annualized yield is approximately 22%, allowing you to earn +0.2 DOT a year per each single DOT staked.

**If you are not satisfied with this yield, you can use leveraged staking!**

Assuming you use 4x leverage, 1 DOT can be amplified to 4 DOT.
LoopStake allows this by borrowing 3 DOT through a flash loan and then staking the 4 DOT to mint 2.92 vDOT. After minting, vDOT will be placed in the collateral pool. You will earn staking rewards from the 2.92 vDOT while paying interest on the borrowed 3 DOT.

_The final net yield is the actual yield you can receive!_

![Loopstake Strategy.png](https://cdn.bifrost.finance/cms/Loopstake_Strategy_2c87e87e8e.png)

Assuming a constant borrowing interest rate of 10%, the interest for borrowing 3 DOT over a year is 0.3 DOT. Initially, 2.92 vDOT can be redeemed for 4 DOT, and at the end of the year, it can be redeemed for 4.72 DOT (an increase due to accumulated staking rewards), resulting in a profit of 0.72 DOT. Comparatively, leveraging amplifies earnings by providing a significant increase compared to the 0.20 DOT earned without leveraging.

&emsp;

# Aggregate Cross-chain Liquidity

Leverage staking requires access to the liquidity of lending pools.

Bifrost strives to aggregate cross-chain liquidity in the Polkadot ecosystem to provide leverage-staking users with the best borrowing rates. Leveraging Polkadot’s XCM messages and Bifrost’s Omni module, Bifrost’s LoopStake in the future will be able to access liquidity from lending pools on any other parachain.

However, considering that the increase in leverage staking volume is a process, in the initial stage of launching Loop Stake, we have opted to create a lending pool on Bifrost to provide lending liquidity, with plans to expand gradually.

&emsp;

# Risks of Leverage Staking

Leverage staking involves amplifying risks to amplify returns. Thus, users should be cautious when opting into the product. Users will be exposed to more risks if they set a high leverage ratio.

Although the vToken/Token price ratio is quite stable and shows a one-way upward trend, in certain extreme circumstances, this price anchor may be impacted:

- **Oracle Issues**: Oracle price feeds may contain errors or be maliciously manipulated.
- **Slash Risk**: Malicious behavior by nodes or network failures may lead to slashing, resulting in decreased staking assets and a drop in vToken prices.
- **Market Manipulation**: Price fluctuations of vToken/Token may occur through large-scale buying and selling activities aimed at market manipulation.
- **Code Risk**: There may be code vulnerabilities in the leverage staking or SLP module.

To protect its users from these risks, Bifrost has implemented a series of measures to mitigate the issues highlighted above:

- **Diversified Oracle Sources**: Bifrost obtains price feeds from 4 different Oracle service providers, and any outliers from individual oracles are excluded.
- **Slash Protection**: Bifrost has implemented a systematic slash protection strategy, as detailed in the article “How Bifrost provides an insurance mechanism for vToken holders against the Slash risk.”
- **Stable Market-making System**: The liquidity pool for vToken/Token utilizes a Stable Curve automated market-maker curve specifically designed for vToken, adjusting with the exchange rate of vToken/Token. Compared to traditional AMM market maker curves, its advantages lie in extremely low trading slippage costs and relatively stable exchange rate maintenance. Additionally, in the event of large transactions, MEV Bots will swiftly intervene to mitigate their impact on prices. Bifrost will operate a group of MEV bots, and any third party can also run arbitrage bots. For more details, please refer to [Bifrost LST Stable Swap](https://docs.bifrost.finance/quick-start-and-tutorials/lst-stable-swap).
- **Stringent Auditing Procedures**: Loop Stake code has undergone an audit by a reputable auditing firm, [Oak Security](https://www.oaksecurity.io/), and the audit report can be found [HERE](https://github.com/oak-security/audit-reports/blob/main/Bifrost/2024-03-11%20Audit%20Report%20-%20Bifrost%20Finance%20Leveraged%20Staking%20v1.0.pdf).

![Audited OAK.png](https://cdn.bifrost.finance/cms/Audited_OAK_e7126f816f.png)

Nevertheless, we recommends that users fully understand the potential risks and set leverage ratios according to risk tolerance and profiles.

&emsp;

# Conclusion

In DeFi, the emerging trend called **Farming as a Service** is becoming popular.

DeFi protocols will provide a single source of income and offer users a range of combined yield strategies, allowing users to access multiple sources of income with a single click.

This model will simplify user operations, provide users with higher capital efficiency, and offer more flexible choices. Staking is just the beginning, and in the future, Bifrost will introduce more combined yield strategies to expand the choices available to vToken holders further.

Just as **LoopStake** allows for remote access to multi-chain lending pools, our combined yield strategies will not be limited to single-chain strategies but can fully leverage the entire DeFi ecosystem to create cross-chain combined strategies.

Bifrost’s research and exploration in chain abstraction and full-chain architecture have already provided sufficient support for us to achieve this.

Bifrost launches LoopStake - Supercharge Staking Rewards through Leverage Staking

#### What is SLPx? ####

SLP is the module used for processing vToken minting and redemption on the [Bifrost](https://bifrost.app/) chain. To mint and redeem vToken through SLP, users must first transfer their assets to the Bifrost chain, creating user experience issues.

SLPx is a recently developed extension pallet to SLP by Bifrost that will allow users to call SLP’s functionality on a remote chain without crossing assets into the Bifrost chain.

Specifically, SLPx will allow users to:

- Mint vTokens on a remote chain
- Redeem vToken on the remote chain
- Swap vToken/Token on a remote chain using liquidity from the Bifrost chain behind the scenes.

You can use DOT directly to mint vDOT on [Moonbeam](https://apps.moonbeam.network/moonbeam/xcm), [Moonriver](https://moonbeam.network/networks/moonriver/) and [Astar](https://astar.network/), and both the original and target assets are on these chains. The whole process appears to be done respectively on the Moonbeam, Moonriver, or Astar local chain, and users are not bothered by the cross-chain interaction processes behind it. Likewise, you can redeem vDOT for DOT directly on the target chains.

Remote minting and redemption provide convenience for user operations on remote chains. In addition to providing convenience, the token swaps enabled on remote chains offer a new meaning to “**unified liquidity**”.

You can exchange vDOT/DOT on Moonbeam, Moonriver or Astar using the vDOT/DOT liquidity pool on the Bifrost chain. In this way, Bifrost does not need to divide the liquidity of vDOT/DOT into different chains. All chains’ vDOT/DOT exchanges share the same pool depth, leading to a more negligible price impact and a better trading experience.

At the same time, if a lending protocol on any supported remote chains uses vDOT as collateral, it can directly call on the unified liquidity pool on Bifrost to complete a liquidation when it occurs. If a liquidity pool is built on a remote chain to perform liquidation, the liquidation process will likely have a higher discount rate due to insufficient depth.

#### The Importance of SLPx ####

For users, the minting, redemption, and swapping of vTokens have been simplified, as they can now be directly performed on Moonbeam, Moonriver and Astar without cumbersome cross-chain operations. The unified liquidity feature will also provide users with a better swapping experience.

For applications on these parachains, integrating SLPx can bring additional features to their users. For example, lending protocols can remotely convert users’ collateralized DOT into vDOT, allowing users to earn staking rewards without additional steps. Furthermore, the unified liquidity will lower liquidation discounts for lending protocols. Lastly, by integrating SLPx, applications can remotely mint, redeem, and swap all types of vTokens without the need for individual adaptations for different vToken types.

For the ecosystem development of Moonbeam and Astar, SLPx introduces LSD assets from different chains. The remote service capability allows users to enjoy full-chain services from other chains without leaving the native chain.

For Bifrost, the remote-call feature implemented by SLPx is a significant milestone toward achieving **Omni-LSD Vision**.

#### Technical Implementations ####

SLPx is divided into two parts: the **Local pallet** on the Bifrost chain and the **Remote pallet** deployed on the remote chain (if the remote chain is an EVM chain like Moonbeam, it should be called a remote contract).

For example, when a user on Moonbeam utilizes SLPx to mint DOT into vDOT, the DOT is sent to Bifrost first, minted into vDOT, and then returned to Moonbeam. During this process, the user must interact with the remote contract and remotely call the local pallet to complete related operations. 
The whole procedure consists of three steps:
- Send DOT to Bifrost
- Mint DOT into vDOT
- Send vDOT back to Moonbeam

However, these three steps only require the user to initiate an interaction (pay once). After starting an interaction, all other processes are completed automatically. The same is true for the logic of remote redemption and remote swap.

This process is possible because SLPx uses **XCM V3** as the cross-chain instruction format. XCM V3 specifies the instruction format that XCM V2 does not have, with one of the essential types of instructions being multi-hop executions.

The source chain can send an XCM V2 message to the target chain and define how the target chain executes it. No instructions in XCM V2 allow the target chain to execute the message by initiating a new XCM message.

However, with the addition of this type of instruction in XCM V3, the source chain can send an XCM-001 message to the target chain, have the target chain do a series of executions, and then initiate a new XCM-002 message to any third chain (which is equivalent to an acknowledgment message if the third chain is the source chain itself). 

**In short, XCM V3 allows an XCM message to command another chain to initiate a second XCM message.**

After the XCM-002 message reaches the third chain, according to the message instruction, it can continue to initiate a new XCM-003 message. This is the multi-hop transmission, and this multi-hop chain can theoretically be infinite. As long as the user on the source chain pays enough fees, the message can complete multi-hop execution until its logic terminates.

In the remote minting use case of SLPx, after the user destroys the DOT on Moonbeam/Moonriver/Astar, calls the remote contract and an XCM message is sent containing the following instructions to the local pallet:
1. Mint DOT in Bifrost (Burn-Mint logic transfer asset)
2. Mint DOT to vDOT on the Bifrost chain
3. Lock vDOT on the Bifrost chain
4. Send an XCM command to the remote contract to mint vDOT (Lock-Mint logic transfer asset) on Moonbeam, Moonriver and Astar

#### SLPx Implementation Progress ####

We have deployed the SLPx remote pallet/contract on Moonbeam, Moonriver, Astar, and Ethereum. We will continue to deploy it on Manta, Astar zkEVM, Filecoin, and many more in the future.

The remote pallet/contract has completed code auditing. The Audit Report can be found [HERE](https://www.commonprefix.com/projects/bifrost/).

In addition, we have developed the front-end application for [Omni LS dApp](https://omni.ls/). Users can experience a range of functionalities such as remote minting, remote redemption, and remote swapping through the Omni LS dApp on these chains.

#### Conclusion ####

SLPx serves as Bifrost’s technical solution to achieve its Omni-LSD vision. 

Chains that deploy the SLPx remote module will be able to interact with the SLP module on Bifrost, enabling remote minting and redemption of vTokens.

This ground-breaking interaction method brings convenience to users and provides a simple cross-chain integration path for developers on remote chains.

SLPx Pallet - A Further Step Into The Omnichain Liquid Staking

11 月 21 日，Bifrost 支持了 $MOVR/$GLMR 的流动性质押，开启了 vMOVR 和 vGLMR 的铸造。这是 Bifrost 继 vETH、vDOT、vKSM 之后，开启的又一组新的 vToken 系列。

MOVR/GLMR 分别是 Moonriver 和 Moonbeam 的工作通证，Moonriver 是 Moonbeam 的金丝雀网络，二者分别是 Kusama 和 Polkadot 的平行链。vMOVR/vGLMR 是 Bifrost 推出的第一组基于 XCMP (当前版本为 HRMP) 实现的 vToken 实例。此前的 vDOT/vKSM 是基于 VMP 实现的。

**XCMP**（Cross-Chain Message Passing）是 Polkadot 上的跨链消息传输协议，用于平行链/平行线程之间的跨链通讯。 **VMP** 则是用于平行链/平行线程与中继链之间的跨链通讯。 **XCM** 是波卡制定的一个通用跨链消息格式， XCM 不仅可以用于平行链之间的通讯，还可以用于任意两条 Substrate 链之间的通讯，因此基于 XCM 的通讯是个更广泛的概念。

# vMOVR/vGLMR 的铸造 & 赎回

Bifrost 将如何用 XCMP 支持 vMOVR/vGLMR 的铸造和赎回呢，接下来我们以 vMOVR 为例进行说明。

如这篇文章所述，所有的 vToken 都是 Bifrost 链上的原生资产，也默认会被发行在 Bifrost 链，这样策略会为跨链集成提供更多的便利。

我们先罗列所需组件：

- Bifrost 链 : 这里指 Bifrost Kusama Parachain。(Bifrost 还有一条 Bifrost Polkadot Parachain)
- Moonriver 链 ：Moonbeam 的金丝雀网络，Kusama 的平行链。
- Bifrost Sovereign Address : Bifrost 链上有一个 Bifrost 的主权账户，可以通过部署 runtime 来控制，事实上，每条平行链/线程都有自身的主权账户。
- Bifrost Sovereign Address on Moonriver ：每个平行链/平行线程在中继链上以及其他平行链/平行线程上都有自己的主权账户，该地址受主权链的代码控制。因此，Bifrost 并不需要在 Moonriver 创建一个托管地址，而是可以用 Moonriver 上的 Bifrost 主权地址来执行质押和解除质押。
- SLP Module ：这是 Bifrost 链上的一个 runtime ，负责发出一系列和 vToken 铸造/赎回有关的指令。
- XCMP：我们通过它传输 XCM 指令。

## vMOVR 铸造流程：

1. 用户 A 将 MOVR 跨链转入 Bifrost 链；
2. 用户调用 SLP Module ，将 MOVR 锁入 Bifrost 主权账户；
3. SLP Module 按照当前汇率为用户 A 铸造 vMOVR；
4. SLP Module 将 Bifrost Sovereign Address 中的 MOVR 跨链转入 Bifrost Sovereign Address on Moonriver，并发出 XCM 指令，执行质押。

## vMOVR 赎回流程：

1. 用户 A 调用 SLP Module，将 vMOVR 发送到销毁地址；
2. SLP Module 向 Bifrost Address on Moonriver 发出 XCM 指令，按照当前汇率，解除质押对应数量的 MOVR，并跨入 Bifrost Address（由于解除质押有一个解锁期，该步骤不会立即完成）；
3. Bifrost Address 将这些 MOVR 返回给用户 A 。

## 闪电赎回：

用户如果希望立即获得 MOVR ,不想等待解锁期，也可以选择闪电赎回，闪电赎回的实质是 swap，因此需要向流动性提供者支付一部分费用。

由于 Bifrost Kusama Parchain 和 Moonriver 都是 Kusama 平行链，所以二者之间可以直接使用 XCMP 通讯， vMOVR / vGLMR 的铸造和赎回过程中的跨链通讯用的都是 XCMP 。我们知道， XCMP 是波卡平行链间的原生通讯桥梁，使用 XCMP 不会像使用其他第三方跨链桥一样，引入新的安全风险，也就是说，**vMOVR/vGLMR 的安全性是波卡中继链级别的**。

# XCMP 是如何工作的

要理解 XCMP 的工作原理，首先要了解几个核心概念：

## Channel

两条平行链如果需要通讯，需要首先建立 Channel 。Channel 是单向的，两条平行链（A 和 B）之间如果想要双向通讯，就需要建立两条通道（A → B Channel， B → A Channel）。

## Egress 和 Ingress

当平行链 A 与平行链 B 建立 A → B Channel 时，平行链 A 上会被创建一个平行链 B 的 egress（出口队列），而平行链 B 上会被创建一个平行链 A 的 ingress（入口队列）。

## MR（Message Root）

XCMP 采用了消息树的结构，所有的待发消息作为叶子节点构成一个默克尔树，树的根值被称为 MR（Massage Root），每有一个新的消息作为叶子节点插入，都会产生一个新的 MR 。因此每一个 Egress 里除了存储待发消息队列的原文之外，还需要维护一个 MR 队列（Message Queue Hash Chain）。

我们来看下 XCMP 中的消息生命周期：（以  A → B Channel 为例）

1. Chain A 上用户通过源链上的应用程序发起跨链请求，想要将消息 M 送到 Chain B 。该消息会被放入 Chain A 上为 Chain B 专设的出口队列（我们简写为：Egress A → B）。该消息将被包含进最新的 MR 中。
2.  Chain A 的收集者在打包当前区块的时候，会将最新的 MR 放入区块头。当区块被中继链分配给 Chain A 的验证者验证后，会被提交到中继链，并被中继链的区块包含。此时，我们认为该 MR 被中继链验证了。
3.  Chain B 的收集者会不断轮询所有其他链上为 Chain B 建立的出口队列，这里就包括 Egress A → B，Chain B 的收集者将 Egress A → B 中的消息原文及 MR 队列放入自己对应的入口队列：Ingress A → B 。（* 有另一种说法，该过程不是收集者完成，而是验证者完成的，这点的设计在 XCMP 中还没有完全确定，但谁来完成并非 XCMP 设计的关键点，因为这项任务是无信任的，谁来完成都可以）。
4.  Chain B 的验证人从中继链获取 Channel A → B 的最新被中继链验证的 MR 。
5.  Chain B 用该 MR 来判断 Ingress A → B 哪些消息已经被包含到中继链中，然后更新这些消息的状态为已验证。
6.  已验证的消息就可以被目标应用程序执行了。

我们为了表达方便，只描述一个 Channel 的消息流，事实上 XCMP 在处理跨链消息的时候，所有的 Channel 是同时处理的。中继链会维护一个 CST 表格（Channel State table），用于存储所有 Channel 的 MR 。

# XCMP 的特点

我们发现，XCMP 的设计非常精巧，它让平行链/线程 之间的跨链消息能够快速、有效、安全、廉价的进行。

**快速**：从发送链打包好区块，被验证后提交给中继链，并在中继链被最终确定，这个时间很短，对于用户而言几乎是感觉不到延迟的。

**有序**：通过 Egress 和 Ingress，使得一个 Channel 内的所有消息遵循一个严格的队列结构，有明确的先后顺序（不同 Channel 的消息之间则没有时序属性。）消息在被目标链执行之前，始终存在于 Egress，直到在被目标链执行之后，才能从 Egress 删除。这将确保消息不会被遗漏。

**安全**：所有的跨链消息都经过了中继链的验证。

**廉价**：尽管消息必须经过中继链的验证，但通过消息树的机制，让中继链只验证 MR ，而不直接验证消息原文，消息原文的传递直接通过发送链和接收链本身完成，不通过中继链。这样最大程度避免了占用中继链的资源，从而使得跨链消息传递的成本控制在较低的水平。

跨链消息传递是跨链互操作的基础，无论是跨链的资产传输、跨链功能调用、跨链计算，其基础都是跨链消息传输。因此，**XCMP 为众多的平行链提供了互操作性**。

Bifrost 作为最早立足波卡生态的 DeFi 项目之一，对波卡的多链架构有着坚实的信仰，这来源于我们对多链互操作性的认知。以太坊的 Rollup 虽然可以在继承以太坊安全性的基础上，扩展出更多的应用运行空间，但 Rollup 之间缺乏互操作性。

Cosmos 虽然也是多链架构，并且通过 IBC 可以实现很好的互操作性，但 Cosmos 的各个 Zone 的安全性是各自为政的，各个 Zone 之间存在一个授信问题，每个 Zone 都要自己去选择相信哪些 Zone ，而不相信哪些 Zone ，尽管 Cosmos 2.0 增加了向 Hub 租用安全性的选项，但这仍然不能确保所有租用安全性的 Zone 的安全性处于同一水平。而波卡的多链架构的第一特性就是共享安全性，各平行链的安全级别与中继链一致，可以无条件互相信任，在此之上， **XCMP 所提供的互操作性的安全级别，也是与中继链一致的**。

# 基于 XCM 的通讯

Gavin 曾在一次演讲中提到，XCMP 只是波卡跨链解决方案的一半，另一半是 XCM 。XCM 是波卡制定的一个消息格式标准。在 XCMP 中，所有的跨链请求都会格式化为 XCM ，然后才能进入 Egress 。XCM 上可以包含一组指令，目标应用程序收到 XCM 消息之后将执行该指令。

**XCM 不止是 XCMP 通讯的标准格式，也是所有 Substrate 链之间跨链通讯的标准格式**，Gavin 还希望，XCM 未来能通行于更多的异构跨链场景。因此，基于 XCM 的通讯将是一个比 XCMP 更广泛的概念，它能够扩展到所有的 Substrate 链，从而构建其一个泛 Substrate 生态。它甚至有希望击穿 Substrate 生态，连接包括 EVM 生态在内的更多异构生态。

# 小结

在众多的 Web3 应用类型中，或许有些类型的应用，诸如游戏、社交对互操作性的要求不高，但 DeFi 应用一定是对互操作性要求最高的类型。可以说，互操作性是 DeFi 应用的根基。Bifrost 作为 DeFi 应用当然也需要互操作性，我们需要 vToken 能够更广泛的流通，被更多的 DeFi 应用集成，与更多的 DeFi 应用互动。

**由 XCMP 连接的平行链生态，将是一个具有无缝互操作性且无需考虑跨链授信问题的多练系统**。我们相信 Bifrost 及 vToken 能被该系统充分赋能。此外，基于 XCM 的通讯能够把我们带到更广阔的天地。vMOVR/vGLMR 是我们启航的地方，终点是星辰大海。

以 vMOVR/vGLMR 为例，读懂基于 XCM 的跨链通信

Bifrost 开发的 SLP 协议是一个流动性质押协议，用户将想要质押的 Token 发送给 SLP 协议，由 SLP 协议执行质押，并为用户铸造流动性衍生品 vToken 。用户质押的 Token 将被 SLP 委托给节点，进而参与到 PoS 网络的共识维护工作当中， Bifrost 自身不运营节点。为了保证 vToken 的 Fungible 属性，**SLP 协议会代替用户行使选择节点的权力**。

此前，我们通过议会投票来选举委托节点，日后，我们将逐步启用新的委托节点选举方案。新方案在原方案基础上做了进一步的优化：

其一：我们将委托节点的席位划分为两部分，分别是 Validator Whilte List（VWL）和 Validator Boost List（VBL），前者将依据一套明确的节点评选规则产生，后者则通过节点的主动申请，社区投票审批产生。SLP 协议只会将用户质押的资产委托给这两个 List 当中的节点。

其二：我们计划结合波卡 OpenGov 推出专用于节点选举的治理投票轨道—Validator Election Track（VET）。VWL 和 VBL 都需要通过 VET 的投票流程才可正式生效。 VET 是一个公投流程，这意味着原本属于议会的权力现在归于 Bifrost 社区全体。

# Validator White List

进入到 VWL 的节点，我们根据一套评分规则来为节点打分，评分达到门槛之上的节点无需主动申请，会自动获得 VWL 资格。

影响评分的主要因素包括：

15. **节点去中心化**：我们尽可能使我们的票权的在地理位置和司法辖区上的分布相对均衡；
16. **节点信誉及安全风险**：包括节点的链下主体信息、节点存续时间、节点的掉线次数和时长等指标；
17. **安全风险**：节点历史上的 Slash 的次数及严重程度都会列入考量；
18. **节点杠杆率**：我们在分配票权时，我们会考量节点的自抵押量，避免节点有过高的杠杆率（指该节点来自委托的抵押在总抵押中的占比）；
19. **收益率**：包括节点的历史收益表现以及为委托人提供的 Staking 收益分佣比例。

**VWL 不是固定不变的，我们会根据评分情况的变化动态调整该名单**。评分排名降低至末位的节点会被清退，评分排名提升超过末位的节点会被选入。

对节点的评分是链下完成的，根据评分所拟定的 Validator White List 名单需要通过 VET 公投才会在链上正式生效，Validator White List 名单的修改也需要 VET 公投确认。

# Validator Boost List

VBL 是为提供附加价值的节点专设的席位名额。节点可以通过 VET 提案的形式， 主动向 Bifrost 社区提出申请。公投通过后，节点可正式进入 VBL 名单。我们期待 VBL 节点为 SLP 协议或是 vToken 持有者提供附加价值，以促进协议的长期发展。例如：

- 为 vToken /Token 交易对提供流动性
- 提供曝光引流机会，或者促进用户的教育和引导，增加 vToken 的铸造
- 促进 vToken 在 DeFi 应用中的集成
- 为 vToken 持有者提供其他形式的福利

相比 VWL，**VBL 节点的名额会更加稀缺，优先级也会高于 VWL 节点**，VBL 节点会更加稳定的获得 SLP 的票权委托。VBL 节点的默认期限是 6 个月，过期之后会自动失去 VBL 资格，如需再次获取 VBL 资格，需要重新发起公投。

需要注意的是，尽管 VWL 和 VBL 的首个单词都是“Validator”，但实际上，在不同的 PoS 链中，节点的角色可能有所不同。例如，对于 Polkadot/Kusama 中继链或其他 Layer1 区块链来说，节点是 Validator（验证者），对于平行链而言，节点是 Collator（收集者），对于 Rollup 类的 Layer 2 而言，节点也可能是 Sequencer（排序者），但它们的共同特点是都需要质押。

# VBL 的申请步骤

## Step 1  提案草案

节点运营商在 Bifrost Discussion（ https://bifrost.subsquare.io/discussions），发布 VBL 入选提案草案，表明自身能提供的附加价值，以及希望获得的委托数量和委托时长。[参考草案](https://bifrost.subsquare.io/post/1)

## Step 2  发起公投提案

在帖子相关的讨论和反馈情况较好的情况下，节点运营商可以发起公投提案。[了解如何发起公投提案](https://wiki.bifrost.finance/learn/guides/governance/submit-a-referendum-proposal)

## Step 3 提案公投

根据 VET 的治理流程，开启投票后会有 7 天的投票期和 2 天的执行期。如果公投通过表示合作建立，如果公投未通过则合作暂时搁浅。

## Step 4 提案执行

如果提案通过，节点会被自动加入 VBL 。VET 的执行代表会根据提案内容持续推进相关提案内容的执行工作。

## Step 5 定期 Review

执行代表会定期检查整个提案执行过程中的的情况，以及节点在收益和性能方面的表现。如果期间发现问题会与节点商沟通，并推进问题的解决。如提案无法继续执行， SLP 委员会可通过 VET 发起公投终止相关节点的 VBL 资格。

# 小结

总体来看, Bifrost 遵循以下原则来制定节点选举的规则：

68. 维护 PoS 原链的安全
69. 维护/扩大 vToken 持有者的利益
70. 促进 SLP 协议的长期发展

为了维护 PoS 链的安全，我们会均衡的委托给尽可能多的节点，且这些节点在地理分布和司法辖区分布上尽可能多元化；为了维护 vToken 持有者的利益，我们在制定 VWL 评分量表时，会综合考量节点的收益率和节点的安全信用；为了捕获优质的发展机会，促进 SLP 协议的长期发展，我们设置了 VBL，预留了一部分委托节点名额给到能提供附加价值的节点。

由于流动性质押模式的独有优势，随着 SLP 协议的持续发展，会有更多的持币人愿意成为 Staker， PoS 节点商的整体市场会被做大。我们希望广大的节点商，能够积极参与、共同开拓，一起发掘 Staking Finance 当中的未开发价值，同时收获流动性质押的票权委托红利。

# VET Townhall 社区分享

![Bifrost Discord Townhall.png](https://cdn.bifrost.finance/cms/Bifrost_Discord_Townhall_0b129f6f09.png)

北京时间 12 月 23 日 22 点，我们将在 [Discord 社区 Townhall 语音频道](https://discord.gg/sQerqje5Aa) 举办一场 Bifrost 多链验证人选举机制。该分享将由 Bifrost council member Tyrone 详细介绍 VET 如何为用户选择 Validators 节点以及 VWL 白名单节点评分等内容。

继 Tyrone 介绍后，我们也欢迎来自社区用户和 Valiadtor 的开放式提问，更好地帮助了解 VET、VWL、VBL。

VET - Bifrost 基于 Polkadot 治理 2.0 的多链验证人选举机制

# Bifrost Cross-Chain Cooperation

In May 2022, Polkadot officially launched XCMP, “Cross-Chain Message Passing”. As one of Polkadot’s cross-chain messaging protocols, XCMP regulates the way of cross-chain messaging between parachains of the same relay chain. Since the launch of XCM in May, cross-chain channels have been opened between multiple parachains in just a few months. Bifrost continues to launch innovative staking derivatives, provide effective liquidity solutions, and provide cross-chain liquidity staking services for multiple chains by using cross consensus message (XCM). At present, HRMP cross-chain channels have been opened with multiple networks. The specific cooperation is as follows:

On February 18, 2022, the cross-chain channel between Bifrost and Statemine was opened, and the user asset use scenario was expanded. After opening the two-way HRMP channel with Statemint, the user can transfer the USDT on statemint to each parachain. Bifrost users will get more diverse asset types, lower threshold of use and easier stable currency transfer.

On April 14, 2022, Bifrost’s BNC Token can be used as xcBNC on Moonriver through XCM integration. Users can conduct transactions such as asset withdrawal, purchase and storage. The use of derivative assets will extend to Moonriver, enjoying more liquidity and investment options.

On June 6, 2022, the two-way HRMP channel between Phala asset cross-chain route Subbridge and Bifrost was officially opened. Users can transfer BNC (Bifrost Token) and ZLK（Zenlink Network Token）from Bifrost to Khala through Subbridge, and also support the reverse transfer of relevant assets.

On August 6, 2022, Bifrost realized cross-chain connection with Crab Parachain. Crab can be invested and used in Bifrost, and BNC will also enter the Crab ecology for more use scenarios.

In addition to the opening of the above cross-chain channels, Bifrost has also completed cross-chain cooperation with Calamari, Khala, Karura, etc. through Bifrost, users can transfer cross-chain assets through multiple parachains, reducing the use cost and threshold, and greatly increasing the investment scenario and portfolio.

![6.jpeg](https://cdn.bifrost.finance/cms/6_af78b3a891.jpeg)

# Cross-chain transfer operation

After realizing cross-chain cooperation with many parachains, the opening of cross-chain channels enables users to directly carry out cross-chain transfer of assets. On Bifrost Dapp, we can directly transfer $KSM assets to different networks through cross-chain transfer and other functions. The specific operation is as follows:

1. Go to the Bifrost APP and select the “Wallet” tab. Scroll down to select the Token you want to cross-chain, select cross-chain and click Cross in/out. (Example of cross-chain KSM to Karura)

![7.png](https://cdn.bifrost.finance/cms/7_6b768063fe.png)

2. Enter the amount you want to cross-chain and select Karura network

![8.png](https://cdn.bifrost.finance/cms/8_aacc723c09.png)

3. Select the account to which you want to send the Token from the drop-down list. Don’t worry if you see the address is Bifrost visual format. Your Token will still be sent to the Karura address on the Karura parachain of your selected account. Click confirm when the address selection is complete.

![10.png](https://cdn.bifrost.finance/cms/10_d675ecdad1.png)

4. View the details of this cross-chain transfer transaction and click confirm.

![11.png](https://cdn.bifrost.finance/cms/11_9034e4c608.png)

5. Cross chain transfer succeeded! You have transferred KSM from Bifrost to Karura. Your balance on each chain will be updated.

# Transfer Operation

Cross chain transfer asset and asset transfer from the exchange or other wallet address to Bifrost Dapp are different transfer operations. After we understand that cross chain transfer is to transfer the same asset to different parachains, let’s take a look at the specific transfer operations.

# How to send KSM from CEX to Kusama relay chain?

- When in doubt, please consult the exchange you are using first
- Most CEX require users to provide the Kusama address (on the Kusama network) where they want to send KSM Tokens.
- Kusama address always begins with a capital letter. Example address: Cb2QccEAM38pjwmcHHTTuTukUobTHwhakKH4kBo4k8Vur8o
- After successful withdrawal, users will be able to view the balance through Polkadot App — Kusama address.

#  How to send a Token to another Bifrost Wallet

- Use bifrost.app — the “transfer” function in wallet
- Enter the Bifrost address and confirm the transaction.

![12.png](https://cdn.bifrost.finance/cms/12_43d093dea6.png)

It is important to note that direct trading between Bifrost and other exchanges should not be attempted. This feature is not currently supported and will result in the loss of Tokens.

After successfully sending Token from CEX to Bifrost, we can then follow the first cross-chain transfer tutorial to quickly transfer assets across parachains by cross in and out across chains.

# Difference between cross-chain transfer and transfer

Cross chain transfer refers to the transfer of assets from one chain to another. Under the many cross chain cooperation of Bifrost, users can directly cross assets to different parachains.

There are generally two ways to realize cross chain assets. From the technical point of view, the two parachains connecting cross chain channels trust the original assets on the cross chain bridge. At the same time, the source chain obtains the asset transactions of the target chain through the Oracle machine and maps them to the target chain in a ratio of 1:1. This is the direct cross chain transfer of assets.

Another method is to apply swap through cross chain aggregation, and build a cross chain transaction pool by aggregating the liquidity of assets on different chains, so that users can complete the exchange of assets on different chains in the transaction pool. As mentioned above, Phala asset cross chain routing Subbridge officially opens the two-way HRMP channel with Bifrost. Users can transfer BNC (Bifrost Token) and ZLK (Zenlink Network Token) from Bifrost to Khala through Subbridge, and also support reverse transfer of relevant assets.

Transfer refers to transferring assets on a chain from one address to another. For example, through the sending function in the wallet, the KSM assets on a chain are sent from address a to address B, or sent to the address of the exchange for subsequent transactions. Specific examples include transferring KSM to others, receiving KSM, or transferring KSM to wallet after purchasing KSM at the exchange.

Therefore, cross chain transfer refers to the transfer of the same asset on different chains, while transfer refers to the transfer of the same asset on a chain at different addresses. Investors in the Bifrost community, when transferring assets across the chain, please pay attention to the difference from the transfer operation.

# Cross chain interworking between Bifrost Kusama and Bifrost Polkadot

On 12 August, Bifrost Kusama, the Polkadot eco cross-chain derivatives protocol, launched a proposal to transfer BNC to the Bifrost Polkadot cross-chain, which is the common native token of the Bifrost Kusama parachain and the Bifrost Polkadot parachain. According to Bifrost’s latest roadmap, Bifrost assets will be interoperated between the two parachains via the Bifrost Kusama and Bifrost Polkadot cross-chain bridges. BNC is now transferred from the Bifrost Kusama parachain to the Bifrost Polkadot parachain by way of a pre-cross-chain transfer.

Bifrost has now completed the first cross-chain transfers between BNC Kusama and Polkadot parachains, and the Bifrost Dapp already supports the Polkadot network, i.e. users can switch between the Bifrost Kusama or Bifrost Polkadot networks via the Bifrost Dapp in the top right corner. This will be followed by the Kusama <> Polkadot cross-chain bridge to enable asset interoperability between the two parachains, which will provide users with more convenient asset management and transfers, and more investment and income opportunities.

![13.png](https://cdn.bifrost.finance/cms/13_1878a45c40.png)

According to the on-chain data, the Bifrost Polkadot Crowdloan reward was issued on 25 August. In accordance with the Bifrost Crowdloan rules, BNC unlocks are calculated from the 8th week of block release on the Bifrost Polkadot parachain (block height 403,200) and are released linearly in blocks over 96 weeks. Investors who have participated in the Bifrost Polkadot Crowdloan can switch to the Bifrost Polkadot network to follow the release of rewards and effectively enjoy the benefits of the Crowdloan.

What’s The Difference Between Cross-Chain And Transfer on Bifrost Dapp?

Bifrost is moving towards a multi-chain validator election system based on OpenGOV that better aligns with the blockchain ethos. Liquid Staking will need to become more modular and decentralized in its approach to supporting decentralization network-wide.

That’s our goal, working away from centralized monopolies. We have optimized a new scheme to retain many aspects of the original process; however, we are abandoning the council voting system.

Considering the changes, we held a town hall AMA event to discuss the new governance elements in the latest Validator Election Track (VET)/Validator Boost List (VBL) Collators update.

The recap of the engaging discussion during the AMA can be followed here.
To recap the full Town Hall meeting, please click here.

## The Q&A Session

1.❓What tools can the community use to understand the performance of validators on Bifrost? Is there are public dashboard to help the community understand validator selection - VBL?

💡 The Bifrost team does not yet produce related services to monitor the collator performance. For performance, please refer to the relevant data here. Check the scoring form provided by the Bifrost community to know about VWL-related choices.

2.❓vBNC - Could you add a column for on-chain names of collators and enable comments in the spreadsheet? The setting is on the sharing option at the top right of the page.

💡 Great suggestion! We turned on the comment feature on a spreadsheet. We also plan to include the collator’s certified name in the next rating update.

3.❓How will Bifrost adjust the performance and methodology of the scoring mechanism? How will validators - collators and the community receive communication on this? What is the transparency of this model?

💡 Firstly, the current scoring standards are open and transparent, and the core team of Bifrost will have a self-driving force to continuously improve the scoring model to make it more accurate and reasonable. At the same time, we welcome any discussions and suggestions from the community on the scoring system and let us work together to improve the entire system.

4.❓Suggestion - consider batching chains with a distinct mechanism, given that the Staking mechanism differs for different chains (KSM/DOT vs. MOVR/GLMR).

💡 Good advice! That’s exactly how we planned it. We have only completed and released the first version of vBNC scoring, while other vToken scoring mechanisms are still under planning and development. Subsequent scoring mechanisms for different vTokens will be independent scoring standards most suitable for the corresponding PoS mechanism.

5.❓Kindly provide more details on the validator-collator selection process and when the system will remove them from VBL or the whitelist.

💡 About VBL: VBL currently has a fixed term of 6 months. After six months, the node will be kicked out of the VBL, counting from the joined governance referendum. If you want to rejoin the VBL, you need a new application. For nodes that perform poorly over the period, the community can initiate a removal process, kicking out the node from the VBL. The removed node will still retain its VWL identity. Nodes in VBL are automatically granted and enforced to maintain VWL status).

💡 About VWL: We know that, except for the nodes in VBL, the scoring system selects other nodes. VWL will receive regular updates to ensure the SLP system’s healthy operation. The specific update cycle may be based on the characteristics of different vTokens within one week- between 2 months. We won’t completely refactor the entire VWL list with the latest ratings every update. Correspondingly, we will have an updated scale parameter.

For example: if the update ratio parameter is 20%, then every time we update VWL, we will kick out the last 20% of the score in VWL based on the latest score. Then we’ll select a corresponding number of nodes with the highest score from external nodes to supplement VWL. Doing so will ensure a suitable and automatically optimized rhythm and stabilize VWL. The scoring table of the next vBNC update will reflect the details.

6.❓What about exiting? Most collators are interested in knowing what it takes to get kicked out or receive less Delegation. How would the process look like for collators-validator leaving?

💡 We introduced the exit mechanism earlier. Here is the main supplement to the staking processing mechanism for the remaining nodes after exit: When vToken receives a Redeem request, the system will choose which node to redeem how many tokens from which node in the following order:

- Collator that is no longer in VWL (unbond all of this part first)
- Collators not in the Delegation Set in VWL (unbond all of this part first)
- The Collators in the Delegation Set are listed in descending order of Total future bonds, with priority given to those with more unbonds.

One conclusion we can draw from this logic is that the remaining Staking Tokens on nodes that have withdrawn from VBL or not in VWL will be gradually redeemed with the Mint/Redeem of vToken and tend to be fully redeemed back. The Redeem amount within a period determines the processing speed. </aside>

7.❓What events can trigger a collator-validator risk assessment?

💡Except for VBL, most other operations are automatically executed by fixed rules. At a specific moment, based on the system rules at that time, SLP will have a relatively clear conclusion on the selection of nodes and on-chain operations. The Bifrost team and the community discuss and improve the rules. It is also helpful to read the responses to the previous questions to understand the process.

8.❓What are the clear advantages of joining the VBL if I’m already in a network’s active set?

💡As a a Collator, when you join the VBL, even if you are already in an active state, you can properly reduce your votes to improve the utilization rate of funds. The VBL will automatically host and try to maintain the active state of the collator. Simultaneously, the Collator that joined VBL will also have a clear mark on the Bifrost Dapp, which will be more obvious to Bifrost users (the relevant UI has not yet been officially launched).

💡As a Validator, voting is balanced between not falling out of active state and maximizing staking rewards. My own vote can get the highest staking rewards

## Conclusion

The VET/VBL update is crucial for Validator election governance in the Bifrost ecosystem. With an improved validator selection model and a more decentralized system, Bifrost is abandoning any traces of centralization.

We’re grateful for all the Town Hall attendees and the engagement we experienced. Stay tuned for the next AMA!

VET/VBL Collator Discussion: Questions & Feedbacks Answered!

## What is a vToken?

A vToken is a staking wrapped asset, provided by [Bifrost](https://bifrost.finance/), that maintains security in PoS networks by requiring validators to stake assets like in Kusama’s network, which requires validators to stake KSMs. Another vToken definition is a transferable redemption certificate provided by [Bifrost’s SLP](https://bifrost.app). Although yields are present in PoS Staking, the staked assets are locked and inaccessible for a period (7 days for KSM and 28 days for DOT), thus exposing the user to the risk of price fluctuations in the secondary market.

Bifrost’s SLP protocol provides a liquid staking service. When staking on the PoS network through the SLP protocol, users receive a wrapped asset called vToken. Thus, vTokens are essentially transferable redemption certificates provided by Bifrost’s SLP.

The SLP protocol issues a tradable passbook, or vToken, which is like a fixed deposit in a bank.

## How secure is vToken and are there any risks?

vToken employs a decentralized escrow mechanism, eliminating the risk of human control. vTokens represent staked assets held in Bifrost’s system account, which are not subject to third-party control or manipulation by the Bifrost team. Authority lies solely with the BNC holder and governance resolutions established by the code deployed on the Bifrost chain.

As a parachain, the Polkadot/Kusama relay chain bolsters Bifrost’s security, making the likelihood of a Bifrost chain reorganization negligible. As such, vToken holders can confidently retain their tokens, which always represent the original token and are redeemable at any time.

## How do I get vToken?

There are two methods to obtain vToken: Mint and Swap. To illustrate, let’s consider vKSM. You can mint KSM to vKSM, where the system utilizes your KSM for staking and generates vKSM based on the current exchange rate. The exchange rate is a fixed value at a given time, irrespective of the number of mints made. Over time, it will increase as Staking gains accumulate.

Alternatively, you can exchange KSM for vKSM, backed by an AMM pool. The exchange ratio is impacted by the number of tokens exchanged, leading to a price shift.

The choice between Mint and Swap depends on the specific situation. To obtain the maximum amount of vTokens, consider which method is more cost-effective. You can input the number of tokens via the front-end, and the system will estimate the vToken amount. The difference is negligible due to arbitrageurs. However, if you intend to deal with a considerable amount of assets, Mint is preferred over Swap. A substantial token number could cause a significant price impact, resulting in fewer vTokens.

## What can vToken be used for?

vToken is an interest-bearing asset that is equivalent to holding Staking Token. With vToken, users earn passive income without any active operation. Unlike Staking Token, vToken can be easily transferred or sold, allowing users to accumulate earnings without worrying about the liquidity risk of locking up their positions.

Furthermore, vToken combined with a Token to provide liquidity to the AMM pool of vToken/Token, generating transaction fee income through liquid farming. vToken holders can engage in farming and LP Farming activities to improve their yields. Bifrost is also developing more vToken usage scenarios to improve the asset’s performance.

## Are there any risks involved in participating in the various farming activities within the Bifrost DApp?

Bifrost’s system is fully decentralized and managed through code, mitigating human risk. Our system account hosts a variety of farming programs that allow users to provide farming assets. The asset security, including the Staking assets corresponding to vToken, depends on the Polkadot/Kusama relay chain and is not controlled by any third party, including the Bifrost team. While participating in LP farming carries a risk of impermanent loss, other farming options, such as single-asset farming, have no risk from a coin-based perspective.

## Is there any risk in providing liquidity for vToken/Token?

Although there’s a risk of impermanent loss, the transaction fee income benefits outweigh the disadvantages.

Here’s the description of impermanent loss:

When you provide liquidity for an A/B pair, you provide two assets, A and B, in a certain ratio, assuming a total value of p. However, the price of A/B fluctuates, and when fluctuations occur, the total value of liquidity (A and B assets) you can get back is q. q is always less than p, and p-q is the impermanent loss!

When the price does not fluctuate, p = q, there’s no impermanent loss.

If we assume that the price of A/B, despite fluctuations, always returns to its initial price upon liquidity provision, then this loss is temporary and non-permanent, hence impermanent loss. For most asset trading pairs, this assumption is not reliable.

To minimize the risk of impermanent losses, many smart LPs provide liquidity to stablecoin trading pairs (e.g., USDC/DAI) as they have low volatility and stable return.

While vToken/Token is not a stablecoin trading pair, both assets have low volatility, and their prices revert to the minting rate. Although the minting rate rises as Staking yields accumulate, this move is slow, and the gains from transaction fees can fully cover the impermanent losses from the rate move.

Providing liquidity for vToken/Token will earn LP Token, and the Bifrost farming area will launch LP Farming activities from time to time; pledging LPs can earn additional income.

## Why does the vToken/Token minting rate keep going up?

This is how vToken payout revenue works. As the minting exchange rate rises, the redeemable vTokens in your possession will continue to increase.

Consider KSM:

In the initial state of SLP deployment, the minting exchange rate of vKSM/KSM is 1:1, i.e. 1 KSM mints 1 vKSM, but this 1 KSM continues gaining after participating in staking, and the yield will become 1.01 KSM after staking. Your 1 vKSM can redeem 1.01 KSM, and the extra 0.01 is the Staking gain.

Since the vKSM/KSM exchange rate has changed,‌ another user minting vKSM can only mint ~ 0.99 vKSM for 1 KSM, so it’s fair to every minting or redeeming user.

Newcomers’ Guide to vTokens | Q&A with Bifrost

# Polkadot’s NPoS Consensus Mechanism

On May 1, Solana officials tweeted out another crash of its mainnet Beta. Judging from the 6 crashes in January 2022, public chains under the PoH mechanism still need more time to conquer the market. Among the many consensus mechanisms in today’s blockchain, PoW and PoS consensus mechanisms are still mainstream. The PoS public chain occupies most of the market due to its advantages of shorter consensus time and lowers user threshold than PoW. Polkadot is a very typical and highly recognized PoS public chain among them.

Specifically, Polkadot adopts the NPoS consensus mechanism, “Nominated Proof of Stake”, a consensus mechanism different from PoW workload proof and PoS proof of stake. The blockchain network under the NPoS consensus mechanism relies on validators to run full nodes and participate in consensus to maintain the security and stability of the entire network. Ensure the stability and security of the public chain by setting the roles of nominators and validators. At the same time, it also draws on the proportional representation system proposed by Swedish mathematicians to make the network sufficiently decentralized.

Nominated Proof of Stake (NPoS) avoids the horse-trust effect and oligopoly brought by Proof of Stake (PoS). A suitable incentive mechanism makes nominators choose more trustworthy nodes, which maintains the security of the whole network to gain more revenue. The proportional representation system distributes the total votes of nominators to each node as evenly as possible. The final result is the decentralization of the Polkadot network and its high-security performance.

With DeFi Summer kicking off in 2020, the DeFi circuit has surged, quickly sweeping through a host of public chains like Ethereum and capturing many users and projects with high returns. With the introduction of ETH 2.0, the conflict between Staking and DeFi is hard to ignore. The high yield has attracted more and more users from Staking to DeFi, and one of the most direct impacts on the PoS public chain is security and stability.


# Staking Derivatives

Staking derivatives are created to release the liquidity of staked Token by providing Token liquidity so that the Token can continue to circulate in the market. Thus, the PoS chain needs enough Staking assets for security and stability and meets the asset liquidity required by users who want to participate in high-yield DeFi projects. It ideally provides a two-pronged approach. The timing, the technology it brings, and the innovation in the application have left the industry and users in awe.

As one of the first term projects to receive a Web3 Foundation Grant and join the Substrate Builders Program, Bifrost’s original parachain bidding for derivatives has attracted significant attention in the Staking Derivatives track of the Polkadot ecosystem. Since its launch on October 21, 2021, Kusama Parachain has minted $137M in derivatives, provided $11.04M in liquidity, held 81,297 addresses on the chain, and completed 333,921 signed transactions. The upcoming SLP protocol is the best solution for releasing liquidity based on the experience of many users and technical practice.


# The optimal solution for releasing liquidity: SLP protocol

SLP is Bifrost’s Staking Liquidity Protocol, which provides high yield liquidity for the Staked Token. SLP protocol aims to solve the liquidity problem of many staked Token, maximize the utilization of Staking assets in PoS blockchain, release liquidity, bring higher rewards to users, bring more vitality to the ecosystem, and provide more resources stable and sufficient Staking assets for PoS public chain. Through the SLP protocol, Bifrost hopes to activate 80% of the PoS blockchain’s capital utilization, enhance consensus security, and promote the activity of Staking governance Token.

![6.gif](https://cdn.bifrost.finance/cms/6_45066d2e15.gif)

Bifrost is more focused on Token liquidity and reward than other PoS liquidity solutions. The trading platform directly shelves the vToken series of Token. It is worth mentioning that the SLP protocol has been officially launched on May 5th, starting from KSM staking and gradually advancing to more PoS Token staking.


# SLP Step 1: vKSM

As a parachain, Kusama, in line with Polkadot, adopts NPoS (Nominated Proof-of-Stake) consensus mechanism, which means any user holding KSM can choose to participate in the security verification Kusama network as a validator and nominator. The user’s staked KSM will be locked during the process to ensure the network’s security, so the staked Token is locked for network voting governance and cannot be transferred. Users are also unable to exit Staking immediately. They need a period of unbundling to gain total liquidity of unstaked assets, reducing liquidity and preventing full use of asset values, predominantly native Tokens.

The SLP protocol allows users to swap their KSM for vKSM. vKSM are KSM bonds generated through the SLP protocol, as understood from the perspective of centralized financial product bonds. vKSM are a combination of automatic staking principal and future staking rewards and can be redeemed using vKSM. As each user stakes for a different period, the accumulated automatic staking reward per KSM varies. vKSM is designed to be a Fungible Token that can be split to meet the needs of multiple users better.


# vKSM Core Benefits

## Liquid Staking

The product allows users to stake KSM for liquid vToken, (vKSM). vKSM will continue to receive automatic staking rewards and can continue to be used in Bifrost and Kusama-based DeFi for additional rewards. In short, vKSM can be used as a KSM for all trading actions.

## Capture automatic KSM staking rewards without scenario limitations

The system will give a real-time swap rate when the user stakes/redeems through the SLP protocol. SLP will issue automatic staking rewards to vKSM by adjusting the price of vKSM / KSM upwards. vKSM Rate = Staking Total KSM / vKSM Total Issuance. This Rate is the basis for many operations in the system. It will be executed automatically by the SLP Runtime module under the protocol with a high level of confidence and reliability.

## Floating redemption period, vKSM redemption ≤ 7 days

While Kusama’s original chain Staking has a fixed 7-day redemption period, Bifrost SLP helps users realize the possibility of early vKSM redemption by matching the real-time vKSM minting quantity with the redemption quantity at the protocol layer in the form of a queue. In short, when the real-time vKSM minting volume is greater than the current redemption volume, the redemption request will be executed immediately. At the same time, the redemption process is flexible, as vTokens can be immediately canceled at any point in the redemption process to regain vKSM without incurring any fees. It helps to avoid the loss of liquidity during the redemption process, maximizes liquidity, and gives the user maximum control.

## Higher Staking Yield, Node Intelligence Screening

According to the Sequential Phragmén Method of node staking volume in Polkadot, when a single nominator stakes to multiple nodes, the KSM staking volume will be automatically calculated and allocated by the algorithm, resulting in the ideal yield for the user and not reach the expectation. The SLP protocol operates with more than 10 verified nodes through governance (subsequently increasing with the overall staking volume). It also adds multiple filters such as the number of nominees, commission ratio, and history of blocks out to maximize the return of this verifier portfolio while ensuring that none of the nodes have experienced forfeitures. Automatic screening rules will be added to the protocol in the future.


# Why SLP

The PoS public chain represented by Polkadot has developed significantly in recent years. The ecology has become more and more prosperous, and the multiple tracks and multiple ways to play have attracted more and more users to join. It also means that the Staking derivatives track will continue its development advantages and meet more and more users’ advantages. The SLP protocol will also continue developing, optimizing, and iterating on the track.

From the user’s perspective, the yield of SLP is very impressive. Bifrost will provide additional incentives to users, especially during the initial launch period. The SLP, which went live yesterday, is waiting for investors to Ape in and enjoy the early bonuses. At the same time, the liquidity incentive will support users to continue to participate and enjoy the benefits, and the system will operate with a high subsidy.

Under the premise of high yield, the diverse available scenarios also bring more reward possibilities. Not only Kusama mentioned above, but vToken also has rich interoperability and combined application scenarios between major parachains. At the same time, it cooperates intensely with smart contracts and parachains to open up interoperability with EVM/WASM, and vToken will appear in more mature and prosperous ecosystems.

SLP’s highly liquid vKSM meets the low staking threshold and allows users to start KSM staking and still have complete control of their assets. It can also liquidate in the market with vKSM and continue to participate in DeFi. Its income opportunities are increased, yield is improved, and lock-up risk is greatly reduced.

At the same time, the SLP protocol can be combined with the DeFi track lending to create the “Staking Leverage”, which will bring more revenue possibilities to users. The cross-chain feature of Polkadot also supports vKSM to operate in DApps of other parachains. It means that it can not only focus on the DeFi stack, but also keep up with the trend of the circle and invest in other potential projects.

As the liquidity release solution launched by Bifrost after several years of leading in the Staking derivatives track, SLP protocol has a mature technical foundation and sufficient product practice. It aims to build a Polkadot ecology to solve the pain points of Staking under the PoS mechanism, bringing users a better experience, higher return, and complete liquidity freedom. It is a successful exploration of liquidity solutions and the best choice for users and public chains.

# What is Bifrost

Bifrost is a Web3 derivatives protocol that provides decentralized cross-chain liquidity for staked assets. Leveraging the cross-consensus message (XCM) 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 the multichain 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.

Bifrost has raised over USD 2M from top-tier venture capital firms by 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.



Bifrost Staking Liquidity Protocol Goes Live, supports KSM staking liquidity

Moonbeam, the fully Ethereum-compatible smart contract platform on Polkadot, has announced the availability of the Bifrost native token, BNC, on Moonriver. BNC can now be used as xcBNC (an XC-20 representation of BNC) across the Moonriver ecosystem. This cross-chain channel and the listing of the xcBNC asset were each launched following a successful on-chain governance vote. The connection between these two growing parachains is made possible by XCM, cross-chain messaging, which continues to enable rich inter-parachain integrations across the broader Kusama ecosystem.

Bifrost specializes as a DeFi protocol that provides staking derivatives and liquidity to bonding assets. Within the larger PoS Network, Bifrost powers vTokens (Staking Derivatives Voucher Token), which allow users to mint PoS tokens into vTokens and obtain liquidity and staking rewards through SLP protocol at any time. In the future, the Bifrost Mainnet will migrate from Kusama to Polkadot.

The introduction of the XC-20 standard enables users to “deposit” tokens from elsewhere in the Kusama ecosystem, like Bifrost, to be used in Moonriver-based applications. Developers can create EVM-style fungible assets on Moonriver that are capable of moving from one Kusama parachain to another, or import Substrate-style assets from other parachains to be used within Moonriver-based DApps.

As the Kusama ecosystem continues to become more interconnected, users are increasingly given choice with where and how to use their Kusama-based tokens. The underlying technology that enabled the XC-20 standard is called XCM (Cross-Consensus Messaging) which is uniquely made possible by the Polkadot architecture. Other chains have to use third-party bridges to move tokens between chains, whereas XCM allows parachains in the Polkadot ecosystem to exchange messages with the same security as the underlying network. In this way, any parachain built on Polkadot or Kusama is able to communicate with other parachains connected to the Relay Chain. Learn more about XCM on the Moonbeam documentation website.

# About the Moonbeam Network
Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications. This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. Like Moonriver, its sister parachain on Kusama, Moonbeam is expected to accumulate developer and user activity from the 80+ projects building DApps and protocols on the network. As a parachain on the Polkadot network, Moonbeam benefits from the shared security of the Polkadot Relay Chain and integrations with other chains that are connected to Polkadot. Learn more: https://moonbeam.network/.

# What is 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.

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**.

Bifrost’s BNC Token is Available For Use on Moonriver as xcBNC Through an XCM Integration

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 / 1 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 (Tweet)

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.

Follow us on Social Media and stay tuned for updates!

# About Ajuna Network
Ajuna Network is 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.

Bifrost SALP Supports Ajuna Network Polkadot Crowdloan

**Successful bid on Polkadot Parachain**

On June 5, 2022, Bifrost went live with Polkadot Parachain. As announced before the auction, Bifrost participated in the 16th, 17th, 18th, and 19th auctions for the Polkadot Parachain slots and has successfully won the 18th slot with a two-year (96-week) slot lease. By generating vTokens to free up locked DOTs in Crowdloan, users participating in the Bifrost slot auction enjoy maximum liquidity.

In July 2021, Bifrost successfully bid for one of the first Kusama slots, officially deploying the SALP protocol on the chain, going live, and integrating the cross-consensus message format XCM to support the needs of subsequent projects in a decentralized manner for the first time. SALP protocol went live and integrated the cross-consensus message format XCM, supporting the demand for slot bidding for subsequent projects in a decentralized way for the first time. At the same time, it opened the HRMP channel with other parachains to open cross-chain interaction and further expand its business.

In the first two quarters of 2022, Bifrost upgraded and launched SALP 2.0, going live with Convert functionality to help users and organizations continue to participate in auctions, increase asset freedom, and unlock unlimited liquidity. In May of the same year, the SLP protocol went live, and vKSM was officially launched on the trading platform. Bifrost hopes to activate 80% of the PoS public chain’s capital utilization through the SLP protocol while enhancing consensus security and promoting the activity of Staking’s governance Token.

Bifrost will contribute to a cross-chain StakeFi ecosystem through the SLP and SALP protocols, actively bidding for Polkadot slots and contributing to more liquidity release solutions.

**Crowdloan Full Review**

The success of this auction was due to the investors who participated and contributed to the liquidity protocol created by Bifrost and the scientifically developed strategy for the entire process. Let’s review the complete process of this crowdloan auction.

![1_zJ7YbuDjy8v4znlaHzSR7g@2x.png](https://cdn.bifrost.finance/cms/1_z_J7_Ybu_Djy8v4znla_Hz_SR_7g_2x_f9a4d182e8.png)

**Reservation**

Bifrost officially opened the reservation on April 7. DOT holders could subscribe to the email address and enter the Polkadot address through the Bifrost Polkadot Crowdloan website to make a reservation in advance. About 270+ addresses were participating in the Bifrost reservation campaign. Reservations were highly rewarded with a base bonus, an early bird bonus (20% extra BNC per DOT for voting during the official auction), and a channel bonus (0.1 additional BNC per DOT for vote via SALP). The Last Winner campaign was launched during the official Polkadot Parachain auction, and the high rewards in the prize pool motivated many people.

**Bidding**

Bifrost officially opened the Polkadot Crowdloan Auction on April 22nd, with 3,600,000 BNCs (4.5% of total BNCs) expected to be offered in the Polkadot slot auction for Bifrost locked DOT addresses through multiple incentives such as base bidding and Last Winner. Based on Bifrost’s economic model, a total of 11,000,000 BNC will be reserved for Polkadot slot bidding. The remaining 7,400,000 BNC will be used for soft-cap adjustment incentives and future renewals of parachain slots.

**Highlights**

The active participation in the auction and the high amount of DOT raised well for Bifrost’s success. Among the success highlights are the following: the total DOT raised was 403,658.1592 DOT, the number of Polkadot.js participating addresses, and the number of Bifrost SALP participating addresses were 746 and 274, respectively.

The Last Winner event finally competed for 5 winning addresses, of which the total number of BNC issued reached 33459.49, with an average of 6691.898 BNC per address. It is worth mentioning that the arrival time of the 300,000 soft top is at 8:38 a.m. on April 26, 2022, only 4 days after the auction officially started.

**Liquidity Protocol**

As mentioned above, the SALP and SLP protocols have brought liquidity release solutions to users and the industry after they were launched and achieved outstanding results. After the SALP business successfully helped Bifrost win the slot, it also helped 31 ecological partners to participate in the auction, of which 22 were successful. SALP currently has a total TVL of around $27,000,000, with liquidity reaching $665,731.1073. The SLP protocol currently has a total pledged volume of 70,834.5640 KSM and a TVL as high as $5,547,600.

The SALP and SLP protocols deliver high yield and high liquidity, enriching user portfolios and reducing the risk of lock-in in the staking economy. At the same time, the liquidity farming incentive supports users to sit on their earnings and provides high subsidies for investment participation. What Bifrost is doing revitalizes the investment behavior while following the trend and development of StakeFi, and continues to innovate around slot auctions.

**Bifrost Latest Roadmap**

It has been less than a year since Bifrost won the fifth parachain slot in the Kusama Network on July 20, 2021, and less than two months since it won the 18th parachain slot in Polkadot. Bifrost has never stopped on its technological development and innovation path, and all phases of its latest roadmap have been completed, with the full roadmap and milestones successfully reached below.

**Phase 1 Launching (In progress)**

1. Go online Polkadot Parachain (2022 Q2)
- Successfully bid on the 18th slot
- Finish session key configuration, generate boot nodes, update docker images
- Connect to Polkadot and successfully produce blocks as a parachain
- Deployment of Sudo infrastructure and reservation of 1,000 BNC by Kusama parachain as parallel chain operating fee

2. Preparing Polkadot Parachain Basic Features (2022 Q2)

- Asset module transformation, cross-chain asset compatibility with Kusama parachain and Polkadot parachain
- Deployment of Council, Treasury, and other basic governance modules
- Bifrost mainnet removes Sudo and brings governance module online

3. Open up other Parachain HRMP cross-chain channels (2022 Q3)

- These include: Acala, Moonbeam, Astar, Phala, Composable, HydraDX, Interlay, Efinity, Centrifuge and Equilibrium
- Complete Bifrost Polkadot Parachain Asset Support and Interoperability

4. Bifrost Polkadot Parachain Deploys SALP, SLP Protocols (2022 Q3)

- The SALP-Lite protocol upgrade SALP 2.0 migrated from Kusama parachain to Polkadot parachain, realizing vsDOT minting full process decentralization
- SLP protocol online, support vDOT and expand other Polkadot eco-parachain derivatives
- Deploy Zenlink DEX, Farming Pool, Collator, and other business modules

**Phase 2 Cross Chain**

5. Bridge Kusama <> Polkadot cross-chain (2022 Q4)

- Enables Bifrost Kusama and Bifrost Polkadot parachains to register, cross-chain, and freely transfer assets such as BNC, KSM, DOT, vKSM, vDOT, vsKSM, vsDOT, vsBond in both directions

6. Migration of Kusama governance modules (Council, Democracy, Treasury) to Polkadot (2023 Q1)

- Enables bi-directional cross-chain interoperability between Bifrost Kusama and Bifrost Polkadot parachains, paving the way for migration of protocol and governance modules to Bifrost Polkadot parachain.

**Phase 3 Integration**

7. Cross-chain Governance of Kusama Parachain via Polkadot Parachain (2023 Q2)

- Consolidation of Bifrost Kusama Council, Treasury, Referendum, and other governance modules into the Bifrost Polkadot Parachain
- Cross-chain governance of Bifrost Kusama Parachain through cross-chain interoperability of Bifrost Polkadot Parachain

8. Kusama is not renewed and SALP and SLP protocols are taken offline (2023 Q2)

- Bifrost Polkadot parachain takes over Bifrost Kusama derivatives protocol. Users can realize the minting, redemption, and other operations of Kusama ecological derivatives such as vKSM and vsKSM through cross-chain

9. Bifrost Kusama Parachain Degenerates to Parallel Threads (2023 Q3)

- Bifrost will not continue to bid on the Kusama Parachain, and Bifrost Kusama will be degraded from a parachain to a parallel thread
- Bifrost Kusama Parallel Threads assets are secure, and users are free to transfer, redeem, or cross-chain to Bifrost Polkadot Parachain.

**What is Bifrost**

Bifrost is a web3 derivatives protocol that provides decentralized cross-chain liquidity for staked assets. By leveraging the cross-consensus message (XCM) it can supply 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 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.

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.

Bifrost Polkadot Parachain Goes Live: Roadmap, Cross-Chain Integration of Polkadot and Kusama Ecosystems

We are thrilled to announce that HRMP (XCMP-Lite) channels have been opened between Bifrost and Astar/Shiden Parachain on Polkadot/Kusama ecosystem, which represents a collaboration to start the interaction between Bifrost parachain and Astar/Shiden EVM, WASM protocol.

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. 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.

## About Astar

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.

## About Shiden

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.

## 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.

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.

Bifrost Opens HRMP Channels with Astar/Shiden to Support Asset Interoperability

# Introduction
Since the so-called DeFi Summer in 2020, the Decentralized Finance has overgrown. Therefore, the resulting financial products have made DeFi the primary path for the systemic growth of major public chains. Polkadot was born with its technical advantages of interoperability and cross-chain communication. It combines multiple blockchains into a unified and scalable network, aiming to solve the isolation and separation between single blockchains, raising this innovative technology to a new level.

Polkadot’s popularity is not only due to its technological innovation: From the users’ perspective, various DApps in the Polkadot ecosystem have brought excellent benefits. At the same time, its subsystem framework supports the value transfer between different blockchains. Therefore, investors can get a more consistent and convenient experience and reduce their cross-chain threshold and cost.

Since the launch of Rococo V1, Polkadot’s special parachain test-net published by one of the Polkadot co-founders at the end of 2020, DOT has increased its value. Last year, the Polkadot Parachain Slot Auction attracted many project parties and investors, which paid attention to the market dynamics and got their spot in the parachain slot auction, making significant profits. On the other hand, users felt the pain of fixed assets and limited investment behavior during the parachain slot auction lock-up period. Today, Bifrost Finance, with the latest SALP 2.0 launch, proposes a liquidity release scheme to solve the lock-up of slot auction assets, providing investors with unlimited liquidity paths.

# Slot Auction and Liquidity

![6.png](https://cdn.bifrost.finance/cms/6_be0ae91b10.png)

First, it is worth spending some time explaining a bit of context to novice readers and investors. As a typical PoS blockchain, Polkadot has set up a Staking mechanism with two purposes: network security and the bottom layer of consensus, which can ensure stability with a high mortgage rate and guarantee the user’s income.

The Polkadot Slot Auction is a project based on Polkadot characteristics, and its underlying financial layer is Staking. Polkadot consists of a Relay chain, parachains, and transfer bridge. The relay chain is the center of the Polkadot network and is responsible for the security and control of the system; Parachains connect and interact with the Relay chain through slots. Therefore, if a new Parachain wants to access the ecosystem and interact with other parachains, it must use the slot to acknowledge the business interaction. 80% of the slots in Polkadot are commercial slots, which are opened by auction.

Polkadot designed an auction method that allows the project to bid for the right to use the slots within a specific lease period, locking a certain amount of Tokens. Only after the lease term ends these tokens can be unlocked, and assets returned. It is worth mentioning that DOT participating in the mining process cannot be used on the auctions. In addition to large projects and institutional parties, retail investors can join a Crowdloan, increasing the number of DOT locked in. In this way, they will increase their chances of success. Naturally, the project will encourage users to participate with an incentive mechanism.

Whether it is a staking, farming or crowdloan auction, there is a pain point of Staking behavior: Staking assets cannot be used during the lock-up period, so users bear the opportunity cost and rely on market risk. The same is true for slot auctions. Therefore, to better address the impact of slot auctions, such as insufficient liquidity, locked assets, and reduced market behavior, Bifrost proposed SALP (Slot Auction Liquidity Protocol). It releases liquidity and brings an effective liquidity solution to users, the Polkadot ecosystem, and even the blockchain networks.

# SALP - vsToken & vsBond
SALP aims to release KSM/DOT liquidity locked in crowdloan by generating derivatives. SALP will significantly improve the fund utilization rate of crowdloan and attract more participants who have concerns about the lock-up period to support the slot auction. SALP increases the possibility of successful bidding in an auction for a project. To build a rich ecosystem, SALP can release the power of the locked-up liquidity. Therefore, KSM/DOT could gain more value based on users’ strategies and behaviors.

![8.png](https://cdn.bifrost.finance/cms/8_0ecc7d68eb.png)

Participating in a Crowdloan through SALP gives access to two derivatives: vsDOT/vsKSM (Voucher Slot Token) and vsBond (Voucher Slot Bond). vsDOT/vsKSM is the derivative token of the DOT/KSM locked in the slot auction, while vsBond is determined by the supported auction items. If users vote for Parachain A, they will get vsBond — Parachain A, and if they vote for Parachain B, they will get vsBond — Parachain B. Please note that vsBond — Parachain A and vsBond — Parachain B are qualitatively different.

Bifrost started with the Token attribute of participating in the Crowdloan, decoupled its asset attribute from its equity attribute, and designed vsToken and vsBond. In addition to the differences between homogeneous and non-homogeneous characteristics, there are differences in specific performance and use. vsToken can trade at any time or cooperate with vsBond for 1:1 redemption after the end of the parachain lease term. The vsBond can be traded through the vsBond trading market built-in in Bifrost without considering liquidity.

# SALP 2.0
Since its launch, the SALP (Slot Liquidity Protocol) has launched derivatives such as vsKSM and vsDOT, successfully participated in the Kusama Slot Auction, and has been linked to Kusama as a parachain. A total of 42 eco-partners have participated in the auction through SALP, with 6,963 active Crowdloan addresses and a TVL of $21,000,000. The amount of derivative liquidity generated by SALP has reached $508,113. These data reflect the remarkable achievements and positive role of SALP in releasing liquidity, helping project bidding, facilitating user market behavior, and reducing opportunity costs.

But as we all know: What is good can continuously be improved. So, based on many market trials and continuous optimization, SALP 2.0 will be launched with some brand-new features to help our users participate in slot auctions, improve asset freedom and release unlimited liquidity strategies.

SALP’s design of vsToken and vsBond has solved the problem of releasing the liquidity of some lock-up KSM/DOT. Nonetheless, users encountered various issues: vsKSM cannot be accepted rigidly alone, the vsBond mechanism is seriously fragmented, and some users’ transaction experience and the whole efficiency in the actual process need to be optimized.

Based on this, SALP 2.0 introduces the mechanism of mutual conversion between vsToken and vsBond. Using the system pricing mechanism, different conversion exchange rates are determined according to different redemption periods to obtain a more accurate vsBond value to realize the conversion from non-homogeneous vsBond with additional value to entirely homogeneous vsToken. It makes the circulation of vsBond smoother and meets users’ needs to release total liquidity quickly.

![9.png](https://cdn.bifrost.finance/cms/9_ef8d002a83.png)

The specific conversion rules are as follows:

- Users participating in crowdloan can convert vsBond into a certain amount of vsKSM at the system pricing exchange rate;
- Retail users can purchase vsKSM and convert vsKSM into vsBond at another system exchange rate;
- vsBond → vsKSM exchange rate is about 0.6 → 1 (Opportunity cost and Staking annualized income);
- When the exchange rate of vsBond → vsKSM is 0.6, the exchange rate of vsKSM → vsBond is 1.25 (The actual exchange rate is 1.666).

vsKSM/vsBond Convert: https://bifrost.app/swap?tab=convert

Bond Market: https://bifrost.app/bond

Not only those who participate in crowdloan but also those who want to invest in derivatives and try different ways of operating at this time can seize the opportunity from the vsToken & vsBond swap mechanism of SALP 2.0 and obtain higher returns.

For example, when the price of vsKSM is stable at 0.5 KSM, a stable rate of return can be obtained according to the lock-up time. The longer the lock-up time, the higher the annualized rate of return: When the price of vsKSM drops, the arbitrage yield of the whole period increases, and the yield of vsBond close to the redemption period increases significantly.

# The Bond Market
SALP 2.0 not only updates and optimizes the existing mechanism but also enables users already familiar with Bifrost Dapp to have a better experience and obtain higher revenue and unlimited liquidity. At the same time, it has also launched two new functions: Bond market and Current pledge, which are outstanding derivatives investment options for new users.

![10.png](https://cdn.bifrost.finance/cms/10_4f0c1fa587.png)

The Bond market is a function that automatically matches a vsToken and a vsBond to package their redemption period and yield. It has the same attributes as the traditional bond market. Of course, new users do not need to pay attention to the operating mechanism and underlying structure of slot auctions and crowdloan. They only need to know the primary financial instrument of traditional bonds: seize the favorable opportunities such as interest rate fluctuation and redemption period, improve the yield and obtain the return on investment.

# Improved liquidity of vsKSM
The launch of the liquidity staking function improves the liquidity of vsKSM, ensures the liquidity of the Bond market, and provides a more stable environment for user arbitrage. The bottom level and performance of its functions are: support users to carry out vsKSM single currency mining and obtain higher incentives while contributing to the liquidity of vsKSM. When the liquidity of vsKSM is improved, the exchange transactions of vsBond and vsKSM are increased, the number of vsBonds in the SALP 2.0 agreement is also increased, which can provide more vsBonds to the market and increase the matching of vsKSM-vsBond.

# What is Bifrost
Bifrost is a web3 derivatives protocol that provides decentralized cross-chain liquidity for staked assets. By leveraging the cross-consensus message (XCM) it can supply 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 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.

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.

Bifrost launches SALP 2.0, Unlocking Unlimited Liquidity for Slot Derivatives

## Filecoin Network

Filecoin, a peer-to-peer network that leverages the IPFS protocol, is among the leading decentralized storage solution providers. Since its mainnet launch in 2020, the network has attracted over 19.19 EiB (Petabytes) 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 and 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.

- We’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.

## vFIL Launch Details
 
vFIL is issued based on the Bifrost SLP protocol and it will be implemented 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, and the off-chain EVM will notify the SLP module on the Bifrost chain to mint vFIL for the user, with 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 we complete the development of the corresponding contracts, in which we’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.

Bifrost is launching vFIL, One of The First Liquid Staking Solutions for the Filecoin Network

## What is Bifrost Fellowship

Referencing the [Polkadot Technical Fellowship](https://wiki.polkadot.network/docs/learn-polkadot-technical-fellowship), 

> Fellowship is a self-governing body of experts and developers of Polkadot, Kusama, and Parachain protocols. It operates on-chain through [fellowship referenda](https://bifrost.subsquare.io/fellowship) and off-chain through the [community discussion](https://bifrost.subsquare.io/discussions) repository
> 

The Bifrost Fellowship aims to foster the long-term development and growth of the Bifrost Protocol by considering its long-term roadmap from various perspectives. This might include discussions, research, and implementation from diverse standpoints. For instance:

- Efficient use of treasury, screening of effective supporting/integration schemes, strategic channelling of liquidity incentives, etc.
- Strategic vToken deployment plans to discover broader ecosystem integrations and development.
- How to increase brand awareness, organization, and planning of marketing and community activities.
- Discussion and research on new technology releases, how to combine with Bifrost and integration, etc.
- Guide the community to participate in OpenGov and improve the activity of governance.

The fellowship will include members with a diverse range of expertise and experience. This includes developers with technical skills, founders and builders of other DeFi and Web3 protocols, blockchain researchers, professional infrastructure and node operators, community and opinion leaders, ecosystem contributors, and partners.

These individuals will form various sub-fellowships, each divided according to their specific expertise, experience, and skill set. Each sub-fellowship will have its own mandate, role, and responsibilities, and will consist of expert members.

## What is Bifrost Sub-fellowship

Each sub-fellowship will be responsible for its specific field and will be tasked to initiate proposals, manage its sub-fellowship, onboard members, and initiate discussions of proposals related to its expert field. For each sub-fellowship, a leader will be nominated who will represent the sub-fellowship to lead reviews and discussions. The Sub-fellowships will be detailed in the following context.

### Treasury Fellowship

![treasury fellowship.png](https://cdn.bifrost.finance/cms/treasury_fellowship_456374da76.png)

This is primarily composed of the Bifrost Foundation, with a clear focus on treasury-related proposals and strategic management of treasury funds.

**Criteria of Applicants**

The following are the basic requirements to apply for membership in the Treasury Fellowship.

- An understanding of the DeFi market sector, broader DeFi primitives, and their respective business models.
- Knowledge of Bifrost’s economics and business model.
- Track record in participation in treasury-related proposals and functions.
- A product-oriented mindset skilled in various Web3 products, capable of independently evaluating product quality and Product-Market Fit (PMF).

**Exisiting Members**

![treasury.jpg](https://cdn.bifrost.finance/cms/treasury_201073a8c7.jpg)

Find them in the Bifrost Discord channel: [Treasury Fellowship](https://discord.gg/jmfHwYEt)

### Tech Fellowship

![techfellowship.png](https://cdn.bifrost.finance/cms/techfellowship_5f9920038a.png)

It is mainly composed of developers and members with technical backgrounds. The Tech fellowship is focused on releasing updates related to Substrate and runtime, discussing the latest technological developments related to Polkadot, managing the fellowship and onboarding of members, and participating in the discussion of topics such as hackathons and proposals for product delivery and integration.

**Criteria of Applicants**

The following are the basic requirements to apply for membership in the Tech Fellowship (any 2 of the following are sufficient).

- Track-record in Rust development
- Familiarity with Bifrost Pallets and Polkadot tech.
- Familiarity with Bifrost and the ability to construct transaction-encoded data for various XCM, pallets, and method calls.
- The RP has been submitted to Bifrost multiple times and has been successfully merged.

**Existing Members**

![tech.jpg](https://cdn.bifrost.finance/cms/tech_910dca6cac.jpg)

Find them in the Bifrost Discord channel: [Tech Fellowship](https://discord.gg/jmfHwYEt)

### Strategy Fellowship

![strategyfelloship.png](https://cdn.bifrost.finance/cms/strategyfelloship_8fe0a71fb7.png)

They mainly comprise business partners, product managers, advisers, protocol founders, and ecosystem contributors. Its objective is to develop and implement initiatives to drive growth and expansion across the ecosystem and beyond. The fellowship's main tasks are topics and proposals related to product roadmaps, the development and growth of the Bifrost protocol and its business expansion across ecosystems, and the Strategy fellowship's management and onboarding of its members.

**Criteria of Applicants**

The following are the basic requirements to apply for membership in the Strategy Fellowship (any 2 of the following are sufficient).

- Previous leadership roles and experience or similar responsibilities with DeFi protocols and Polkadot.
- Onchain track record demonstrating active participation in the governance of DeFi protocols. This includes discussions on functional product upgrades, growth, and business go-to-market initiatives and strategies.
- A deep understanding of the DeFi sector, market structure, and trends within the ecosystem and beyond.
- Familiarity with the operational logic of Bifrost Staking Liquidity Protocol (SLP), its vTokens, and a broader understanding of the various LST landscapes and ecosystems.

**Existing Members**
![strategy.jpg](https://cdn.bifrost.finance/cms/strategy_dc337ac527.jpg)

<br>

Find them in the Bifrost Discord channel: [Strategy Fellowship](https://discord.gg/jmfHwYEt)

### Community Fellowship

![community fellowship.png](https://cdn.bifrost.finance/cms/community_fellowship_5987768c7a.png)

This group mainly comprises members involved in marketing operations, community leaders, and head ambassadors. It focuses on discussing community proposals, structuring events, and collaborating with other communities.

**Criteria of Applicants**

The following are the basic requirements to apply for membership in the Community Fellowship (any two of the following are sufficient).

- Track record in Bifrost, Polkadot, and broader Web3 Communities
- Experience in organizing community initiatives, such as online/offline events
- Ability to initiate discussions and build constructive proposals on other chains/dapps to broaden the use of vTokens and spread the Bifrost brand (reaching DAOs for Treasury diversification and more)
- Having solid educational or infographic/designer/video skills that could help to produce a series of content to explain DeFi narratives and the specificities of the Bifrost protocol.

**Existing Members**
![community.jpg](https://cdn.bifrost.finance/cms/community_7ce5729cd4.jpg)

Find them in the Discord channel: [Community Fellowship](https://discord.gg/jmfHwYEt)

### Infra Fellowship

![infrafellowship.png](https://cdn.bifrost.finance/cms/infrafellowship_9359c4ae55.png)

They predominantly include infrastructure providers, node & validator operators, Validator Boost List (VBL) members, and technical operations and maintenance members. Members are primarily focused on discussing VBL application proposals and initiatives around optimizing existing Bifrost infra and validator/collators programs, managing the fellowship, and onboarding members in the Infra Fellowship.

**Criteria of Applicants**

The following are the basic requirements to apply for membership in the Infra Fellowship (any 2 of the following are sufficient).

- Familiar with Bifrost VET and VBL.
- Experience in server operation and maintenance.
- Existing Bifrost collator runner.

**Existing Members**

![infra.jpg](https://cdn.bifrost.finance/cms/infra_7837c3f9d3.jpg)

Find them in the Discord channel: [Infra Fellowship](https://discord.gg/jmfHwYEt)

### Application for Fellowship Membership

Anyone (including individuals or entities) interested in participating as a candidate in the Bifrost Fellowship program is encouraged to inform the community of their plans to run on the [discussion forum](https://bifrost.subsquare.io/discussions) by following the steps below:

- **Phase 1: Self-introduction - At any time**

    - Background of your motivation for Fellowship membership application.
    - **Clarify which sub-fellowship you are applying to join.**
    - As a member of a particular sub-fellowship, state how you will add value, help Bifrost grow, and identify the aspects Bifrost needs to improve.
    - What is your individual/entity background and experience, and why should the community and fellowship members vote for you? (Provide your governance experience with on-chain or off-chain proof.)
    
- **Phase 2: Discussion and evaluation by community & Fellowship**
    
  - During this phase, the corresponding sub-fellowship leader will comment and lead the evaluation and engagement process. This phase normally takes 7-14 days and includes time for the Fellowship to discuss internally and conclude. Following this, the Candidate can decide whether or not to post the formal proposal on-chain in the next phase.
    
- **Phase 3: Initiate on-chain proposal-dynamic voting time**
    
  - After considering the Fellowship’s suggestion in the previous phase, candidates can ask the Fellowship or can self-post their proposal on-chain, and initiate an on-chain referendum.
  
## Fellowship Referenda

The fellowship's governance model has multiple tracks, each with its own approval and support parameters, where votes are weighted according to their ranks.

Members of the Fellowship can vote on any given proposal, and the aggregated vote of all members (weighted by their rank) constitutes the Fellowship's collective vote.

> Most Bifrost Fellowship Referenda Origin are [Runtime function extrinsic](https://www.notion.so/aeb7d71d48f641e8bd1015fa5555a602?pvs=21). Hence, most referenda are initiated by Strategy Fellowship and Tech Fellowship, and other fellowship members are led to vote on them. 

The list of current and historic fellowship referenda can be viewed on [Subsquare](https://bifrost.subsquare.io/fellowship).

### Rank Updates[](https://wiki.polkadot.network/docs/learn-polkadot-technical-fellowship#rank-updates)

Fellowship members can request an update on their ranks at any time, and **each year, they can be updated by one rank**.

1. Any fellowship member up to rank 4 can be promoted to the next rank through a fellowship referendum that can be voted by the members who are ranked two or higher. For instance, the fellowship [referenda 64](https://collectives.subsquare.io/fellowship/referenda/64), which promotes a member from rank 1 to rank 2, can only be voted by members whose ranks are greater than or equal to 3.
2. Promotion of the Polkadot Fellowship members from rank 5 needs to be done through an OpenGov referendum. For more information, check the rank updates section on the [fellowship dashboard](https://bifrost.subsquare.io/fellowship/members).

## Whitelisting

Polkadot OpenGov allows the Technical Fellowship to authorize an origin known as "Whitelisted-Caller" to execute with Root-level privileges for calls approved by the Fellowship (**currently, only level-three fellows and above can vote for whitelist calls**). Note that the fellowship cannot unanimously change the network parameters, conduct rescues, or move assets. The whitelisted proposals still have to go through the whole life cycle of an OpenGov referendum and can only be enacted when the referendum passes successfully.

The whitelisting process starts as a fellowship referendum with an embedded XCM call from the collectives system chain to the Polkadot relay chain. For instance, the [Bifrost Fellowship referenda #14](https://bifrost.subsquare.io/fellowship/referenda/52) was used to **whitelist** the [Bifrost OpenGov referenda #14](https://bifrost.subsquare.io/referenda/14).

## Sub-Fellowship Salary

The Salary structure will be announced in Q4 2024.

The Bifrost Fellowship: Insights Into the Roles and Responsibilities of Sub-fellowships

## Fellowship 概念介绍

根据 [Polkadot Technical Fellowship](https://wiki.polkadot.network/docs/learn-polkadot-technical-fellowship) 的定义：

> Fellowship 是由 Polkadot、Kusama 和 Parachain 协议的专家和开发者组成的自治机构。它通过 [Felowship 公投](https://bifrost.subsquare.io/fellowship)实现链上运作，并通过[社区讨论仓库](https://bifrost.subsquare.io/discussions)在链下运作。

Bifrost Fellowship 旨在通过从多个角度，以长期路线图为基准来促进 Bifrost 协议的长期发展和增长。这可能包括从不同类别下的讨论、研究和行动。例如：

- 高效利用国库资金，筛选有效的支持/集成方案，战略性引导流动性激励等。
- 战略性 vToken 部署计划，以发现更广泛的生态系统集成和发展。
- 如何提高品牌知名度，组织和策划营销和社区活动。
- 讨论和研究新技术发布，如何与 Bifrost 结合和集成等。
- 引导社区参与 OpenGov，提高治理活动。

该小组将由拥有多样化专业知识和经验的成员组成，包括具有技术能力的开发人员、其他 DeFi 和 Web3 协议的创始人和建设者、区块链研究人员、专业基础设施和节点运营商、社区和意见领袖、生态系统贡献者和合作伙伴。

这些成员将组成各个小组，每个小组将根据其特定的专业知识、经验和技能进行划分。每个小组将有其自己的任务、角色和职责，并由专家成员组成。

## 什么是 Sub-fellowship

每个小组将负责其特定领域，并负责发起提案、管理其小组、吸纳成员，并发起与其专业领域相关的提案讨论。每个小组将提名一名领导者，代表该小组统筹审查和讨论。关于各个小组的详细内容将在下文进行阐述。

### 国库 Fellowship

![treasury fellowship.png](https://cdn.bifrost.finance/cms/treasury_fellowship_456374da76.png)

该小组主要由 Bifrost 基金会组成，专注于与财政相关的提案和财政资金的战略管理。

**申请要求**

以下是申请加入国库小组的基本要求。

- 了解 DeFi 市场、DeFi 原理及的商业模式。
- 熟悉 Bifrost 的经济学和商业模式。
- 具有参与财政相关提案和职能的经验。
- 具有产品导向思维，精通各种 Web3 产品，能够独立评估产品质量和产品市场契合度（PMF）。

**当前成员**

![treasury.jpg](https://cdn.bifrost.finance/cms/treasury_201073a8c7.jpg)

可以在 Bifrost Discord [国库小组](https://discord.gg/jmfHwYEt)频道和成员们进行交流。

### 技术 Fellowship

![techfellowship.png](https://cdn.bifrost.finance/cms/techfellowship_5f9920038a.png)

主要由开发人员和具有技术背景的成员组成。技术小组专注于发布与 Substrate 和 Runtime 相关的更新，讨论与 Polkadot 相关的最新技术发展，管理小组和新成员的入驻，并参与黑客松、产品交付和集成提案等话题的讨论。

**申请要求**

以下是申请加入技术小组的基本要求（满足以下任意两项要求即可）：

- 具有 Rust 开发经验
- 熟悉 Bifrost Pallets 和 Polkadot 技术
- 熟悉 Bifrost，并能够为各种 XCM、pallets 和方法调用构建交易编码数据
- 多次向 Bifrost 提交 RP，并成功合并

**当前成员**

![tech.jpg](https://cdn.bifrost.finance/cms/tech_910dca6cac.jpg)

可以在 Bifrost Discord [技术小组](https://discord.gg/jmfHwYEt)频道和成员们进行交流。

### 战略 Fellowship

![strategyfelloship.png](https://cdn.bifrost.finance/cms/strategyfelloship_8fe0a71fb7.png)

该小组主要由业务合作伙伴、产品经理、顾问、协议创始人和生态系统贡献者组成，目标是制定和实施推动生态系统及外部增长和扩展的计划。该小组的主要任务是与产品路线图、Bifrost 协议的发展和增长以及其在生态系统中的业务扩展相关的主题和提案，以及战略小组的管理和新成员的入驻。主要由业务合作伙伴、产品经理、顾问、协议创始人和生态系统贡献者组成。其目标是制定和实施推动生态系统及其以外增长和扩展的计划。该小组的主要任务是负责产品路线图、Bifrost 协议的发展和增长以及其在生态系统中的业务扩展相关的主题和提案，以及战略小组的管理和新成员的入驻。

**申请要求**

以下是申请加入战略小组的基本要求（满足以下任意两项即可）：

- 主导过 DeFi 协议和 Polkadot 相关项目，具备丰富的经验或担任过类似的职责
- 链上积极参与 DeFi 协议的治理，包括功能产品升级、增长和业务上市计划及策略的讨论
- 深入了解 DeFi 领域、市场结构以及生态系统内外的趋势
- 熟悉 Bifrost 质押流动性协议（SLP）及其 vTokens 的操作逻辑，并广泛了解 LST 领域和生态系统的内容

**现有成员**

![strategy.jpg](https://cdn.bifrost.finance/cms/strategy_dc337ac527.jpg)

可以在 Bifrost Discord [战略小组](https://discord.gg/jmfHwYEt)频道和成员们进行交流。

### 社区 Fellowship

![community fellowship.png](https://cdn.bifrost.finance/cms/community_fellowship_5987768c7a.png)

该小组主要由参与营销运营的成员、社区领袖和首席大使组成。专注于讨论社区提案、管理小组以及吸纳新成员。

**申请要求**

以下是申请加入社区小组的基本要求（满足以下任意两项即可）：

- 在 Bifrost、Polkadot 和更广泛的 Web3 社区中有运营经验
- 具有组织社区活动（如线上/线下活动）的经验
- 能够在其他区块链或者 dapp 上发起讨论和建设性提案，以扩大 vTokens 的使用范围并传播 Bifrost 品牌（如建立 DAO 以实现国库多样化等）
- 具备扎实的科普创作技能，能够制作信息图、视频，帮助制作一系列内容（专业视频、学院、常见问题解答），科普 DeFi 相关概念和 Bifrost 协议的具体细节

**现有成员**

![community.jpg](https://cdn.bifrost.finance/cms/community_7ce5729cd4.jpg)

可以在 Bifrost Discord [社区小组](https://discord.gg/jmfHwYEt)频道和成员们进行交流。

### 基础设施 Fellowship

![infrafellowship.png](https://cdn.bifrost.finance/cms/infrafellowship_9359c4ae55.png)

该小组主要由基础设施提供商、节点和验证器运营商、验证器提升名单（VBL）成员以及技术运维成员。成员主要专注于讨论 VBL 申请提案和优化现有 Bifrost 基础设施及验证器、Collator 程序的计划，管理小组以及吸纳新成员。

**申请标准**

以下是申请加入基础设施小组的基本要求（满足以下任意两项即可）：

- 熟悉 Bifrost VET 和 VBL
- 具有服务器操作和维护经验
- 现有的 Bifrost Collator 运行者

**现有成员**

![infra.jpg](https://cdn.bifrost.finance/cms/infra_7837c3f9d3.jpg)

可以在 Bifrost Discord [基础设施小组](https://discord.gg/jmfHwYEt)频道和成员们进行交流。

### 申请成为 Fellowship 成员

任何想要参与 Bifrost Fellowship 计划的候选人（包括个人或实体），都可以通过以下步骤在[讨论论坛](https://bifrost.subsquare.io/discussions)阐述其参选计划：

- **第一阶段：自我介绍**
    - 为什么想要申请成为 Fellowship 成员
    - **明确您申请加入的子小组。**
    - 作为特定子小组的成员，说明您将如何增加价值、帮助 Bifrost 成长，并指出 Bifrost 需要改进的方面。
    - 您个人或者您的企业的经历介绍，为什么社区和小组成员应该投票支持您？需要提供链上或链下的治理经验证明。
    
- **第二阶段：社区和小组的讨论和评估**
    
    在此阶段，对应的子小组领导将发表评论并领导评估和参与过程。此阶段通常需要 7-14 天时间，包括小组内部讨论和确定最终结果的时间。之后，候选人可以决定是否在下一阶段将正式提案发布到链上。
    
- **第三阶段：发起链上提案 - 动态投票时间**
    
    在考虑了上一阶段小组的建议后，候选人可以要求小组或自行将提案发布到链上，并发起链上公投。
    
    ## **小组公投**
    
    小组的治理模型有多个轨道，每个轨道都有自己的批准和支持参数，投票按其等级加权。
    
    Fellowship 的成员可以对任何给定的提案进行投票，所有成员的加权投票（根据其等级加权）构成了 Fellowship 的集体投票。
    💡 大多数 Bifrost Fellowship 公投来源于[Runtime 功能外部交易](https://www.notion.so/aeb7d71d48f641e8bd1015fa5555a602?pvs=21)。因此，大多数公投是由战略小组和技术小组发起的，其他小组成员则参与投票。
    
    当前和历史的 Fellowship 公投列表可以在 [Subsquare](https://bifrost.subsquare.io/fellowship) 上查看。
    
    ### 等级更新
    
    Fellowship 成员可以随时请求更新他们的等级，并且**每年可以更新一个等级**。
    
    1. 任何等级达到 4 级以下的成员都可以通过 Fellowship 公投晋升到下一个等级，该公投可以由等级为 2 级或以上的成员投票。例如，Fellowship [公投 #64](https://collectives.subsquare.io/fellowship/referenda/64)，将一名成员从 1 级晋升到 2 级，只能由等级大于或等于 3 级的成员投票。
    2. Polkadot Fellowship 成员从 5 级晋升需要通过 OpenGov 公投完成。有关更多信息，请查看 [Fellowship 概览](https://bifrost.subsquare.io/fellowship/members)上的等级更新部分。
    
    ## 白名单
    
    Polkadot OpenGov 允许技术小组授权获得“白名单调用者”，以 Root 级别的权限执行由小组批准的调用（**目前，只有三级及以上成员可以对白名单调用进行投票**）。请注意，小组不能更改网络参数、进行救援或移动资产。白名单提案仍需经历 OpenGov 公投的整个生命周期，并且只有在公投成功通过时才能生效。
    
    白名单开始于小组公投，其中包含从集体系统链到 Polkadot 中继链的嵌入 XCM 调用。例如，[Bifrost 小组公投#14](https://bifrost.subsquare.io/fellowship/referenda/52) 用于**白名单** [Bifrost OpenGov 公投#14](https://bifrost.subsquare.io/referenda/14)。
    
    ## 子小组薪资
    
    薪资结构将在 2024 年第四季度公布。


Bifrost Fellowship | 详解 Sub-Fellowship 的组成和职责

In the [Bifrost Tokenomics 2.0 proposal](https://bifrost.subsquare.io/posts/77), Bifrost plans to use 100% of protocol profits for BNC buybacks, with 90% allocated to bbBNC holders and the remaining 10% to be burned. The release of this proposal has sparked considerable interest among community members, who have raised numerous questions. In response, we have organized a FAQ document to comprehensively address these inquiries from the community.

_Note: Bifrost Tokenomics 2.0 is currently still in the proposal discussion, and all contents do not represent the final official version that will be launched._

### What is bbBNC?

bbBNC is an escrow token. Users can obtain bbBNC by liquid staking BNC to acquire vBNC and then locking this vBNC to receive bbBNC. **The amount of bbBNC a user gets depends on the quantity of vBNC locked and the duration of the locking period**.

### Why the bbBNC mechanism designed to be so complex?

The shortcomings of airdrop mechanisms stem largely from their lack of requirements for significant participant contributions or long-term commitments, leading to mere token distributions. This often results in participation driven by personal gain, with individuals quick to sell their rewards, highlighting the fundamental flaws of airdrops.

The bbBNC mechanism includes multiple layers to specifically reward users who are actively engaged. By introducing a lock-up period dimension, it incentivizes users to hold their investments over the long term, enhancing their returns through a leveraged rewards system and fostering the sustainable growth of the entire ecosystem.

### Why does the bbBNC mechanism include a locking period?

Community members primarily express two concerns:

The escrow mechanism and locked token reward strategy may not effectively reduce selling pressure. While locking vBNC postpones immediate sell-offs, it could lead to a psychological shift among users, potentially triggering even more intense selling if users fear others might sell first.

Are only bbBNC holders eligible for profit sharing, or could a variety of choices be offered? If rewards were diversified, users might be more amenable to long-term commitments.

bbBNC, similar to other escrow tokens, integrates enhanced rights and benefits. Simply locking tokens does not address the issue of selling pressure; instead, genuine confidence in the protocol by users is the critical pillar of tokenomics development. Thus, sharing protocol revenues with bbBNC holders through Bifrost's liquidity staking is the essential foundation for building market value.

**bbBNC = Governance + Staking Yields + Protocol Profit Sharing + Burning Mechanism**

This design philosophy is intended to fulfill the community’s diverse needs more comprehensively, considering user psychology and market dynamics. Establishing a lock-up period aims to bolster the token's value by leveraging rewards for long-term holders, thereby fostering deeper and more enduring engagement with the protocol rather than short-term trading.

### What are the rewards for bbBNC holders?

bbBNC holders can get vBNC as rewards.

### How to calculate early redemption fees rewards of bbBNC ?

We are planning to launch a "Protocol Profits" page on Bifrost dApp, allowing users to monitor protocol profits

Additionally, the data can be tracked through the on-chain address of the Bifrost Treasury.

The formula for calculating the early unlock of bbBNC is available in the proposal:
https://bifrost.subsquare.io/posts/77

Redemption Fee = {(Remaining locked blocks + 2,628,000) / 10,512,000 (4-year block height)}^2

The vBNC that users can get by unlocking in advance = Locked vBNC * (1 - Redemption Fee)

### Why bbBNC is non-transferrable?

bbBNC is purposefully designed as a Pallet on the Bifrost blockchain, serving primarily to keep records of locked BNC addresses, which inherently restricts its transferability.

However, in special cases such as switching wallets or if an account is compromised (e.g., by a hacking incident), there arises a necessity to move tokens. We are actively exploring potential solutions to accommodate such needs.

### How are bbBNC Rewards Calculated?

bbBNC holders periodically receive rewards from the vePallet module. These rewards come from various sources in the Bifrost ecosystem, such as transaction fees, SST revenue, swap fees, and commissions from vToken transactions.

The rewards are issued monthly. The division of these rewards is based on the proportion of bbBNC shares that each user holds at the time of reward distribution, enabling them to claim a corresponding share of the total rewards pool.

### Which liquidity pools (LP pools) support bbBNC boosting?

As of now, only the vBNC-vDOT liquidity pool supports bbBNC boosting. We are considering extending this support to additional LP pools in the future.

### Are the fees from early redemptions of bbBNC shared with its holders?

Yes, fees collected from early redemptions are distributed to bbBNC holders.

### Where can track the protocol profits?

We are preparing to launch a "Protocol Profits" page on our dapp, which will enable users to monitor the income generated by the protocol.

In addition, this information can be tracked through the on-chain address of the Bifrost Treasury.

### Will bbBNC impact the liquidity of BNC on decentralized and centralized exchanges?

Following the opening of the Polkadot-Kusama bridge to other tokens, vBNC will be integrated into the omnipool.

The rollout of bbBNC is not anticipated to drastically alter the market liquidity of BNC, as many BNC are already locked in staking (either as Collators or vBNC). It remains to be seen whether these stakers will opt to convert their vBNC into bbBNC.

### What effects does the burning mechanism of bbBNC bring?

The total quantity of BNC is fixed and does not undergo inflation. The greater the protocol's earnings, the more BNC will be destroyed. The burning mechanism aims to create a deflationary effect by steadily decreasing the total token supply, which could enhance the value of the remaining tokens.

### How can the BTA issue be addressed?

We are exploring the possibility of converting BTA into Raindrop points through a whitelist approach. Alternatively, we might delay the BTA conversion until next year to align with emerging trends in the NFT market.

### What Can The Collators Benefit from bbBNC?

bbBNC is indirectly connected to Collators since it is created using vBNC, which involves staking BNC with Collators. This relationship ensures that the interests of Collators are considered in the bbBNC ecosystem.

bbBNC Community FAQ - A Deep Dive into Bifrost Tokenomics 2.0

在 Bifrost 经济模型 2.0 提案中， Bifrost 计划使用协议利润的 100% 用于回购 BNC，并将其中 90% 分配至 bbBNC 持有者，剩余 10% 将被销毁。提案发出后，社区成员非常关注，并提出了一些问题，我们整理了一份 FAQ，详细回答社区的疑惑。

_* 新经济模型目前仍处于提案讨论阶段，所有内容均不代表最终正式上线的版本。_

### 什么是 bbBNC

bbBNC 是一种锁仓票据，用户通过质押 BNC 获取 vBNC，再锁定 vBNC 来获取 bbBNC，锁定的 vBNC 数量越多，锁定时间越长，获得的 bbBNC 数量越多。

### bbBNC 机制为什么设计得这么复杂？

普通的空投机制存在许多不足之处，因为空投往往不要求参与者有实质性的贡献或长期承诺，而是简单地分发代币，这不可避免地促使人们出于利益而参与，一旦获得奖励便迅速抛售，这种现象说明了空投机制本身的漏洞。

bbBNC 的机制则包含了多个维度，目的是为了奖励真正积极参与的用户。因此，我们引入了锁仓时长这个维度，奖励那些愿意长期持有的用户。这种方法不仅能够激励用户长期持有，还通过提供奖励的杠杆效应，增强了持有者的回报，从而支持了整个生态系统的健康发展。

### bbBNC 机制为什么设置锁定期？

社区用户主要有以下两点疑惑：

- Escrow 机制和锁定代币奖励策略可能并没有真正减轻抛售压力。尽管锁定 vBNC 可以将抛售压力推迟，但这种方法会导致用户心理的变化，可能导致更加激烈的抛售行为，因为用户会担心其他人先行抛售。
- 是否只有 bbBNC 持有者才能分享利润，是否可以为用户提供多样化的选择？如果奖励是多种形式的，用户可能更容易接受长期锁定。

bbBNC 与其他 escrow 代币类似，并且融入了更多权益。单纯的代币锁定无法解决抛压的问题，但用户对协议的信心才是真正支撑经济发展的核心。因此，**Bifrost 流动性质押与 bbBNC 持有人共享协议收入才是奠定市值的根本**。

**bbBNC = 治理 + 质押收益 + 分享协议收入 + 燃烧机制**

这样的设计理念，旨在更全面地满足社区的多样化需求，同时考虑到用户心理和市场动态。设立锁定期旨在通过为长期持有者提供奖励杠杆来增强持有代币的价值，从而鼓励与协议的更持久的参与，而不是短期投机。

### 持有 bbBNC 会获得什么奖励？

持有 bbBNC，会获得 vBNC 作为奖励。

### 提前解锁的赎回费和 bbBNC 奖励的计算公式？

我们计划在 dapp 上线一个「协议利润」的页面，用户将能够跟踪协议收入。

此外，也可以通过 Bifrost Treasury 的链上地址进行监控。

bbBNC 提前解锁的计算公式可以在提案里找到: [Bifrost Tokenomics 2.0 (bbBNC) Proposal](https://bifrost.subsquare.io/posts/77)

赎回费用 = {(剩余锁定区块数 + 2,628,000) / 10,512,000 (四年的区块高度)}^2

用户通过提前解锁可以获得的 vBNC = 锁定的 vBNC * (1 - 赎回费)

### 为什么 bbBNC 是不可转移的？

bbBNC 实际上被设计为 Bifrost 链上 Pallet 针对锁定 BNC 地址的信息记录，因此 bbBNC 无法进行转账等操作。

在更换钱包或账户受到损害（例如，被黑客攻击）等特殊情况下，需要进行代币转移。我们目前正在讨论针对这类需求的解决方案。

### bbBNC 奖励是如何计算的

bbBNC 持有者会定期从 vePallet 模块接收奖励。这些奖励来源于 Bifrost 生态的各种收入，如交易手续费、SST 收入、Swap fee 和 vToken 佣金。

每一个月进行一次奖励发放结算。基于用户在结算时的 bbBNC share 值来瓜分奖池中的所有奖励。

### 支持 bbBNC boosting 的 LP 池子有哪些？

目前只有 vBNC-vDOT 池子支持 bbBNC 增益，之后会考虑拓展到其他 LP 池子。

### 提前赎回 bbBNC 的手续费会分享给 bbBNC 持有人吗？

是的，提前赎回的费用将分享给 bbBNC 持有者。

### 在哪里可以查看到协议利润的数据？

我们计划在 dapp 上线一个「协议利润」的页面，用户将能够跟踪协议收入。

此外，也可以通过 Bifrost Treasury 的链上地址进行监控。

### bbBNC 会影响 BNC 在 DEX/CEX 平台上的流动性吗？

在 Polkadot - Kusama 桥对其他代币开放后，vBNC 将被加入 omnipool。

bbBNC 的引入不会对 BNC 市场流动性产生特别大的影响。因为目前已经有许多 BNC 处于质押状态（Collator 或者 vBNC）。这些质押者也许会将 vBNC 转换成 bbBNC，时间会给出答案的。

### bbBNC 的燃烧机制会带来什么影响？

BNC 的总量是固定的，没有通胀机制。协议的收入越多，BNC 的销毁数量也越多。燃烧机制的目的就是通货紧缩，逐渐减少代币总供应量，从而可能增加剩余代币的价值。

### 如何解决 BTA 转换的问题？

我们正在考虑将 BTA 白名单转换成 Raindrop 积分。或者，将 BTA 推迟到明年，等待新的 NFT 市场热点。

### Collators 能否从 bbBNC 机制中受益？

bbBNC 通过 vBNC 铸造，而铸造 vBNC 所使用的 BNC 将被质押给 Collators，所以 bbBNC 与 Collators 是间接相关的。

bbBNC 社区 FAQ - 深入探索 Bifrost 经济模型 2.0

## Development

### Runtime 0.14.0 (In Progress)

- Full Pallet review and optimization
- vTokenVoting now supports vBNC for governance participation

### Dapp 1.9.2

- Supports full on-chain functionality for EVM addresses
- Enables cross-chain bridging of ETH between Assethub and Bifrost
- Introduces email alerts for user subscriptions
- Optimizes the global Unstaking queue display
- Improves the display of completed Farming cards

## Products

This month, Bifrost's total value locked (TVL) reached **$77,447,366**, while the total minted vDOT (TVS) hit **8,532,102**, an increase of 72,801 tokens compared to last month.

Among them, vASTR stood out with outstanding performance, reaching a total minted supply (TVS) of **34,205,384** tokens and a total value locked (TVL) exceeding $2.41M, reflecting a month-on-month growth of 28.06%.

- On September 26, Stellaswap launched a new round of xcDOT-xcvDOT farming incentives, with rewards coming from the Polkadot Treasury’s proposal of liquidity incentives. For participation instructions, please read [this](https://x.com/Bifrost/status/18392920409386641850).
- Bifrost analytics dashboard V2 is now live on [dune.com](https://dune.com/substrate/bifrost), covering not only vToken-related data analysis but also economic model data, such as bbBNC. Stay tuned for further updates. 
- The latest version of Subwallet now features a [one-click Swap function for Bifrost's vDOT and vASTR](https://x.com/Bifrost/status/1838300716215210136), supporting direct transactions within the wallet (Ledger-compatible). Additionally, Subwallet now supports direct minting of vDOT.

![products.png](https://cdn.bifrost.io/cms/products_7ba7c38975.png)

## Marketing

- On September 2, Bifrost participated in an [AMA event](https://x.com/Crypto_ProsCM/status/1829927135051731055) organized by the CryptoPros community. During the event, Bifrost provided detailed insights to users in the Asia-Pacific region on the operational mechanism of its liquid staking service, the unique advantages of Bifrost LST, and future plans for its new economic model.

- From September 16 to 18, Bifrost attended [Decoded Asia 2024](https://x.com/Bifrost/status/1836391284657066062
) and Token2049 in Singapore. Tyrone, Bifrost’s Head of Developer Relations, delivered a keynote speech titled "Is Restaking Just a Passing Fad? Expanding Polkadot Consensus with Bifrost Infrastructure." Additionally, Bifrost hosted a booth at the Polkadot stand, distributing a large number of high-quality exclusive merchandise to attendees.

![decoded 2024.png](https://cdn.bifrost.io/cms/decoded_2024_cb18e42aad.png)

On September 26, Bifrost's Head of Developer Relations participated in the first session of the Polkadot Vietnam Hackathon seminar. The seminar focused on how to build DeFi applications based on Bifrost's liquid staking tokens (LST). During the event, he delved into the technical implementation of Bifrost LST and engaged in Q&A interactions with the attendees.

![hackthon.jpeg](https://cdn.bifrost.io/cms/hackthon_88259b53fa.jpeg)

On September 28, the "Polkadot & Friends" event, co-hosted by Bifrost, was successfully held in Hong Kong. Bifrost gave a keynote presentation during the event. The event aimed to explore the emerging opportunities brought by Polkadot 2.0 and the future prospects of TON ecosystem integration.

Bifrost Monthly Report | September 2024

## 技术开发

### Runtime 0.14.0（开发中）

- Full Pallet Review & 优化
- vTokenVoting 支持 vBNC 参与治理

### Dapp 1.9.2

- 支持 EVM 地址进行完整链上操作
- 支持 ETH 在 Assethub 与 Bifrost 之间的互跨
- 新增用户订阅邮箱提示
- 优化全局 Unstaking 队列展示
- 优化已结束的 Farming 卡片展示

## 产品进展

本月 Bifrost 总锁仓量（TVL）达到 77,447,366 美元，vDOT 总铸造量 (TVS) 为 8,532,102 枚，较上月增长 72,801 枚;

其中，vASTR 表现亮眼，总铸造量（TVS）突破 34,205,384 枚, 总锁仓量超 (TVL) $2.41M，单月增长 28.06%；

9 月 26 日，Stellaswap 开启新一轮 xcDOT-xcvDOT 池子的 Farming 激励。此轮激励来源于 Polkadot Treasury 的流动性激励提案申请，在[这里](https://x.com/Bifrost/status/1839292040938664185)查看完整教程。

Bifrost 全量数据面板 V2 现已上线 [dune.com](https://dune.com/substrate/bifrost), 其中不仅涵盖了 vToken 相关的数据分析，还将纳入 bbBNC 等经济模型相关数据，敬请期待。

Subwallet 在最新版本中新增了 Bifrost [vDOT 和 vASTR 的一键 Swap 功能](https://x.com/Bifrost/status/1838300716215210136)，支持在钱包内直接操作（兼容 Ledger）。此外，Subwallet 现已支持 vDOT 的直接铸造。

![products.png](https://cdn.bifrost.io/cms/products_7ba7c38975.png)

## 市场运营

9 月份，Bifrost 积极参与了亚洲地区最大的区块链行业活动，旨在进一步推广其流动性质押解决方案，增强品牌知名度，并与加密社区进行深入互动。以下是本月的主要活动亮点：

9 月 2 日，Bifrost 参与了 CryptoPros 社区举办的 [AMA 活动](https://x.com/Crypto_ProsCM/status/1829927135051731055)。在活动中，Bifrost 向亚太地区用户详细介绍了其流动性质押业务的运作原理、Bifrost LST 的独特优势，以及未来新经济模型的规划。

9 月 16 日至 18 日，Bifrost 赴新加坡参加 [Decoded Asia 2024 和 Token2049](
https://x.com/Bifrost/status/1836012217973510359) 活动。Bifrost Dev Rel Lead Tyrone 发表了题为「再质押是否只是昙花一现？借助 Bifrost 基础设施扩展波卡共识」的主题演讲。此外，Bifrost 在 Polkadot 展台设立了展位，并向与会者派发了大量精美的周边礼品。

![decoded 2024.png](https://cdn.bifrost.io/cms/decoded_2024_cb18e42aad.png)

9 月 26 日，Bifrost Dev Rel Lead 参加了 [Polkadot 越南黑客马拉松研讨会](https://x.com/Bifrost/status/1838926685288472975)首期活动。本次研讨会聚焦于如何构建基于 Bifrost 流动性质押代币（LST）的 DeFi 应用。会上，他深入解析了 Bifrost LST 的技术实现原理，并与参会者进行了互动问答。

![hackthon.jpeg](https://cdn.bifrost.io/cms/hackthon_88259b53fa.jpeg)

9 月 28 日，Bifrost 联合主办的[Polkadot & Friends 活动](
https://x.com/Bifrost/status/1838907564270174620)在香港成功举行。Bifrost 在活动中发表了主题演讲。此次活动旨在探讨 Polkadot 2.0 带来的新机遇，以及 TON 生态系统集成的未来发展前景。

月报｜Bifrost 全量数据面板 V2 已上线，随时查看 vToken 铸造情况

## 技术开发

### Runtime 0.14.0 （已上线）

- Full Pallet Review & 优化

### Runtime 0.15.0（开发中）

- 在 Bifrost-Polkadot 网络上线 parachain staking 模块
- 在 Bifrost-Polkadot 上增加对 vBNC 的支持
- vBNC 迁移准备工作
- vTokenVoting 支持 vBNC 参与治理
- bbBNC 相关功能模块优化

### Omni LS 1.0.6

- 支持 vGLMR 在 Astar (Substrate) 网络的铸造与赎回

## 产品进展

本月 Bifrost 总锁仓量（TVL）达到 **63,418,180** 美元，vDOT 总铸造量 (TVS) 为 **8,289,523** 枚;

其中，vASTR 表现亮眼，总铸造量（TVS）突破 **36,910,978** 枚, 总锁仓量超 (TVL) $2.05M，单月增长 7.3%；

- 本月，Bifrost 上线 Tokenomics 2.0 系列活动页面：[wave.bifrost.io](https://wave.bifrost.io/). 目前正处于预约阶段，用户可连接钱包完成预约，获取 WAVE 积分。

- [Bifrost Dapp](http://app.bifrost.io) 新增多种 Token（$BNC、$DOT、$GLMR、$ASTR、$MANTA 、 $ETH 以及相对应的 LST）支付 Bifrost 链上的交易手续费。 

![oct1.jpeg](https://cdn.bifrost.io/cms/oct1_3c740b2193.jpeg)

- [Omni.ls](http://Omni.ls) 新增 vGLMR 在 Astar 网络的铸造。

- Bifrost 向 Kusama Treasury 发起[新一轮 50,000 KSM 借款提案](https://kusama.subsquare.io/referenda/465)，公投正在进行中。

- [Bifrost Dapp 1.9.2 版本更新](https://x.com/Bifrost/status/1848303343988305999)，包括全面兼容 EVM 地址；ETH 在 Bifrost 与 AssetHub 之间的双向跨链；vToken 赎回队列展示优化；Farming 卡片的结束状态展示优化。

## 运营活动

10 月 17 日，Bifrost 联合主办了[胖企鹅中文社区线下 Meetup 活动](https://x.com/Bifrost/status/1847306892458279078)，超过 100 位社区成员齐聚上海。Bifrost Co-founder Lurpis 发表了主题演讲，和 NFT 爱好者们进行了一次面对面交流。

![Oct2.png](https://cdn.bifrost.io/cms/Oct2_4ea0d271ac.png)

10 月 23 日，Bifrost Co-founder Lurpis 参与了由 RealMoonlightShow 主办的[币安直播活动](https://x.com/RealMoonLabs/status/1848626625555910798)。本次活动的主题为「探索未来：深入了解 Bifrost 的流动性质押和创新代币经济学」。

![Oct3.jpeg](https://cdn.bifrost.io/cms/Oct3_63916f2741.jpeg)

10 月 23 日，[Bifrost Liquid Wave 活动](https://bifrost.io/zh-CN/blog/article-26)正式开启预约，目前预约人数已经超过 4700。Liquid Wave 是 Bifrost 为了顺利推出新经济模型而设计的一些列积分活动，共分为三个阶段。通过参与活动，可以获得积分凭证 WAVE，WAVE 可以瓜分 BNC 奖池，也可以兑换为 bbBNC，享受 Bifrost 协议的收益分成。

![wave6.jpeg](https://cdn.bifrost.io/cms/wave6_d88bcd6e74.jpeg)

10 月 24 日，Bifrost Dev Rel Lead 参与了由 MetaBlockchain 举办的 [AMA 活动](https://x.com/Metablockchain0/status/1848575586987610593)。本次活动向新社区成员介绍了 Bifrost 产品功能、治理机制和正在进行的积分活动，获得了广泛关注。

10 月 29 日，Bifrost 出席了[香港金融科技周](
https://x.com/0xBifrostCN/status/1851588189565419780)线下会议，Thibault Perréard 参与了「Layer 1 & Layer2：持续探索数字资产创新」圆桌讨论，探讨了未来几年可能出现的新技术和新服务、数字资产行业在可扩展性方面的进展以及如何满足机构参与者的需求。

![Oct5.jpeg](https://cdn.bifrost.io/cms/Oct5_7781313c24.jpeg)

10 月 30 日，Bifrost 做客 CryptoChallengers 社区，进行了一场[文字 AMA 对话](
https://x.com/0xBifrostCN/status/1851588189565419780)。本次活动向新社区成员介绍了即将推出的新经济模型和 Liquid Wave 积分活动的详情。

月报｜Bifrost Liquid Wave 活动开启，预约人数已突破 4700！

## Development

### Runtime 0.14.0 (Done)

- Full Pallet review and optimization

### Runtime 0.15.0 (In Development)

- Deployment of the parachain staking module on Bifrost-Polkadot
- Introducing vBNC on Bifrost-Polkadot
- Preparatory work for vBNC migration
- vTokenVoting now supports vBNC for governance participation
- bbBNC functional optimization

### Omni LS 1.0.6

- Supports minting and redeeming of vGLMR on the Astar (Substrate) network

## Products

In October, Bifrost's total value locked (TVL) reached **$63,418,180**, while the total minted supply of vDOT (TVS) amounted to **8,289,523**.

Among them, vASTR showed outstanding performance, with its total minted supply (TVS) surpassing **36,910,978** and a total value locked (TVL) exceeding $2.05M, reflecting a monthly growth of 7.3%.

- This month, Bifrost launched the Tokenomics 2.0 event series page: [wave.bifrost.io](https://wave.bifrost.io/). Currently in the reservation phase, users can connect their wallets to complete registration and earn WAVE points. 
- The [Bifrost Dapp](http://app.bifrost.io/) now supports using more tokens, including $BNC, $DOT, $GLMR, $ASTR, $MANTA, $ETH, and their LSTs, for Bifrost on-chain gas fees.

![oct1.jpeg](https://cdn.bifrost.io/cms/oct1_3c740b2193.jpeg)

- [Omni.ls](http://omni.ls/) has added minting of vGLMR on the Astar network. 
- Bifrost has submitted a new [loan proposal](https://kusama.subsquare.io/referenda/465) of 50,000 KSM to the Kusama Treasury, and the referendum is under discussion.
- [Bifrost Dapp version 1.9.2 update](https://x.com/Bifrost/status/1848303343988305999) includes full support for EVM addresses, support for ETH cross-chain between Bifrost and Asset Hub, display optimization of the overall vToken redemption queue and display optimization of completed Farming cards.

## Marketing

On October 17, Bifrost co-hosted a [meetup](https://x.com/Bifrost/status/1847306892458279078) for the Chinese community of Pudgy Penguins, where over 100 community members gathered in Shanghai. Bifrost Co-founder Lurpis delivered a keynote speech and engaged in a face-to-face exchange with NFT enthusiasts.

![Oct2.png](https://cdn.bifrost.io/cms/Oct2_4ea0d271ac.png)

On October 23, Bifrost Co-founder Lurpis participated in a [Binance live-stream](https://x.com/RealMoonLabs/status/1848626625555910798) event hosted by RealMoonlightShow. The event was themed "Exploring the Future: In-Depth Insights into Bifrost’s Liquid Staking and Innovative Tokenomics."

![Oct3.jpeg](https://cdn.bifrost.io/cms/Oct3_63916f2741.jpeg)

On October 23, [Bifrost’s Liquid Wave](https://bifrost.io/blog/bifrost-liquid-wave-campaign-is-live-reserve-your-spot-now) event officially opened for reservations, with over 4,700 participants signing up. Liquid Wave is a series of points-based activities designed to facilitate the launch of Bifrost’s new economic model. It consists of three phases, through which participants can earn WAVE points. These points can be redeemed for a share of the BNC reward pool or converted into bbBNC to enjoy revenue-sharing benefits from the Bifrost protocol.

On October 24, Bifrost’s Dev Rel Lead joined an [AMA event organized by MetaBlockchain](https://x.com/Metablockchain0/status/1848575586987610593). The event introduced new community members to Bifrost’s product features, governance mechanisms, and ongoing points activities, drawing considerable interest.

On October 29, Bifrost participated in the [Hong Kong Fintech Week](https://x.com/0xBifrostCN/status/1851588189565419780), where Thibault Perréard took part in the "Layer 1 & Layer 2: Continuing the Exploration of Digital Asset Innovation" panel discussion. The discussion explored potential new technologies and services in the coming years, advancements in scalability for the digital asset sector, and strategies to meet the needs of institutional participants.

![Oct5.jpeg](https://cdn.bifrost.io/cms/Oct5_7781313c24.jpeg)

On October 30, Bifrost joined the CryptoChallengers community for a [text-based AMA session](https://x.com/0xBifrostCN/status/1851588189565419780). The event introduced new community members to Bifrost's upcoming economic model and the details of the Liquid Wave points activities.

Bifrost Monthly Report | October 2024

## Development

### Runtime 0.15.0

- Bifrost-Polkadot Collator successfully launched.
- Introduced vBNC on Bifrost-Polkadot.
- Addressed detailed migration processes for vBNC.
- Enhanced vTokenVoting to support vBNC.
- Optimized addresses for certain system revenue flows.
- Improved the bbBNC module.

### Runtime 0.15.1

- Increased the redemption cap for vTokens per cycle to 1,000.
- Updated cross-chain transaction construction for Moonbeam and Moonriver SLP.

### Omni LS 1.0.7

- Added support for commission channel inputs.

## Product

This month, Bifrost's Total Value Locked (TVL) exceeded **$109,886,941**, while the total minted vDOT (TVS) reached **7,187,068** tokens.

Notably, vASTR had a remarkable performance with the total minted supply (TVS) surpassing **38,509,553**, and a TVL of over $3.06 million, marking a monthly increase of 4.15%.

- Bifrost announced a [DOT Unbonding subsidy program](https://x.com/Bifrost/status/1861024545848819940). If you unbond DOT from nomination pools or classic staking during the program period, you qualify for the subsidy! 
- [vBNC was successfully migrated to the Bifrost-Polkadot network](https://bifrost.io/blog/bifrost-has-finished-migration-from-bifrost-kusama-to-bifrost-polkadot). Users holding vBNC in Bifrost-Kusama have had their tokens migrated to the corresponding addresses on Bifrost-Polkadot. Additionally, the exchange rate for vBNC will soon be adjusted following the inclusion of Bifrost-Polkadot collators.
- Following the repayment of the 2023 Kusama Treasury Liquidity Loan, a new loan proposal for the coming year has now been released: [Referenda 477](https://kusama.subsquare.io/referenda/477)
- [Subscan](https://x.com/0xLurpis/status/1853767853310439864) launched a series of interface optimizations for the Bifrost-Polkadot and Bifrost-Kusama block explorers. These include new quick staking buttons, detailed asset distribution views, vToken USD pricing, and seamless navigation between Bifrost’s functional modules.

![subscan.png](https://cdn.bifrost.io/cms/subscan_b6775b8254.png)

## Marketing

On November 3, Bifrost Dev Rel Lead Tyrone participated in the [Polkatalk event](https://x.com/aiweb3dao/status/1852744433558831564) organized by AIWeb3, where he shared insights on the Bifrost Liquid Wave initiative and updates on BNC tokenomics 2.0.

On November 8, Bifrost attended the [Staking Summit](https://x.com/Bifrost/status/1854025937714868695) in Bangkok and shared views in a panel discussion titled “How to Attract Stake with Liquidity Incentives,” where Bifrost’s cross-chain LST offerings were introduced in detail.

![staking summit.jpeg](https://cdn.bifrost.io/cms/staking_summit_5fed53609a.jpeg)

From November 8 to November 29, the first phase of Bifrost Liquid Wave's LST Campers campaign was completed. Participants earned WAVE points by completing tasks such as liquid staking, governance voting, and inviting friends.

On November 11, [the Coordination Day](https://x.com/LXDAO_Official/status/1853808448103964767) event sponsored by Bifrost took place successfully in Bangkok. Hosted by LXDAO, the event brought together philanthropists, researchers, communities, academics, public sectors, and foundations to collaborate through discussions, forums, and workshops.

On November 13, Bifrost joined [a livestream hosted by PolkaWorld](https://x.com/polkaworld_pro/status/1856699242934673598) to introduce how users can participate in the Liquid Wave event, share in the BNC reward pool, and build a DeFi yield strategy.

On November 19, Bifrost took part in [a livestream event](https://x.com/bydao_cn/status/1857389777064177863) hosted by ByDAO. As a omni-chain liquidity solution, Bifrost aims to break down barriers between chains. During the event, experts in the field discussed Bifrost’s cross-chain technical architecture, ecosystem strategy, and future plans.

Bifrost Monthly Report | November 2024

On March 28, 2023, Bifrost launched vFIL, the Liquid Staking Token of Filecoin. vFIL was the [first DePIN LST](https://bifrost.io/blog/lst-and-hardware-networks-bifrost-opens-a-new-era-of-liquid-staking) on Bifrost, marking a bold attempt to enter the heterogeneous blockchain LST market. Since its launch, Bifrost has provided Filecoin holders with a decentralized and secure LST service, with vFIL reaching a TVM peak of 100,000. However, the current vFIL service has faced several limitations.

- **Insufficient cross-chain experience**: The security audit mechanism of the multi-signature cross-chain bridge has led to a less-than-smooth experience.
- **Lack of on-chain applications**: There is a shortage of efficient use cases for vFIL.
- **Limited ecosystem synergy**: vFIL has not been deeply integrated with FEVM, resulting in limited ecosystem collaboration.
- **Insufficient decentralization support**: The operational mechanism lacks sufficient support for the integration of decentralized storage providers (SPs).
- **Inefficient redemption mechanism**: Redemption cycles are long, with high uncertainty.
- **Low market liquidity**: The vFIL secondary market price has remained low, and market activity has been sluggish.

Given that the current design and infrastructure of vFIL cannot meet the needs of users and SPs, and the service quality does not align with Bifrost’s LST standards, Bifrost has proposed [a graceful shutdown of vFIL](https://bifrost.subsquare.io/referenda/69).

# vFIL Shutdown Process

The shutdown of vFIL service will take place in stages, giving holders enough time to complete their redemptions. The detailed timeline is as follows:

## Phase 1 (Q4 2024)

- Stop FIL deposits into Bifrost (Completed)
- Stop vFIL minting (Scheduled for governance execution on December 31, 2024)

## Phase 2 (Q1 2025)

- Await the gradual expiration of FIL wrapped by Filecoin storage providers (SPs)
- Upon expiration, the unlocked FIL will be transferred to Bifrost’s vFIL Ready Pool.

### Wrapped FIL Expiration Dates:

- **f079426**: October 24, 2024 (Expired)
- **f02182258**: November 3, 2024 (Expired)
- **f0111584**: February 1, 2025

## Phase 3 (Q2 2025)

- Decommission on-chain vFIL asset custody
- Enable users to redeem vFIL at any time and directly swap back to FIL via fast redemption.
- Allow users to transfer FIL back to the Filecoin network via the cross-chain bridge.

## Phase 4 (By June 30, 2025)

- Disable FIL cross-chain bridge between Bifrost Chain and Filecoin network.
- After the bridge closed, vFIL can still be redeemed, but FIL will no longer be able to be immediately transferred back to the Filecoin network.

## Phase 5 (After June 30, 2025)

- Decommission on-chain modules related to FIL cross-chain transfers
- Users can still use Bifrost governance proposals to cross-chain FIL back to the Filecoin network, although this process may take several months

# User Guide

- **Self-Redemption**: It is recommended to complete vFIL redemption and cross-chain FIL to the Filecoin network before the end of **Phase 3** to avoid complications after the cross-chain service is halted.
- **Asset Check**: Ensure that you check assets in farming pools, any LP assets you hold, or vFIL assets cross-chained to Moonbeam to complete redemption in a timely manner.
- **Governance Redemption**: After the service is decommissioned (Phase 4), users can still initiate governance proposals to cross-chain FIL back to the Filecoin network, but this method may take several months to process.

# Future Plans

The shutdown of vFIL service does not mean that Bifrost gives up FIL LST and related business development. On the contrary, it reflects Bifrost’s reevaluation and optimization of the current mechanism and service model.

In the future, Bifrost may relaunch the FIL LST business under more favorable conditions, leveraging the lessons learned to deliver:

- Improved user experiences.
- More secure solutions.
- Greater ecosystem collaboration and value creation.

At that time, the on-chain vFIL and FIL assets retained will seamlessly integrated into future services, continuing to generate value for the community and users.

New Proposal | Graceful Shutdown of vFIL Service

2023 年 3 月 28 日，Bifrost 首次上线 Filecoin 流动性衍生品 vFIL，这是 Bifrost 上线的[第一个 DePIN LST](https://bifrost.io/zh-CN/blog/lsd-for-hardware-bifrost)，也是 Bifrost 布局异构链 LST 领域进行的一次大胆尝试。

自上线以来，Bifrost 为 Filecoin 用户提供了去中心化且安全的 LST 服务，vFIL 也曾一度达到 100,000 的 TVM 峰值。然而，现阶段的 vFIL 业务存在一些局限性。

- **跨链体验不足**：多签跨链桥的安全审核机制导致体验不够流畅。
- **链上应用匮乏**：缺少高效利用 vFIL 的场景。
- **化学反应不足**：未能与 FEVM 深度融合，生态协同效果有限。
- **去中心化支持缺乏**：运行机制对去中心化存储提供商（SP）的接入支持不足。
- **赎回机制低效**：赎回周期长且不确定性高。
- **市场流动性不足**：vFIL 二级市场价格长期低迷，市场交易活跃度低。

考虑到当前 vFIL 的机制设计和配套设施难以满足用户和 SP 的需求，同时服务质量未达到 Bifrost LST 产品的标准，因此 Bifrost 发起提案，[建议有序下线目前版本的 vFIL 服务](https://bifrost.subsquare.io/referenda/69)。

# vFIL 下线流程

本次 vFIL 下线工作将分阶段进行，持有者有充足的时间完成赎回操作，具体安排如下：

## 第 1 阶段（2024 Q4）

- 停止 FIL 跨入 Bifrost 的功能（已完成）
- 停止 vFIL 铸造功能（计划于 2024 年 12 月 31 日通过治理执行）

## 第 2 阶段（2025 Q1）

- 等待 Filecoin 存储提供商（SP）封装的 FIL 逐步到期
- 到期后，将解锁的 FIL 跨链转入 Bifrost 的 vFIL Ready Pool

### 封装到期时间点

- **f079426**：2024 年 10 月 24 日（已到期）
- **f02182258**：2024 年 11 月 3 日 （已到期）
- **f0111584**：2025 年 2 月 1 日

## 第 3 阶段 (2025 Q2)

- 下线链上 vFIL 资产托管相关模块
- 支持用户随时赎回 vFIL，并通过快速赎回直接兑换回 FIL
- 可通过跨链桥随时将 FIL 跨回 Filecoin 网络

## 第 4 阶段（2025 年 6 月 30 日之前）

- 关闭 Bifrost 的 FIL 到 Filecoin 网络的跨链桥功能
- 关闭跨链桥后 vFIL 仍可赎回，但 FIL 无法通过跨链桥即时跨回 Filecoin 网络

## 第 5 阶段（2025 年 6 月 30 日之后）

- 下线 FIL 跨链相关的链上模块
- 用户仍可通过 Bifrost 治理提案，按需将 FIL 跨回 Filecoin 网络

# 用户操作指南

vFIL 持有者可以按照以下方式进行赎回操作：

- 自行赎回：建议尽量在第 3 阶段结束前完成 vFIL 的赎回，并将 FIL 跨链至 Filecoin 网络，避免后续跨链服务停止后无法即时地跨回您的 FIL 资产。
- 检查资产分布：请检查您在 Farming 池子的资产、您持有的相关 LP 资产，或者是跨链至 Moonbeam 的 vFIL 资产，确保及时完成赎回。
- 治理赎回：服务下线（第 4 阶段）后，用户仍可通过发起治理提案将 FIL 跨回 Filecoin 网络，但该方式可能耗时较长，一般需要数月的时间。

# 未来计划

本次 vFIL 服务的下线并不意味着放弃 FIL LST 及相关业务的发展。相反，这是 Bifrost 对当前机制和服务形态的重新审视和优化。

未来，在条件成熟时，Bifrost 有可能重新启动 FIL LST 业务，吸取此次经验，带来更好的用户体验，更安全的实现方案，更多的生态协同价值。

届时，链上留存的 vFIL 和 FIL 资产可以无缝延续到新的服务中，继续为社区和用户创造价值。

新提案｜vFIL 服务将逐步下线

In traditional staking, tokens are locked for a period, preventing their use. If you want to vote on a proposal, you must unstake your tokens, which means you lose staking rewards.

Bifrost's LST Governance introduces a new way to participate in decentralized decision-making without losing rewards:

- **Governance Participation**: LST holders can vote on proposals within the Bifrost ecosystem. These proposals may include updates to network settings or new features, helping to shape the network’s future.
- **Staking Rewards**: Holders continue to earn staking rewards while they vote. This means your assets are working for you, generating passive income while you participate in governance.

## LST Governance Features

Bifrost LST governance includes the following features:

- View ongoing proposals on the main chain
- Vote Aye, Nay, or Abstain
- Choose conviction level
- Lock vTokens to vote
- Unlock vTokens after the lock period ends

## How to experience LST governance on Bifrost

To understand vToken Voting, it is helpful to know how Bifrost LST and governance voting work, using vDOT as an example:

1. Addresses that stake DOT on Polkadot can participate in governance voting.
2. DOT staked for vDOT is controlled by derived addresses from Bifrost’s sovereign address on Polkadot. These addresses also have governance voting rights.
3. **Bifrost’s sovereign address** is a Polkadot parachain address: 13YMK2eeopZtUNpeHnJ1Ws2HqMQG6Ts9PGCZYGyFbSYoZfcm. The derived addresses used for staking and voting are keyless addresses.
4. Bifrost carries out governance voting on Polkadot through XCM calls to these derived addresses.

## vToken Governance Lock

When a user votes in governance using vToken, the corresponding vToken is locked based on the user’s chosen settings. **Locked vTokens cannot be transferred or redeemed**. However, this does not affect the yield from exchange rate increases.

An increase in the vToken exchange rate does not automatically increase its supply. When the governance lock period ends, the vToken is unlocked.

## Governance Lock Amount

A user’s vToken can participate in multiple governance referendums at once, so the lock duration varies. The governance lock amount is calculated based on the total vTokens held by the user. This allows vDOT to participate in multiple votes simultaneously.

![vtokenvoting.png](https://cdn.bifrost.io/cms/vtokenvoting_ae6a71d7f6.png)

Here is how vToken Voting works:

1. Assume a Bifrost user locks 10 vDOT to vote for Referenda 1 with a 3x Conviction.
2. The SLP module calculates the amount of vDOT equal to 12 DOT (assuming a 1:1.2 vDOT-DOT exchange rate). Based on the vote and the Conviction multiplier, the system makes an XCM call to the derived address under Bifrost’s sovereign address.
3. The staked DOT in the derived address determines the maximum voting power. This address votes in favor of Referenda 1 with 12 DOT and locks 3x Conviction.
4. When Referenda 1 ends and the Conviction Lock is lifted, Bifrost users can unlock their 10 vDOT. At the same time, the Conviction unlock is executed on Bifrost’s delegated address on the relay chain.

LST Governance: A New Standard for Utility and Rewards

## 🛠 Tech Development

### Runtime 19000 (In Progress)

- Replaced ParachainStaking with CollatorSelection on the Kusama network.
- Switched Bifrost-EVM native asset to Snowbridge-native ETH.
- Streamlined the structure and logic of the systemStaking module.
- Enabled execution of custom transactions via XCM.
- Fixed the issue causing random anomalies in the buyback mechanism.
- Updated the redemption fee formula for bbBNC.
- Integrated and adapted SLPx 2.0 pallet interfaces and logic.
- vETH 3.0 now supports redemptions to multiple Ethereum L2 networks.

### Runtime 18000 (Upgraded)

- Upgraded Polkadot dependencies.
- Hyperbridge now supports cross-chain fee payments using stablecoins.
- Optimized Hooks to reduce on-chain performance overhead.
- Improved accuracy of the SLP ledger update mechanism
- Enhanced the trigger mechanism for the buyback process.
- Enabled bbBNC boost functionality for existing farming pools.
- Integrated SLPx with Hyperbridge.
- Optimized auto-update logic for Stable Swap rate to prevent update halts when reaching limits.

### Website 2.0.0 (In Progress)

- Major development of the new visual design is complete and currently undergoing testing and optimization.

## Product

Bifrost’s **Total Value Locked (TVL)** reached **$54,825,174** this month, with **8,796,263 vDOT** minted — a **2.7%** increase from last month.

- Bifrost launched a new [DOT Loan Proposal](https://x.com/Bifrost/status/1915605912590639309). This proposal's subsidy request has increased to 1 million DOT to align with the Treasury's diversification strategy. However, the total amount remains roughly equal at $4 million.

- [Omni.ls](http://omni.ls/) tasks went live with **Arkada x Soneium** points campaign. Mint vASTR and provide liquidity via Kyo Finance to participate.
    
- **Hydration** launched **gigaDOT**, a yield aggregator combining vDOT staking, DOT lending, and trading fees. The product hit a hard cap of **2.222M gigaDOT** within 48 hours and  vDOT-DOT liquidity reached ~$9.5M.

## Marketing

- **April 1**: Bifrost Dev Rel Lead joined **PolkaWorld’s March Roundtable**, discussing Polkadot’s latest technical trends, cross-chain liquidity, and OpenGov developments.
    
- **April 6**: Bifrost delivered a keynote on omnichain liquid staking at **Polkadot 2025: The Road to Web3 Cloud** in Hong Kong, highlighting interoperability’s role in Polkadot's future.
    
- **April 17**: Bifrost presented on the **SLPx protocol** during a PolkaWorld livestream, covering cross-chain liquidity mechanics and multi-incentive mechanisms that lower entry barriers and accelerate ecosystem participation.   

- **April 23**: To foster content creation, Bifrost added a **50,000 BNC** reward pool to the **[Polkadot Yappers campaign]((https://x.com/Bifrost/status/1914982603704373476))**, encouraging deep dives, tutorials, and creative content about Bifrost.
    
- **April 24**: Bifrost Community Manager **Thomas** joined Arkada’s **"The Path of Soneium"** livestream to discuss how **vASTR** leveraged the Soneium campaign to boost both holder count and TVL, offering insights for future asset liquidity.

Bifrost Monthly Report | April 2025 

## 技术开发

### Runtime 19000（开发中）

- Kusama 环境将 ParachainStaking 替换为 CollatorSelection。
- Bifrost EVM 原生资产切换为 Snowbridge 原生 ETH。
- 精简 systemStaking 模块结构与逻辑。
- 允许通过 XCM 执行自定义交易。
- 修复 buyback 随机回购异常问题。
- 更新 bbBNC 的赎回手续费计算公式。
- 适配 SLPx 2.0 升级相关 pallet 接口与逻辑。
- vETH 3.0 支持赎回至多个以太坊 L2 网络。

### Runtime 18000（已升级）

- Polkadot 依赖升级
- Hyperbridge 支持通过稳定币支付跨链手续费
- Hooks 优化减少链上性能支出
- 优化 SLP 账本更新形式，账本更准确
- 优化 buyback 触发机制
- 支持对已经存在的 farming pool 追加 bbBNC boost 功能
- SLPx 接入 Hyperbridge
- Stable Swap rate 自动更新逻辑优化,避免更新达到限制后停止更新

### 官网 2.0.0（开发中）

- 完成全新视觉样式的主要开发，目前测试优化中

## 产品进展

本月 Bifrost 总锁仓量（TVL）达到 **54,825,174** 美元，vDOT 总铸造量 (TVS) 为 **8,796,263** 枚, 单月增长 2.7%；

- 本月，Bifrost 再次发起为期一年的 [DOT 贷款提案](https://polkadot.subsquare.io/referenda/1538)。为配合国库的多元化策略，本提案的补贴申请金额增加至 100 万 DOT。但总金额仍与之前大致相当，约为 400 万美元。
- [Omni.ls](http://Omni.ls) 相关任务上线 Arkada - Soneium 积分活动，访问 [Arkada](https://t.co/h6UgtnU5w7)，铸造 vASTR 并在 Kyo Finance 中提供流动性即可参与。详情请见：https://x.com/Arkada_gg/status/1914317301223993848
- Hydration 推出聚合型收益产品 [gigaDOT](https://app.hydration.net/strategies/gigadot) - 融合 vDOT 质押, DOT 借贷以及 trading 手续费的三种收益. 该产品于上线 48 小时内达成 2.222M gigaDOT 硬顶，vDOT-DOT 流动性提升至 ~$9.5M。

## 运营活动

4 月 1 日，Bifrost Dev Rel Lead 参与了由 PolkaWorld 主办的「Polkadot 三月圆桌会议」，与多位生态项目代表共同探讨了 Polkadot 最新技术动态及未来发展方向，深入交流跨链流动性、OpenGov 等热点话题。

4 月 6 日，Bifrost 参与了在香港举办的「Polkadot 2025: The Road to Web3 Cloud」活动，围绕全链流动性质押展开主题演讲，分享了跨链互操作性对 Polkadot 生态的重要意义。

4 月 17 日，Bifrost 参加了[波卡世界的直播活动(https://x.com/polkaworld_pro/status/1912452670373118394)，系统讲解了跨链流动性协议（SLPx）的运作原理，并介绍了如何通过多重激励机制，降低用户门槛、加速生态参与，助力 Polkadot 生态扩张边界！

4 月 23 日，为了激励更多内容创作者深度参与，Bifrost 为 [Polkadot Yappers 活动追加了 50,000 BNC 激励](https://x.com/Bifrost/status/1914982603704373476)，鼓励创作者发布与 Bifrost 相关的深度分析、教程或创意内容，持续推动建设更繁荣的内容社区。

4 月 24 日，Bifrost 社区经理 Thomas 参加了 Arkada 举办的 「The Path of Soneium」的直播活动，分享了 vASTR 如何借助 Soneium 实现持有者和 TVL 的迅速飞跃，为更多资产引入链上流动性提供了宝贵参考。

月报｜优质创作者可瓜分 BNC 激励，bbBNC 开发进入冲刺阶段

## Tech Development

### Runtime 2000 (In Progress)

- Support for **vDOT OpenGov delegation voting**.

### Dapp 1.10.0 (Testing Phase)

- Full integration of **bbBNC**.

### Campaign 1.2.0 (Testing Phase)

- Updated logic and content related to the **bbBNC Riders campaign**.

### Runtime 19000 (Upgraded)

- Replaced ParachainStaking with CollatorSelection in the Bifrost-Kusama;
- Migrated native Bifrost EVM assets to **Snowbridge native ETH**;
- Streamlined systemStaking module;
- Enabled custom transactions via XCM;
- Fixed anomalies in the **buyback random repurchase mechanism**;
- Updated the **bbBNC redemption fee calculation**;
- Integrated with pallet changes from the **SLPx 2.0 upgrade**;
- **vETH 3.0** now supports redemption to multiple Ethereum L2 networks.

### Website 2.0.0

- Rolled out with an entirely **new visual design** and improved user experience.

## Product Progress

This month, **Bifrost’s total value locked (TVL)** reached **$66,562,888**.

Among all assets, **vDOT stood out** with a total minted volume (TVS) exceeding **11,059,597 vDOT**, accounting for over **$50.32M in TVL**, reflecting a **22.69% increase** month-over-month.

- **[Bifrost Liquidity Loan Proposal](https://polkadot.subsquare.io/treasury/proposals/1020)**: Aiming to borrow **1,000,000 DOT** from the Polkadot Treasury to enhance vDOT/DOT liquidity and broaden vDOT's utility across the ecosystem. The proposal has been approved via OpenGov referendum, and DOT is scheduled to be transferred to Bifrost on **June 2**.
    
- **[gigaDOT](https://app.hydration.net/strategies/gigadot) Launch on Hydration**: In April, Hydration introduced **gigaDOT**, a synthetic asset combining vDOT and DOT loan certificates. The product has since accumulated **$31.51M in TVL**. After hitting its initial cap, Hydration expanded capacity, with **22.5% remaining**, equivalent to **$9.15M** in available TVL.
    
- **[Bifrost Builders Workshop – Episode 1](https://www.youtube.com/watch?v=TeApYnV32nA)**: Kicking off the series with "Building Interoperable Frontends for vTokens," this initiative guides developers through real-world use cases of building with vTokens. Bifrost also offers a rich bounty pool for contributors.
    
Explore open bounties: [Bifrost Bounties & RFPs](https://www.notion.so/Open-Bounties-Requests-for-Proposals-RFPs-3a06e610a5724c448ad805094b4c3352?pvs=21)
    
- **[New Bifrost Website](https://bifrost.io/) Is Live**: The new site comes with major improvements focused on:
    - A refreshed visual identity;
    - Simplified presentation of key information;
    - Cleaner and more intuitive user flows;
    - Categorization of vToken application scenarios;
    - A rotating carousel of Bifrost’s past events.

![new website.png](https://cdn.bifrost.io/cms/new_website_2de3ae73f0.png)

## Marketing

- **May 2**: Bifrost launched an [AI-generated content giveaway campaign](https://x.com/Bifrost/status/1918266502949814699). Five lucky participants each won **200 $BNC**, marking the **debut of Bifrost’s new mascot, Frosty**, and exploring the creative potential of AI.
    
- **May 22**: Tyrone, Bifrost DevRel, joined the **[“Polkadot Open Call”](https://x.com/OneBlock_/status/1924363783948103703) AMA** hosted by OneBlock to discuss gigaDOT’s underlying mechanics, ecosystem role, and Polkadot’s cross-chain liquidity strategy.
    
- **May 27**: The **two-month [“Reward Polkadot Yappers”](https://x.com/Bifrost/status/1927334009157177515) campaign** concluded with over **60 creators** participating. The campaign achieved **over 100,000 total views** across platforms and distributed more than **80,000 $BNC** in rewards.

![Yappers Wrap Up.png](https://cdn.bifrost.io/cms/Yappers_Wrap_Up_dcf93b4de7.png)

Bifrost Monthly Report | May 2025

## 技术开发

### Runtime 20000（开发中）

- vDOT 支持 OpenGov Delegation

### Dapp 1.10.0（测试中）

- 全面支持 bbBNC 操作

### Campaign 1.2.0（测试中）

- 更新 bbBNC Riders 活动相关内容

### Runtime 19000（已升级）

- Kusama 环境将 ParachainStaking 替换为 CollatorSelection
- Bifrost EVM 原生资产切换为 Snowbridge 原生 ETH
- 精简 systemStaking 模块结构与逻辑
- 允许通过 XCM 执行自定义交易
- 修复 buyback 随机回购异常问题
- 更新 bbBNC 的赎回手续费计算公式
- 适配 SLPx 2.0 升级相关 pallet 接口与逻辑
- vETH 3.0 支持赎回至多个以太坊 L2 网络

### 官网 2.0.0（已上线）

- 更新全新的视觉样式

## 产品进展

本月 Bifrost 总锁仓量（TVL）达到 66,562,888 美元。

其中，vDOT 表现亮眼，总铸造量（TVS）突破 **11,059,597** 枚, 总锁仓量（TVL)）超 **$50.32M**，单月增长 **22.69%**；

[Bifrost 流动性借款提案](https://polkadot.subsquare.io/treasury/proposals/1020)已通过公投：Bifrost 向 Polkadot Treasury 提出借款 1,000,000 DOT，以增强 vDOT/DOT 交易对的流动性并拓展 vDOT 在生态中的应用场景。目前该提案已通过公投，并计划于 6 月 2 日完成 DOT 的转移。

4 月，Hydration 推出 [gigaDOT](https://app.hydration.net/strategies/gigadot) - 结合了 vDOT 与 DOT 借贷凭证的合成资产，现已累积 TVL $31.51M。本月，随着 gigaDOT 突破硬顶，Hydration 再次提高其可参与容量，现剩余容量为 22.5%，TVL 剩余 $9.15M。

![may report gigadot.png](https://cdn.bifrost.io/cms/may_report_gigadot_0b43226312.png)

Bifrost Builders Workshop 第一期上线，本期主题为《为 vToken 构建互操作前端》。Workshop 系列旨在帮助开发者快速掌握 vToken 应用构建方法。Bifrost 同时提供多项[开发赏金任务](
https://www.notion.so/bifrost-io/Open-Bounties-Requests-for-Proposals-RFPs-3a06e610a5724c448ad805094b4c3352)，欢迎参与。

[Bifrost 全新官网](https://bifrost.io/)现已上线，带来了全新的视觉效果、简化了关键信息、设立了简洁的操作框架、新增 vToken 应用案例分类。

![new website.png](https://cdn.bifrost.io/cms/new_website_2de3ae73f0.png)

## 市场运营

5 月 2 日，Bifrost 发起 [AI 创作抽奖活动](https://x.com/Bifrost/status/1918266502949814699)，共有 5 名幸运者，分别获得 200 $BNC 奖励。这也是 Bifrost 吉祥物 Frosty 首次亮相，助力探索 AI 带来的乐趣。

5 月 22 日，Bifrost Dev Rel Tyrone 参与了由 OneBlock 主办的「[Polkadot Open Call](
https://x.com/OneBlock_/status/1924363783948103703)」AMA，围绕 Gigadot 的底层资产构成、生态定位及波卡跨链流动性展开深度讨论，共同探索提升资产效率与多层级收益的解决方案。

5 月 24 日，Bifrost Dev Rel Victor 参加了在越南胡志明市举办的《[如何在 Polkadot 上进行建设](https://x.com/Bifrost/status/1922229859331223685
)》的线下活动。活动深入解析了 Bifrost DeFi 应用的特色，并分享了波卡核心技术更新，与当地的 Web3 爱好者进行了交流。

5 月 27 日，为期 2 个月的 [Reward Polkadot Yappers](
https://x.com/Bifrost/status/1927334009157177515) 活动圆满结束，本次活动有超过 60 名创作者参与，全网阅读量超过 10w，累计分发超过 80,000 BNC 的奖励。

![Yappers Wrap Up.png](https://cdn.bifrost.io/cms/Yappers_Wrap_Up_dcf93b4de7.png)

月报｜vDOT 铸造量突破 1100 万，100 万 DOT 流动性借款提案已通过公投！

In the world of DeFi, yield comes with risk—and staking is no exception. While liquid staking unlocks flexibility and capital efficiency, it also introduces new attack surfaces: smart contract exploits, validator slashing and governance manipulation.

For DOT holders seeking passive income, these risks aren’t just theoretical. In April 2025 alone, DeFi hacks cost the industry over $92 million, exposing serious vulnerabilities in protocol design and asset custody.

That’s why Bifrost takes a fundamentally different approach. As the leading liquid staking protocol in the Polkadot ecosystem, Bifrost is built not just to optimize yield—but to protect it. From sovereign account structures to on-chain insurance treasury and decentralized validator selection, every layer of Bifrost’s design is engineered for resilience.

Let’s explore how Bifrost turns staking into a secure, sustainable strategy for DOT holders.

## Proactive Monitoring and Incident Response

Smart contracts are the core infrastructure of blockchain applications, and their security has a direct impact on user assets. Even minor vulnerabilities can result in significant losses. Historically, DeFi has seen numerous attacks triggered by smart contract bugs, often causing financial damage.

Bifrost adopts a proactive defense strategy through real-time monitoring and permission control:

- All vTokens are stored in derived addresses controlled by Bifrost's sovereign account. This account is keyless and can only be managed through OpenGov or SLP protocol logic with **strict root-level permission control**.
- **Comprehensive audits** are conducted by trusted security firms like [OAK](https://github.com/oak-security/audit-reports/blob/main/Bifrost/2024-03-11%20Audit%20Report%20-%20Bifrost%20Finance%20Leveraged%20Staking%20v1.0.pdf), [SlowMist](https://github.com/bifrost-io/bifrost-wiki/blob/master/slowmist-rep-bifrost-2022-02.pdf) and CertiK, complemented by internal cross-team audit mechanisms to ensure continuous code optimization and timely vulnerability patches.
- Real-Time Monitoring & Emergency Response: The system monitors minted and reserved token balances in real time. If the difference exceeds a preset threshold, an alarm is triggered and an emergency pause mechanism is activated to secure user funds immediately.
- Even under extreme circumstances—such as a full takeover of Bifrost’s parachain by a malicious actor—DOT unstaking requires a 28-day unbonding period, providing ample time to respond through governance actions.

## Enhanced Validator Decentralization

In PoS consensus, validator centralization can weaken network security and increase the risk of collusion or targeted attacks. Bifrost addresses this by implementing a dual-list mechanism: the [Validator White List (VWL)](https://docs.bifrost.io/faq/what-are-vtokens/validator-governance#conditions-for-nodes-to-naturally-participate-in-slp) and [Validator Boost List (VBL)](https://docs.bifrost.io/for-partners/validator-boost-list-vbl).

- The VWL dynamically adjusts based on a transparent scoring system that evaluates reputation, security, performance, and geographic diversity.
- The VBL is curated through community governance and public voting.

Key metrics considered in VWL selection include node diversity by region, historical performance, slashing records, leverage ratio, yield efficiency, and commission rates. Validator rankings adjust dynamically to maintain a healthy, risk-controlled pool.

![validator selection.png](https://cdn.bifrost.io/cms/validator_selection_33cf898cbc.png)

## Slash Protection

Slashing risk—when a validator’s misbehavior or technical failure causes staked assets to be penalized—is a critical concern in liquid staking. Bifrost has established a comprehensive slashing risk-sharing mechanism:

- 20% of all vToken commission fees are automatically allocated to a public insurance treasury.
- An additional 5% of BNC tokens are reserved as a protocol-level [insurance fund](https://docs.bifrost.io/tokenomics-2.0/bnc#slash-insurance-fund).
- In the event of a slash, the public fund is used first for compensation. If insufficient, the protocol reserve is tapped.
- If both funds are inadequate, the vToken exchange rate is adjusted downward, effectively socializing the loss across all vToken holders.

![Safety Mechanism - visual selection.png](https://cdn.bifrost.io/cms/Safety_Mechanism_visual_selection_3b4943ea4c.png)

This model minimizes individual loss exposure, and the longer the SLP protocol operates, the more secure it becomes.

To date, slash events are extremely rare and typically minor. In 2.5 years of SLP operations, only one slash incident occurred—caused by a Kusama upgrade—and it was later canceled through governance.

## 1:1 Reserve Backing of Underlying Assets

Bank-run risks in liquid staking often stem from theft of reserve assets or extreme market volatility. Bifrost mitigates this via its sovereign account custody model and protocol-level safeguards embedded in SLP logic.

vDOT reserves and exchange rate management are handled independently within the Bifrost network. vDOT is backed 1:1 with DOT, significantly reducing the impact of market fluctuations.

Even in the case of mass redemptions, only the swap price between vDOT and DOT is affected—there is no impact on the redemption price.

## Robust Governance by OpenGov

Bifrost adopts [Polkadot’s OpenGov](https://wiki.polkadot.network/learn/learn-polkadot-opengov/) as governance framework. Every decision undergoes a full discussion and voting period (typically 14 days), followed by at least a 2-day enactment delay. This ample buffer allows the protocol to detect and thwart governance-based attacks, ensuring that all decisions are fair, transparent, and community-approved—eliminating centralized control risks.

![opengov-timeline.png](https://cdn.bifrost.io/cms/opengov_timeline_5c8c837536.png)

## Conclusion

DeFi’s promise comes with undeniable risk—but risk can be managed. From validator slashing to smart contract exploits, every layer of infrastructure demands intentional design and constant vigilance. Bifrost recognizes that building a secure liquid staking protocol isn’t just about code—it’s about governance, transparency, and shared responsibility.

Liquid staking is a financial evolution and with sovereign account custody, real-time monitoring, community-driven validator selection, and multi-layered insurance mechanisms, Bifrost is setting a new standard for secure staking.

How Bifrost Secures Your Staked DOT: Risk Protection in Liquid Staking

# 技术开发

## Runtime 19001（已升级）

- 适配解析 Hyperbridge 消息，实现异构链 SLPx 合约铸造至 Bifrost。

## Runtime 20000（开发中）

- 支持通过 AssetHub 进行跨链转账
- vTokenVoting 模块新增支持投票委托机制
- vToken 利率模型与 vToken 本身进行解耦，提升可扩展性
- SLPx 模块支持 AssetHub 上的资产

## Monitor 1.0.1（已升级）

- 增加对 Assethub 资产储备的监控
- 增加对 vToken 赎回状态的监控

## SLPx 1.0.2 合约（已升级）

- 移除不再使用的历史方法
- 增加对 Hyperbridge 的支持

## Omni LS 1.0.9（开发中）

- 增加部分 vToken 对通过 Hyperbridge 桥接的 L2 的支持

# 产品进展

本月 Bifrost 总锁仓量（TVL）达到 **61,743,694** 美元;

其中，vDOT 表现亮眼，总铸造量（TVS）突破 **15,027,705** 枚, 总锁仓量超 (TVL) $43M，单月增长 15.10%；

- **Bifrost 流动性借款已部署**：Bifrost 向 Polkadot Treasury 提出借款 1,000,000 DOT，以增强 vDOT/DOT 交易对的流动性并拓展 vDOT 在生态中的应用场景。目前流动性已通过 [Step 1](https://bifrost.subsquare.io/referenda/125) 转移至 Bifrost 并在 [Step 2](https://bifrost.subsquare.io/referenda/126) 中完成了 vDOT 铸造与 vDOT/DOT 流动性的提供。
- 
- Hydration 在 Money Market 中提升了一倍的 vDOT Supply Cap. 现硬顶已提升至 $1.33M。
访问入口：https://app.hydration.net/borrow/markets

![vdotmm.png](https://cdn.bifrost.io/cms/vdotmm_679cc80a51.png)

- Bifrost Builders Workshop 发布第二期，本期主题为《[Building a Yield Delegation Vault](https://www.youtube.com/watch?v=iXbG5N1IkYQ)》。本期内容演示了如何使用 vToken 构建一个金库并将 staking rewards 引导给金库用户。

在[这里](https://www.notion.so/bifrost-io/Open-Bounties-Requests-for-Proposals-RFPs-3a06e610a5724c448ad805094b4c3352)了解 Bifrost Bounty！

# Marketing

6 月 5 日，[DOT 解质押计划第二期正式结束](https://x.com/Bifrost/status/1930295939660656844
)。vDOT 余额的最终快照已于 6 月 1 日完成，补贴奖励以 DOT 形式完成了发放。

6 月 16 日，Bifrost 社区负责人 Thomas 参加了[柏林区块链周的「去中心化融资」主题圆桌](
https://x.com/Bifrost/status/1934551570013970605)，探讨如何进入去中心化融资领域。其它嘉宾还包括 Web3 Foundation 技术评估官 Piet Wolff 和 Novasama 联合创始人 Anton  等等。

6 月，[Bifrost 渠道分佣计划（RSP）持续推进](https://x.com/Bifrost/status/1934913965022466402)，合作伙伴可通过其渠道每铸造一枚 vToken 获得佣金收益。目前活跃的合作伙伴达到 15 位，总有效 TVL 超过 **667 万美元。**


6 月，Bifrost 正式启动了全新的[社交大使计划](https://bifrost-io.notion.site/Bifrost-Social-Ambassador-Guide-211bc3b88a8480c0b95acf3445beddae?source=copy_link)，参与内容创作与多平台传播任务，可以获得 BNC 奖励，活跃大使还可解锁季度激励。

月报｜vDOT 铸造量突破 15,000,000，DOT 流动性借款完成部署

# Tech

## Runtime 19001 (Upgraded)

- Adapted Hyperbridge message parsing to enable minting SLPx contracts from heterogeneous chains to Bifrost.

## Runtime 20000 (In Progress)

- Support for cross-chain transfers via AssetHub
- Added vote delegation mechanism to the vTokenVoting module
- Decoupled the vToken interest rate model from the vToken logic to improve scalability
- SLPx module now supports assets on AssetHub

### Monitor 1.0.1 (Upgraded)

- Added monitoring of reserves on AssetHub
- Added monitoring of vToken redemption status

### SLPx 1.0.2 Contract (Upgraded)

- Removed deprecated historical methods
- Added support for Hyperbridge

### Omni LS 1.0.9 (In Development)

- Added support for certain vTokens to interact with L2s bridged via Hyperbridge

# Products

This month, Bifrost’s total value locked (TVL) reached **$61,743,694**.

Among them, vDOT performed exceptionally well, with a total minted supply (TVS) exceeding **15,027,705**, and TVL surpassing $43M, reflecting a monthly growth of 36.3%.

**Bifrost liquidity loan deployed**: Bifrost proposed a 1,000,000 DOT loan from the Polkadot Treasury to enhance vDOT/DOT liquidity and expand vDOT’s use cases within the ecosystem. The liquidity has now been transferred to Bifrost through [Step 1](https://bifrost.subsquare.io/referenda/125) and the vDOT minting and vDOT/DOT liquidity provisioning has been completed in [Step 2](https://bifrost.subsquare.io/referenda/126).

[Hydration](https://app.hydration.net/borrow/markets) has doubled the vDOT Supply Cap in its Money Market. The new cap is now $1.33M.

![vdotmm.png](https://cdn.bifrost.io/cms/vdotmm_679cc80a51.png)

The second edition of the Bifrost Builders Workshop has been released, themed: [Building a Yield Delegation Vault](https://www.youtube.com/watch?v=iXbG5N1IkYQ). This session demonstrates how to use vTokens to build a vault and route staking rewards to vault participants.

Explore Bifrost Bounties [here](https://www.notion.so/Open-Bounties-Requests-for-Proposals-RFPs-3a06e610a5724c448ad805094b4c3352?pvs=21)

# Marketing

On June 5, [the second phase of the DOT unbonding subsidy program officially ended](https://x.com/Bifrost/status/1930295939660656844). The final snapshot of vDOT balances was completed on June 1, and the subsidies were distributed in DOT.

On June 16, Bifrost Community Lead Thomas joined a panel discussion during Berlin Blockchain Week titled ["Decentralised Funding"](
https://x.com/Bifrost/status/1934551570013970605
), where he explored how to access opportunities in decentralized fundraising. Other panelists included Piet Wolff, Technical Evaluator at Web3 Foundation, and Anton, Co-Founder of Novasama.

In June, the [Bifrost Reward Share Program](https://bifrost.io/blog/earn-long-term-rewards-with-the-bifrost-vtoken-reward-share-program) continued to progress. Through this program, partners earn commissions for every vToken minted through their channel. There are currently 15 active partners, with total effective TVL exceeding **$6.67M**.

In June, Bifrost officially launched its new [Social Ambassador Program](https://bifrost-io.notion.site/Bifrost-Social-Ambassador-Guide-211bc3b88a8480c0b95acf3445beddae?source=copy_link). By participating in content creation and social media distribution tasks, ambassadors can earn BNC rewards. Active contributors may also unlock additional quarterly incentives.

Bifrost Monthly Report | June 2025

在 LST 赛道全面爆发的今天，质押不再只是「锁仓赚取年化」，而是流动性、收益率与资本效率的多维竞赛。正是在这一背景下，Bifrost 推出了 Loop Stake——一款创新的流动性质押资产（LST）杠杆管理工具。

它允许用户根据自身风险偏好，一键设定和管理杠杆率，高效放大流动性质押资产的收益潜力，免去传统循环借贷的繁琐操作和高昂 Gas 成本。

继支持 vDOT 和 vKSM 之后，Loop Stake 现已支持 vBNC 杠杆质押，Bifrost Treasury 将提供 100 万枚 BNC 启动初始流动性，vBNC 杠杆机会窗口已正式开启。

## 什么是 LST 杠杆质押

杠杆质押是推动流动性质押规模增长的关键策略，其核心在于利用 LST 资产作为抵押品进行借贷，并将借入的资金再次进行质押，形成循环。由于抵押品与借款（通常是原生 Token）高度相关，这种策略在显著提升潜在收益率的同时，相比其他杠杆策略面临的爆仓风险相对更小。

## 传统杠杆质押 vs. Loop Stake

传统杠杆质押需要用户多次重复操作（存入抵押品 -> 借款 -> 质押），步骤繁琐且 Gas 成本高昂。

Bifrost Loop Stake 通过智能合约集成闪电贷技术，一键自动化完成整个杠杆创建过程。用户无需手动执行多次循环操作，极大减少了交易笔数，显著降低了 Gas 成本，提供了更高效、更经济的杠杆质押体验。

自 2024 年 3 月推出 Loop Stake 以来，该工具已稳健运行 1 年多，累计供应和借出的 DOT 总量超过 170,000 枚，资金利用率稳定维持在 60% 左右，充分验证了其市场接受度和可靠性。

## vBNC Loop Stake 是如何运作的

使用 vBNC 进行 [Loop Stake](https://docs.bifrost.io/dapp-tutorials-and-use-cases/loop-stake-leverage-staking) 的操作流程如下：

- 质押 BNC： 将持有的 BNC 进行流动性质押，获得 vBNC
- 存入 vBNC： 将获得的 vBNC 存入 Loop Stake
- 设置杠杆： 根据风险偏好设定目标杠杆倍数，最高可设置 4 倍
- 预览收益： 系统将实时计算并显示预估的 Boost APY
- 确认执行： 确认参数后，一键完成杠杆创建。
- 管理杠杆： 后续可随时监控 LTV 数据和收益情况，及时调整杠杆。

![vBNC Loop Stake.png](https://cdn.bifrost.io/cms/v_BNC_Loop_Stake_95d59ee0bc.png)

我们以用户 Frosty 为例，来看看使用 Loop Stake 前后收益差距有多大。

假设 Frosty 拥有 100 BNC，他选择将其进行流动性质押，按照 7 月 8 日的汇率，可获得约 85.5 vBNC。在不使用任何杠杆的情况下，当前年化收益率约为 5.12%，一年下来预计可获得 5.12 BNC 的收益。

但 Frosty 并不满足于这样的回报，他希望进一步放大收益，于是选择使用 Loop Stake 设置 4 倍杠杆。

Loop Stake 会自动调用闪电贷，为他临时借入 300 BNC，加上原本的 100 枚，共计 400 枚 BNC 被用于质押，铸造出约 342 vBNC。这些 vBNC 将被用于抵押，闪电贷则转化为常规借贷头寸，用户开始获得更高的质押收益。

那具体收益能放大多少呢？

假设借贷部分利率按年 3% 计算，借 300 枚 BNC 的年利息为 9 BNC；质押 400 枚 BNC 的收益为 20.52 BNC；扣除利息后，净收益为 20.52 - 9 = 11.52 BNC / 年。

也就是说，在不增加本金的情况下，Frosty 的年化净收益率达到了 11.52%，是原来无杠杆状态下的 2.25 倍左右。

![Loop Stake Calculation.png](https://cdn.bifrost.io/cms/Loop_Stake_Calculation_291b9ede74.png)

这正是 Loop Stake 的魅力所在：用同样的本金，撬动更高的质押收益，同时保留资金的流动性与灵活性。

## Loop Stake FAQ

### vToken 是否会脱锚？Loop Stake 仓位是否会存在被清算的状况？

在 Bifrost 的 Loop Stake 中，仅支持相关 Token 之间的借贷操作，在极端市场情况下，如果 vBNC 的价格与 BNC 出现显著偏离，由于 Loop Stake 仅接受 vBNC，所有抵押用户的质押率（LTV）可能会超过清算阈值，但他们的仓位依然会被保留（不会被清算），只是需要等待 vBNC 的价格恢复到预期的比例。

此外，vBNC/BNC 的流动性池采用的是 Stable Curve 自动化做市曲线，随 vBNC/BNC 的汇率变动。相比传统 AMM 做市曲线，其优点在于极低的交易滑点损耗与保持兑换率之间的相对稳定。此外，在发生大额交易时，MEV Bot 会迅速出动，抹平其对价格造成的影响。Bifrost 官方将运行一组 MEV 机器人，任何第三方也可以运行套利机器人。

### Loop Stake 的借贷利率是浮动的吗？

是的，借贷利率随资金池利用率动态调整。

### 预言机价格有被操纵的风险吗？

存在极小概率。Bifrost 使用了 4 家预言机的数据源，价格会去除异常值，多重机制有效避免被单一预言机操控。

### 会因为节点被 Slash 而损失资产吗？

如果验证节点被惩罚（Slash），对应的 staking 收益和 vToken 价格会受到影响。Bifrost 已上线 Slash 风险保护机制，减少用户损失。

### Loop Stake 的合约安全吗？

Loop Stake 的所有核心合约已通过知名审计机构 [Oak Security 的安全审计](https://github.com/oak-security/audit-reports/blob/main/Bifrost/2024-03-11%20Audit%20Report%20-%20Bifrost%20Finance%20Leveraged%20Staking%20v1.0.pdf)。此外，Bifrost 也即将启动漏洞赏金计划，鼓励社区和白帽开发者共同参与合约安全建设，进一步提升协议的安全性和抗风险能力。

一键放大质押收益，vBNC 正式上线 Loop Stake！

As liquid staking continues to expand, staking has evolved far beyond simple “lock-and-earn” models. Today, it’s a multi-dimensional race involving liquidity, yield, and capital efficiency.

**Loop Stake**, developed by Bifrost, is a leverage management tool tailored for liquid staking tokens (LST). It allows users to set and manage their preferred leverage level with just one click—unlocking higher yield potential without the hassle of manual recursive lending or high gas costs.

Following successful support for **vDOT** and **vKSM**, Loop Stake now officially supports **vBNC leverage staking**. Backed by **1,000,000 BNC** in initial liquidity from the Bifrost Treasury, the opportunity to maximize your BNC staking returns is now open.

## What Is Leverage Staking for LSTs

Leverage staking is a key growth strategy for LSTs. The core idea is to use your LST tokens as collateral to borrow more of the native asset, then stake it again—creating a compounding loop.

Because the collateral (LST) and the borrowed asset (typically the native token) are closely correlated, the strategy boosts yield significantly while carrying relatively lower liquidation risk than other leverage schemes.

## Traditional Leverage vs. Loop Stake

Traditionally, leverage staking involves multiple repetitive steps:

Deposit → Borrow → Stake → Repeat until there is no arbitrage opportunity left

It’s complex, gas-intensive, and not user-friendly.

Loop Stake solves this by bundling the entire loop into a single on-chain action. Through flash loan-powered smart contracts, it automates the full leverage cycle for you—reducing transaction count and gas fees, while delivering a seamless user experience.

Since its launch in March 2024, Loop Stake has run smoothly for over a year. It has processed over 170,000 DOT in supply and borrowing volume with a stable 60% utilization rate, proving both its market fit and protocol reliability.

## How vBNC Loop Stake Works

Here’s how to use Loop Stake with vBNC in just a few intuitive steps:

![vBNC Loop Stake.png](https://cdn.bifrost.io/cms/v_BNC_Loop_Stake_95d59ee0bc.png)

1. Stake BNC: Convert your BNC into vBNC via liquid staking.
2. Deposit vBNC: Supply vBNC into the Loop Stake contract.
3. Set Leverage: Choose your preferred leverage multiplier (up to 4x).
4. Preview Yield: The system will auto-calculate your estimated boosted APY.
5. Confirm: Approve and execute the transaction in one click.
6. Manage Position: Monitor, adjust, or close your leveraged position anytime.

![boost.png](https://cdn.bifrost.io/cms/boost_ebfdbe2cf9.png)

## How Leverage Magnifies BNC Staking Yield

Let’s say Frosty holds 100 BNC and wants to explore higher yield:

- He stakes 100 BNC and receives approximately 85.5 vBNC (based on July 8 exchange rate).
- The base APY for staking is around 5.12%, giving him about 5.12 BNC in expected annual rewards.

Now Frosty decides to use 4x leverage via Loop Stake:

- Leverage Execution: Loop Stake flash-loans 300 BNC, combining it with Frosty’s 100 BNC to stake 400 BNC in total, minting approximately 342 vBNC.
- The 342 vBNC is locked as collateral; the flash loan is converted into a regular loan.
- Frosty earns staking rewards on the 342 vBNC, while paying interest on the 300 BNC loan.

### Yield Breakdown

- Borrowing cost (3% interest on 300 BNC) = 9 BNC/year
- Staking reward (5.13% on 400 BNC) = 20.52 BNC/year
- Net profit = 20.52 - 12 = 11.52 BNC/year

That’s an 11.52% net APY on his 100 BNC principal—roughly a 2.25x boost compared to staking without leverage.

![Loop Stake Calculation.png](https://cdn.bifrost.io/cms/Loop_Stake_Calculation_291b9ede74.png)

## Why Loop Stake Makes Sense

In a maturing LST ecosystem, Loop Stake offers an efficient, low-cost, and one-click solution to multiply staking rewards.

By automating traditional looping strategies and minimizing gas overhead, it empowers both advanced and casual users to safely explore leveraged staking based on their individual risk appetite.

From vDOT to vBNC, Bifrost continues to expand the boundaries of what’s possible with liquid staking—and brings new utility and value to BNC in the process.

Try out [vBNC Loop Stake](https://app.bifrost.io/vstaking/vBNC?tab=loopstake) and take your staking yield to the next level.

## Loop Stake Risks and Mitigations (FAQ)

### Q1: Can vBNC lose its peg to BNC?

Yes, in extreme market conditions. Although vBNC is designed to track BNC value (plus staking yield), sudden large trades or slash events can cause temporary depegging.

vBNC/BNC pairs use a Stable Curve AMM that maintains stable pricing and low slippage. MEV bots operated by Bifrost (and open to third parties) help rebalance prices in real time.

### Q2: Is there liquidation risk?

No. In Bifrost Loop Stake, only loans between related tokens are supported, such as in the vBNC Loop Stake, only the operation of mortgaging vBNC to borrow BNC is supported. Since their relative prices on the market are relatively stable, when the price of BNC rises or falls, vBNC will also change synchronously.

In extreme market conditions, if the price of vBNC deviates significantly from BNC, since Loop Stake only accepts vBNC as collateral, the LTV of all mortgagors may exceed the liquidation threshold, but they will still remain in position (no liquidation), just waiting for the price of vBNC to return to its expected ratio.

### Q3: Are the interest rates fixed?

No. Borrow rates are dynamic and adjust based on pool utilization.

### Q4: Are oracle prices safe from manipulation?

Bifrost uses four independent oracle providers, filters out outliers, and protects against price manipulation attacks.

### Q5: What if a validator gets slashed?

Slashing can slightly impact staking yield and vToken value. Bifrost has implemented [slash protection](https://bifrost.io/blog/how-bifrost-secures-your-staked-dot-risk-protection-in-de-fi) mechanisms to reduce user impact.

### Q6: Is Loop Stake audited?

Yes. All contracts have been audited by Oak Security, check the report [here](https://github.com/oak-security/audit-reports/blob/main/Bifrost/2024-03-11%20Audit%20Report%20-%20Bifrost%20Finance%20Leveraged%20Staking%20v1.0.pdf).



Loop Stake Expands to vBNC: One-Click Leverage for Liquid Staking

## 技术开发

### Runtime 21000（已升级）

- 升级 Polkadot 依赖
- vToken 汇率管理模式优化适配 bbBNC
- 优化 vETH 铸造赎回时的 Token 类型检查逻辑
- 优化 vETH Token Pool 管理模式
- 优化 vTokenVoting delegation unlock 方法
- SLPx 1.0 支持向 hyperbridge 侧的请求收取跨链手续费

### Dapp 1.9.5

- 支持 vTokenVoting delegation 功能

## 产品进展

本月 Bifrost 总锁仓量（TVL）达到 99,093,939 美元。

其中，vDOT 表现亮眼，总铸造量（TVS）突破 20,114,206 枚, 总锁仓量超 (TVL) $77M，单月增长 5%；

- Hyperbridge 已完成 DOT/ETH 在以太坊主网及 L2 网络的流动性部署，用户可直接通过 Uniswap 完成 DOT 兑换并跨链至 Bifrost 并铸造 vDOT。查看详情：[https://defisingularity.com/explore](https://defisingularity.com/explore)

- vFIL 相关功能已在 Bifrost 下线，但用户仍可通过提交表单的方式申请赎回，Bifrost 将通过治理统一执行跨链赎回。具体赎回流程：[https://x.com/Bifrost/status/1958499407017742575](https://x.com/Bifrost/status/1958499407017742575)

- 本月，Bifrost 登陆 [Astar Dapp Staking](https://portal.astar.network/astar/dapp-staking/dapp?dapp=0xc6bf0c5c78686f1d0e2e54b97d6de6e2cefae9fd)。Bifrost Omni Liquid Staking 支持 vASTR 在 Astar, Soneium 以及 L2 多链网络中的铸造。

- Defi Singularity 已支持 Zap-in 功能，一键添加流动性，无需进行手动 swap、配比等操作。具体内容详见：[https://x.com/Bifrost/status/1955680419111915774](https://x.com/Bifrost/status/1955680419111915774)

## 市场运营

- 8 月 9 日，Bifrost 在越南联合主办了 [Saigon Web3 Builders Meetup](https://x.com/Bifrost/status/1953999680402276436)，本次活动聚焦开发者、项目创始人、DeFi 建设者与 Web3 创意者，完成了一场线下交流与观点碰撞。

- 8 月 19 日，Bifrost 启动了新一轮的[创作者激励活动](https://x.com/Bifrost/status/1957744413196906995)，旨在奖励高质量社区创作者，摆脱黑箱算法对内容分发的主导，强调原创性、表达力、互动质量与持续性，单篇内容最高可获 5000 BNC。

- 8 月 24 日，Bifrost 在东京联合举办了 [WebX 2025 欢迎酒会](https://x.com/Bifrost/status/1957653776195809556)，本次活动旨在加强与日本社区及生态合作伙伴的联系。来自日本的加密项目创始人、开发者、投资人以及媒体代表齐聚一堂，现场氛围轻松热烈，展现出 Web3 全球化交流的魅力与多元文化交融的可能性。

8 月 27 日，Bifrost 启动了为期一周的 [bbBNC Boost Week](https://x.com/Bifrost/status/1959961650196590763)。本次活动包含 5 场预热互动，用户可通过参与游戏任务来赚取 WAVE 积分，赢取 $BNC 奖励。活动旨在提前激活社区热度，为 bbBNC Riders 提供抢先参与机会。


月报｜vDOT 铸造量突破 2000 万，vDOT 投票委托进入内测阶段

## Tech Development

### Runtime 21000 (Upgraded)

* Upgraded Polkadot dependencies
* Optimized vToken exchange rate management for bbBNC compatibility
* Improved token type validation logic for vETH minting and redemption
* Enhanced token pool management logic for vETH
* Optimized the vTokenVoting delegation unlock method
* SLPx 1.0 now supports charging cross-chain fees for requests via Hyperbridge

### Dapp 1.9.5

* Introduced support for vTokenVoting delegation in the app UI

## Product Progress

As of this month, Bifrost’s Total Value Locked (TVL) reached **$99,093,939**.

Among them, vDOT performed exceptionally well, with a total minted supply (TVS) exceeding 20,114,206, and TVL surpassing $77M, reflecting a monthly growth of 5%.

- Hyperbridge has successfully deployed DOT/ETH liquidity on Ethereum mainnet and multiple L2 networks. Users can now swap DOT via Uniswap and bridge directly to Bifrost to mint vDOT.
  👉 [Explore Here](https://defisingularity.com/explore)

- vFIL has been officially sunset on Bifrost. However, users can still request redemption by submitting a form. Redemptions will be processed via governance-backed cross-chain execution.
  🔗 [Redemption Process](https://x.com/Bifrost/status/1958499407017742575)

- Bifrost is now listed on [Astar Dapp Staking](https://portal.astar.network/astar/dapp-staking/dapp?dapp=0xc6bf0c5c78686f1d0e2e54b97d6de6e2cefae9fd)**. The Omni Liquid Staking module supports vASTR minting across Astar, Soneium, and multiple L2 ecosystems.

- DeFi Singularity now supports Zap-in functionality**, allowing users to add liquidity with one click—no need to manually swap or balance tokens.
  🔗 [More Details](https://x.com/Bifrost/status/1955680419111915774)

## Marketing & Community

Bifrost co-hosted the [Saigon Web3 Builders Meetup](https://x.com/Bifrost/status/1953999680402276436) in Vietnam, bringing together developers, founders, DeFi builders, and creative minds in Web3 for an evening of collaboration and in-depth discussion.

Bifrost launched a new round of its [Creator Incentive Program](https://bifrost.io/blog/bifrost-creator-program-bringing-content-back-to-the-core), designed to reward community creators for producing high-quality content. The program moves beyond opaque algorithms, emphasizing originality, clarity, meaningful engagement, and consistency. Top submissions can earn up to **5,000 BNC**.

Bifrost co-hosted [a welcome meetup](https://x.com/Bifrost/status/1957653776195809556) in **Tokyo** ahead of WebX 2025, connecting with Japanese ecosystem partners, developers, investors, and media. The event featured lively exchanges in a relaxed atmosphere, highlighting the diversity and global reach of the Web3 community.

Bifrost kicked off the highly anticipated [bbBNC Boost Week](https://x.com/Bifrost/status/1959961650196590763), a week-long warm-up campaign featuring 5 interactive community events. Participants were invited to complete tasks, earn WAVE points, and win $BNC rewards—all leading up to the full rollout of the new tokenomics.


Bifrost Monthly Report | August 2025

## 技术开发

### Runtime 21002（测试中）

- 支持 vTokenVoting delegation 功能

### Runtime 22000（开发中）

- vTokenVoting 支持多代理地址聚合投票
- SLP 新增通用代理类型质押管理
- 支持配置通用型多对一 vToken
- 移除 vFIL & FIL 残留链上业务逻辑
- 优化 LoopStake 业务逻辑
- SLPx 1.0 支持 Assethub
- 优化 Assethub ETH 跨链手续费
- 支持 BNC 通过 bridgehub 在两个网络互跨

### Dapp 1.9.6

- 新增 deposit 和 withdraw 功能
- 优化用户地址 UI 页面
- 转账目标地址 UI 展示细节优化
- 更新 reserve 和 locks 对应可转账余额的算法
- 适配 vTokenVoting 快速解锁逻辑
- 支持通过链接定位特定的 swap 交易和跨链路径
- 优化跨链功能文案

## 产品进展

本月 Bifrost 总锁仓量（TVL）达到 107,417,076 美元。

其中，vDOT 表现亮眼，总铸造量（TVS）突破 21,831,206 枚, 总锁仓量超 (TVL) $86.24M，单月增长 5.33%；

- 本月即将上线 vDOT vKSM 的治理新功能 - vToken Delegation Voting，该功能允许用户将自己的投票代理给任何地址或 Bifrost OpenGov，目前正在进行 beta 测试阶段。

查看 Demo 详情：[https://x.com/Bifrost/status/1971515342175564281](https://x.com/Bifrost/status/1971515342175564281)


- Bifrost Dapp 1.9.6 现已上线！包括以下功能升级：[存款和提款](https://x.com/Bifrost/status/1958499407017742575)、更新账户选择器界面、可分享特定兑换或跨链路径的 URL、集成了 vToken 投票快速解锁逻辑。

Defi Singularity 已支持 [Zap-in 功能](
https://x.com/Bifrost/status/1955680419111915774) - 一键添加流动性，无需进行手动 swap、配比等操作。

## 市场运营

9 月 11 日，Hyperbridge 联创 Seun、Polkadot 社媒负责人 ET 与 Bifrost 产品市场负责人 Tyrone 共同参与了一场[线上圆桌讨论](
https://x.com/hyperbridge/status/1966066016401895800)，探讨下一波跨链创新浪潮。目前由三方共同举办的 DeFi Singularity 的活动 TVL 已经突破 400 万美金。

9 月 19 日，Bifrost 联合 OneBlock 与 PaperMoon 发起黑客松活动，面向全球开发者开放，奖池高达 $12,000！本次活动支持 Polkadot 多链开发环境，围绕 Bifrost 流动性质押展开 UX 创新挑战，并提供技术资源与导师支持，欢迎[报名参赛](https://x.com/Bifrost/status/1969340766800789587)。

9 月 22 日，我们在 KBW2025 举办的 [Bridge the Block Korea Day](https://x.com/Bifrost/status/1970095864275439667) 中登台亮相。Bifrost 增长负责人 Jerry 受邀参与「DeFi x AI」圆桌，探讨质押收益、流动性与人工智能的融合，分享 Bifrost 如何成为多元资产的质押收益层。活动现场汇聚众多开发者与投资人，气氛火热！

9 月 23 日，Bifrost 联合 Neo 在首尔举办 [SEOUL PULSE – Asian Coin Night(
https://x.com/Bifrost/status/1966713453701423172)，这是 KBW 的周边活动，也是一场派对之夜，邀请了韩国说唱歌手 Camo 现场表演，还有诸多 Web3 精英在现场进行交流！

月报｜vDOT 投票委托功能即将上线，DeFi Singularity 活动 TVL 突破 400 万美金

## Tech Development

### Runtime 21002 (In Testing)

- Adaptation for **Kusama AssetHub Migration**

### Runtime 22000 (In Development)

- vTokenVoting to support multi-proxy address aggregation for voting
- Added generic proxy type for staking management in SLP
- Support for configuring generalized multi-to-one vTokens
- Removal of residual on-chain business logic related to vFIL & FIL
- Optimized LoopStake business logic
- SLPx 1.0 support for AssetHub
- Optimized ETH cross-chain fee mechanism on AssetHub
- Enabled BNC cross-chain transfers between two networks via BridgeHub

### Dapp 1.9.6

- deposit and withdraw supported
- Optimized account address selection
- Improved target address display for transfers
- Updated calculation logic for transferable balance (reserve & locks)
- Integrated quick redeem logic for vTokenVoting
- Enabled direct link-sharing for specific swap transactions and cross-chain routes
- Enhanced copywriting for cross-chain functions

## Product Progress

As of this month, Bifrost’s Total Value Locked (TVL) reached **$107,417,076**

Among them, vDOT performed exceptionally well, with a total minted supply (TVS) exceeding 21,831,206, and TVL surpassing $86.24M, reflecting a monthly growth of 5.33%.

### Highlights

- vToken Delegation Voting for vDOT and vKSM is entering beta phase. This feature allows users to delegate their voting rights to any address or Bifrost OpenGov. You can watch the demo here [AAG #270](https://x.com/Bifrost/status/1971515342175564281)

- DeFi Singularity now supports [Zap-in]((https://x.com/Bifrost/status/1955680419111915774)): add liquidity with one click, no manual swaps or ratio adjustments needed.

## Marketing & Community

- Hyperbridge Co-founder Seun, Polkadot Head of Social Media ET, and Bifrost Dev Rel Tyrone joined [an online panel]((https://x.com/hyperbridge/status/1966066016401895800)) to discuss the next wave of cross-chain innovation. The joint campaign, **DeFi Singularity**, has surpassed $4M TVL.

- Bifrost, together with OneBlock and PaperMoon, launched a global hackathon with a **$12,000 prize pool**. Builders are invited to explore **Polkadot’s multi-chain dev environment and tackle Bifrost’s liquid staking UX challenges with full mentorship and tech support. You can [Register Here](https://luma.com/nwa8qf6e)

- At KBW2025, Bifrost Growth Lead Jerry joined the [DeFi x AI panel](
(https://x.com/Bifrost/status/1970095864275439667)) to discuss the convergence of staking yields, liquidity, and artificial intelligence. The event was packed with developers and investors, creating strong momentum for Web3 innovation.

- Bifrost partnered with Neo to host [SEOUL PULSE]((https://x.com/Bifrost/status/1966713453701423172)) as a side event during KBW2025. The evening featured a live performance by Korean rap star Camo, with Web3 builders, investors, and community leaders joining for a night of culture, music, and networking.

Bifrost Monthly Report | September 2025

## Tech Development

### Runtime 21002

Kusama AssetHub migration completed.

### Runtime 22000

This upgrade introduced several enhancements focused on governance delegation, staking abstraction, and cross-chain interoperability:

- vTokenVoting now supports multi-proxy aggregation for delegated voting.
- SLP module adds support for generic proxy types in staking management.
- Enables configuration for generalized many-to-one vToken models.
- Removed legacy logic related to vFIL and FIL.
- Improved LoopStake logic.
- Optimized ETH cross-chain fee calculation on AssetHub.
- Enabled BNC transfers across networks via BridgeHub.

### Dapp 1.10.0

Added support for vETH 3.0 in the Bifrost dApp.

## Product Updates

As of this month, Bifrost’s Total Value Locked (TVL) reached $100,448,831.

Among them, vDOT performed exceptionally well, with a total minted supply (TVS) exceeding 23,940,694 and TVL surpassing $77.44M, reflecting a monthly growth of 9%.

As of the end of October, Bifrost's Total Value Locked (TVL) reached
$100,448,831.

### vMANTA 2.0 Upgrade

Manta Network is migrating its staking infrastructure to Ethereum. To support this transition, Bifrost initiated the [vMANTA 2.0 upgrade](https://x.com/Bifrost/status/1980937238826590328).

Staking on Manta Atlantic will be deprecated. The upgrade will be completed on November 5.

### DeFi Singularity Phase 2

The second round of the [DeFi Singularity](https://x.com/Bifrost/status/1948690592235749897) campaign has launched, offering the same level of incentives as Phase 1.

### vKSM Live on AssetHub

Bifrost has completed [Kusama AssetHub migration](https://x.com/0xLurpis/status/1975763920062488958). Both sovereign and derivative addresses have been successfully migrated and verified. Users will soon be able to mint and use $vKSM on the Kusama Asset Hub.

## Marketing

### Token2049 Presence

On October 1, [Bifrost joined Token2049](https://x.com/Bifrost/status/1973780051411030197), a major global blockchain industry summit. The team engaged with developers, investors, and builders to discuss the evolution of liquid staking and its role in the future of Web3.

### Hackathon Workshop #4

On October 15, Bifrost collaborated with OneBlock to deliver a [hackathon workshop](https://x.com/OneBlock_/status/1977998513868009941) focused on the design and implementation of Bifrost's multi-chain architecture. The session was led by Bifrost’s DevRel and product teams.

### DeFi Liquidation Roundtable

On October 22, Bifrost DevRel lead Tyrone joined Hydration Co-founder Lolmcshizz in [a live roundtable](https://x.com/polkaworld_org/status/1980659657896309099) hosted by Polkaworld. The discussion explored the implications of the October 11 crypto liquidation event, which saw $1.9B wiped out in one hour. The session focused on DeFi risk management and resilience.


Monthly Report - TVL Breaks $100M, vMANTA 2.0 Upgrade, and Kusama Asset Hub Migration

## 技术开发

### Runtime 21002（已升级）

- 适配 Kusama Assethub Migration

### Runtime 22000（已升级）

- vTokenVoting 支持多代理地址聚合投票
- SLP 新增通用代理类型质押管理
- 支持配置通用型多对一 vToken
- 移除 vFIL & FIL 残留链上业务逻辑
- 优化 LoopStake 业务逻辑
- 优化 Assethub ETH 跨链手续费
- 支持 BNC 通过 bridgehub 在两个网络互跨

### Dapp 1.10.0

- 支持 vETH 3.0

## 产品进展

本月 Bifrost 总锁仓量（TVL）达到 100,448,831 美元。

其中，vDOT 表现亮眼，总铸造量（TVS）突破 23,940,694 枚, 总锁仓量超 (TVL) $77.44M，单月增长 9%；

vMANTA 2.0 升级 - Manta Network 正在迁移原生质押机制至以太坊网络，[vMANTA 2.0 升级](https://x.com/Bifrost/status/1980937238826590328)旨在对迁移进行适配，而 Manta-Atlantic 将逐步下线。该升级将在 11 月 5 日完成。

Defi Singularity 第二轮激励已开启，总奖励与第一轮持平。在此查看详细参与流程:[https://x.com/Bifrost/status/1948690592235749897](https://x.com/Bifrost/status/1948690592235749897)

本月，Bifrost 已完成对 [Kusama Asset Hub 迁移](https://x.com/0xLurpis/status/1975763920062488958)的适配。vKSM 将实现在 Asset Hub 的铸造。

## 市场运营

10 月 1 日，Bifrost 参与了全球区块链行业盛会 [Token 2049](
https://x.com/Bifrost/status/19737800514110301970)，与行业内的开发者、投资人以及生态伙伴共同探讨 Web3 发展与未来趋势。在活动中，Bifrost 展示了目前在全链流动性质押的发展进度，并分享了未来产品路线图。

10 月 15 日，Bifrost 携手 OneBlock 举办 Hackathon 第四场线上[技术工作坊](
)，主题为「Bifrost 架构设计与实现」。本次活动由开发者关系负责人与产品负责人主讲，围绕 Bifrost 多链架构的设计逻辑、流动性质押产品的实现机制展开分享。

10 月 22 日，Bifrost 开发者关系负责人 Tyrone 与 Hydration 联合创始人 Lolmcshizz 共同参与 Polkaworld 举办的[史诗级加密清算：DeFi 的下一步？](https://x.com/polkaworld_org/status/1980659657896309099)主题直播。此次对话背景为 10 月 11 日加密市场在一小时内暴跌超 190 亿美元，创下史上最大单日清算记录。本次直播聚焦讨论了 DeFi 市场结构与韧性、风险机制与未来发展方向。


月报｜Kusama Asset Hub 迁移完成，bbBNC 即将上线

# Dev Progress

## Runtime 22001 (Upgraded)

- Supports Polkadot AssetHub Migration (AHM)

## Runtime 22002 (Upgraded)

- Optimized BNC P<>K cross-asset fee logic

## Runtime 23000 (Under Development)

- vETH SLP now supports Snowbridge ETH
- SLPv2 protocol adds support for universal XCM types
- SLPv2 adapts to the Commission Channel module
- SLPx compatibility extended to AssetHub
- Permanent locking option added for bbBNC
- XCM cross-chain transaction components refactored and optimized
- Global vToken exchange-rate security enhancements

## Omni LS 1.10.0 (In Testing)

- Supports vETH 3.0

## Dapp 1.10.0 (In Testing)

- Supports vETH 3.0

# Product Updates

Bifrost’s Total Value Locked (TVL) reached **$63,551,911** this month.

Among all products, **vBNC delivered a standout performance**, with a total minting volume (TVS) of **14,842,924 vBNC** and over **$1.36M** in TVL — marking a **63% month-over-month growth**.

- Since the launch of Bifrost’s buyback mechanism, bbBNC — the core revenue-sharing token — has accumulated **over 10,000,000 BNC locked**.
    
To date, Bifrost has bought back **1,102,067 BNC** and burned **123,109.13 BNC**, with an **average lock time of 442 days**.

![bbbnc buyback.png](https://cdn.bifrost.io/cms/bbbnc_buyback_f4e8ff8b95.png)
    
View [bbBNC dashboard](https://app.bifrost.io/stats#bbbnc)
    
- **vMANTA 2.0 Upgrade** — aligned with Manta Network moving its native staking to Ethereum, vMANTA 2.0 migration is now complete. Users can mint the upgraded vMANTA directly on Ethereum mainnet using **omni.ls**.
    
Full guide: [How to liquid stake MANTA](https://page.bifrost.io/vMANTA-on-Ethereum-8b95ae4d57564c3695f4243c3ef7e054)
    
- **DeFi Singularity Round 2** incentives are now live, with the same reward pool as Round 1.
    
How to participate this event:[DeFi Singularity Tutorial](https://x.com/Bifrost/status/1948690592235749897)

# **Marketing & Community**

**Nov 1 — Launch of Tokenomics 2.0: bbBNC (Buy Back BNC)**

Bifrost officially launched Tokenomics 2.0, introducing bbBNC — the revenue-sharing lock certificate for BNC. Under this model, **100% of protocol profits are used to buy back BNC**, with **10% burned** and **90% distributed to bbBNC holders**.

**Nov 4 — bbBNC Twitter Space**

Bifrost hosted a dedicated [Twitter Space](https://x.com/Bifrost/status/1985323610291224698) to walk through bbBNC’s utilities, reward mechanics, and the structure of the new economic model.

**Nov 4 — Scored 38/40 on Blockworks Token Transparency Framework**

Bifrost achieved an impressive **38 out of 40**, demonstrating industry-leading transparency across revenue disclosure, governance, treasury structure, and tokenholder alignment.

**Nov 14 — People Chain Incentive Deep Dive**

Bifrost Co-Founder Lurpis joined [PolkaWorld’s livestream](https://x.com/polkaworld_pro/status/1989002064211390814) to unpack the design and value behind the “People Chain” activation campaign.

**Nov 15–20 — Bifrost at Sub0, Buenos Aires**

Bifrost Dev Rel Victor attended Polkadot’s Sub0 conference in Buenos Aires and delivered a talk titled **“Yield Fusion: Bifrost’s Strategy for Yield Aggregation.”**

See the highlights [here](https://x.com/Bifrost/status/1989619533083283843)

Monthly Report: Bifrost Tokenomics 2.0, bbBNC Growth, vMANTA Upgrade

# 技术开发

## Runtime 22001（已升级）

- 适配 Polkadot AHM

## Runtime 22002（已升级）

- 优化 BNC P<>K 互跨费用逻辑

## Runtime 23000（开发中）

- vETH SLP 增加对 Snowbridge ETH 的支持
- SLPv2 协议增加 XCM 通用类型支持
- SLPv2 增加对 Commission channel 模块的适配
- SLPx 支持 Assethub
- bbBNC 支持永久锁定
- XCM 跨链交易组件整理优化
- vToken 全局汇率调整安全优化

## Omni LS 1.10.0 (测试中)

- 支持 vETH 3.0

## Dapp 1.10.0（测试中）

- 支持 vETH 3.0

# 产品进展

本月 Bifrost 总锁仓量（TVL）达到 **63,551,911** 美元;

其中，vBNC 表现亮眼，总铸造量（TVS）为 **14,842,924** 枚, 总锁仓量超 (TVL) $1.36M，单月增长 63%；

- 自 Bifrost 回购模型上线以来，其核心持有凭证 bbBNC 已累积超过 10,000,000 枚 BNC 锁定，分润利率为 90%。期间，已回购 1,102,067 枚 BNC 并燃烧了 123,109.13 枚 BNC，目前的平均质押时间为 442 天。

![bbbnc buyback.png](https://cdn.bifrost.io/cms/bbbnc_buyback_f4e8ff8b95.png)

查看 bbBNC 数据面板：[Bifrost 数据面板](https://app.bifrost.io/stats#bbbnc)

- vMANTA 2.0 升级 - 配合 Manta Network 原生质押机制迁移以太坊网络，vMANTA 2.0 已完成升级。用户可使用 [omni.ls](http://omni.ls) 在以太坊主网进行新版 vMANTA 铸造。

查看详细教程：[如何质押 MANTA](https://page.bifrost.io/vMANTA-on-Ethereum-8b95ae4d57564c3695f4243c3ef7e054)

- Defi Singularity 第二轮激励已开启，总奖励与第一轮持平。在此查看详细参与流程：[DeFi Singularity 教程](https://x.com/Bifrost/status/1948690592235749897)

# 市场运营

11 月 1 日，Bifrost 正式上线 Tokenomics 2.0 - bbBNC (Buy Back BNC)，bbBNC 是 BNC 的锁仓分润凭证，在该经济模型下 Bifrost 将会把协议利润的 100% 用于回购 BNC，并将回购金额中的 10% BNC 进行销毁，另外 90% 分配给 bbBNC 的持有者。

11 月 4 日，Bifrost 举办了 [bbBNC 专场 Twitter Space](https://x.com/Bifrost/status/1985323610291224698)，详细介绍了 bbBNC 的用途、奖励机制和全新的经济模型。

11 月 4 日，Bifrost 在 [Blockworks 的代币透明度框架审计](https://x.com/Bifrost/status/1986055972327149996)中获得 **38 分（满分 40 分）**，展现出卓越的信息透明度。本次审计范围包括营收、治理与分配全面链上披露，国库与持有者关系等维度。

11 月 14 次，Bifrost Co-Founder Lurpis 参与了[波卡世界举办的直播](https://x.com/polkaworld_pro/status/1989002064211390814)，本次直播是对「People Chain」激励活动的详细解读，共同探讨该机制背后的设计逻辑与用户价值。

11 月 15 日 - 20 日，Bifrost Dev Rel Victor 前往布宜诺斯艾利斯，参与了由 Polkadot 主办的 [Sub0 活动](https://x.com/Bifrost/status/1989619533083283843)，并发表了主题《Yield Fusion：Bifrost 的收益融合战略》的演讲，分享了 Bifrost 在跨链质押与收益聚合赛道的经验。

月报｜bbBNC 正式上线，vBNC 锁仓量突破 1400 万！

以太坊质押已经成为加密货币领域最安全、最可靠的生息方式之一。作为市值第二大的区块链网络，以太坊的质押市场规模超过 1000 亿美元，是 DeFi 世界中最大的价值沉淀池。对于 ETH 持有者而言，质押不仅能获得稳定的年化收益，更是参与网络安全、支持以太坊生态发展的重要方式。

然而，当前的以太坊质押市场正面临一个关键挑战：流动性的割裂。

以太坊主网的高昂 Gas 费用促使用户涌向 Arbitrum、Base、Optimism 等 Layer 2 网络。但大多数流动性质押协议仅支持在主网进行 ETH 质押，这会带来跨链操作的复杂性、不必要的时间和成本消耗。流动性质押代币（LST）在不同链上的使用体验，远未达到原生代币的便捷程度。

这正是 Bifrost 推出 vETH 3.0 要解决的问题。

## 为全链时代而生的 LST

vETH 3.0 是 Bifrost 全新打造的全链以太坊流动性质押解决方案。从底层架构出发，重新设计流动性框架，让用户可以在任何支持的网络上直接铸造和使用 vETH，真正实现「一个 LST，全链通用」的愿景。

多链原生铸造：支持在以太坊主网、Base、Arbitrum、Optimism、Bifrost-Polkadot 等多个网络直接使用 ETH 铸造 vETH

统一的流动性：无论在哪条链上铸造，vETH 都代表相同的底层质押资产，汇率和收益完全同步

灵活赎回：支持在多个网络发起赎回请求，资金自动路由到最优路径

## 技术架构

vETH 3.0 的技术实现建立在三个核心支柱之上：

### SLPx 2.0：全链铸造协议

SLPx 2.0 是 vETH 3.0 的核心合约层，负责处理来自不同网络的铸造和赎回请求。当用户在 Base 或 Arbitrum 上发起铸造时，SLPx 合约通过 Snowbridge、Hyperbridge 等去中心化跨链协议，将 ETH 安全地传递到 Bifrost 网络进行统一管理，同时将 vETH 返还给用户。

![Base等 Layer2铸造.png](https://cdn.bifrost.io/cms/Base_Layer2_615d565ffd.png)

这种设计的优势在于：用户在任何支持的链上都能获得一致的体验，而底层的跨链复杂性被完全抽象掉。

### ERC-4626：DeFi 可组合性的金标准

vETH 3.0 遵循 ERC-4626 Vault 标准，这是以太坊生态中收益资产的统一接口规范。ERC-4626 定义了一套标准化的存款、取款、份额计算方法，使得 vETH 可以无缝集成到任何支持该标准的 DeFi 协议中。

这意味着借贷协议可以直接接受 vETH 作为抵押品，DEX 和聚合器可以自动识别 vETH 的收益特性，并将其纳入更复杂的策略组合。

### SSV Network 合作：去中心化节点

质押资产的安全性取决于验证者的质量。vETH 3.0 采用 SSV Network（Secret Shared Validator）作为底层验证者基础设施，SSV 的工作原理是将验证者密钥分割成多个片段，分布在多个独立运营的节点上，这是以太坊生态中领先的分布式验证者技术（DVT）方案。

![SSV.png](https://cdn.bifrost.io/cms/SSV_c7545506d6.png)

目前，SSV Network 已保护超过 430 万枚 ETH，被 Kraken、Lido 等行业巨头采用，是经过实战检验的成熟方案。

## 如何参与铸造和 Farming

铸造 vETH 非常简单，只需几分钟即可完成：

- 前往 [Omni LS](https://omni.ls/stake/vETH)
- 连接钱包并选择网络，目前支持在  Ethereum、Base、Optimism 和 Arbitrum 上进行操作
- 确保钱包中有足够的 ETH 用于铸造和支付 Gas 费
- 输入要铸造的 ETH 数量（最低 0.001 ETH）
- 点击「Stake」按钮，确认并签署交易

vETH 3.0 上线后，Bifrost 将在 12 月 19 日开启为期 1 个月的激励计划（仅限 Bifrost-Polkadot 链），存入 vETH 单币 Farming 池，可以获得 vDOT 激励。目前基础质押 APY 为 3.5%，激励活动开启后，综合 APY 可达到 8-9%，vDOT 激励按质押份额实时累积，可随时领取。

### 如何参与 vETH Farming 活动

- 前往 [Bifrost Dapp](app.bifrost.io/crosschain)
- 将 vETH 从以太坊或 Layer2 网络跨到 Bifrost-Polkadot 链
- 进入 Farm 页面，找到 vETH 单币池
- 点击「Deposit」，输入要存入的 vETH 数量，确认交易

## vETH 的下一站

以太坊质押不应该被网络边界所限制。vETH 3.0 代表了流动性质押的下一个演进方向——去中心化的全链质押解决方案。

vETH 3.0 的发布只是起点。接下来，Bifrost 将支持 stETH/rETH 直接转换为 vETH，让现有 LST 持有者无缝迁移；同时推进与 Hydration 的深度整合，通过 Omnipool 和 gigaETH 策略为 vETH 持有者创造更多 DeFi 场景。

vETH 3.0：用全链架构找到以太坊流动性质押的新答案

随着 vETH 3.0 正式上线，Bifrost 宣告 SLPx 2.0 架构进入实战阶段。相比于上一代的 SLPx 1.0，新版本在铸造/赎回体验、跨链效率、协议兼容性、以及未来扩展性上均实现了显著提升，也为多链 LST 的普及提供了标准化基础设施。

## vETH 3.0 是什么？

vETH 是 Bifrost 推出的全链流动性质押 ETH 衍生品。此次发布的 vETH 3.0 最大的亮点在于：

- 支持 Ethereum、Base、Arbitrum、Optimism、Polkadot 等多链直接铸造，无需回跨资产
- 基于 ERC-4626 标准开发，具备高兼容性、可组合性
- Base APY 达到 3.5%，优于主流 stETH 等产品

而 vETH 3.0 能实现这一切的核心，正是 SLPx 架构的全面升级。

## SLPx：跨链流动性解决方案

[SLPx](https://docs.bifrost.io/for-builders/build-with-slpx) 是由 Bifrost 推出的质押流动性底层协议，旨在为流动性质押代币（LST）提供在多条链上的铸造与赎回服务。

想象一下，你的资产可以自由穿梭于不同链之间，既能稳健地获得质押收益，又能随时参与最新最热的 DeFi 应用。SLPx 使这一场景成为现实，通过简单的一键操作，将你的原生代币转化为流动性质押资产（Liquid Staking Token，LST），从而释放资产的无限潜力。

从资产冻结到自由流动，SLPx 为每位用户开启了资产运作的新纪元。

## SLPx 2.0 有何不同？

随着多链部署成为 DeFi 发展的主流趋势，SLPx 1.0 架构逐渐暴露出一些体验瓶颈：用户需要等待跨链确认才能获得 vToken，赎回同样需要回跨操作，整个流程不仅耗时较长，还伴随着较高的跨链手续费。更重要的是，缺乏通用标准的设计让 vToken 难以被 Yearn、Aave、Balancer 等主流 DeFi 协议直接集成。

SLPx 2.0 基于 ERC-4626 标准完成了架构重构，核心创新在于引入了**异步池（Async Pool）机制**，将用户的即时操作与链间的协调处理解耦，从根本上改变了跨链流动性质押的体验：

**1. 即时铸造与赎回**

用户质押资产后立即获得 vToken，无需等待跨链确认；赎回时直接销毁 vToken 并进入自动清算队列，整个过程从"分钟级"缩短至"秒级"。

**2. 大幅降低手续费**

通过异步批量处理机制，单笔操作无需完整跨链流程，手续费从"标准跨链费用"降至"极低甚至为零"，让小额频繁操作成为可能。

**3. 无缝 DeFi 集成**

采用行业标准 ERC-4626，使 vToken 成为"即插即用"的生息资产，任何兼容协议都能零门槛集成，极大提升了资产的可组合性与应用场景。

**4. 更高效的跨链管理**

每条链被视为统一的"流动性池"而非单独维护每个用户的跨链映射，不仅节省了资源成本，也为未来扩展至更多网络奠定了基础。

值得注意的是，汇率同步机制从"Bifrost 主导的强一致性"转变为"XCM Oracle 驱动的最终一致性"，可能存在短暂的汇率延迟，但这种设计换来的是更流畅的用户体验和更低的操作成本。

![SLPx Comparison.png](https://cdn.bifrost.io/cms/SL_Px_Comparison_80a067d27f.png)

| Feature | SLPx 1.0 | SLPx 2.0 |
| --- | --- | --- |
| 铸造体验 | 延迟获得 vToken，需要等待跨链确认 | 即时获得 vToken，无需跨链 |
| 赎回体验 | 销毁后等待回跨，到账周期长 | 直接销毁，自动排队，周期性清算 |
| 手续费 | 完整跨链流程，费用高 | 异步机制，仅少量或无需跨链 |
| 跨链账户维护 | 每个用户都需跨链地址映射和维护 | 每条链视为一个“统一用户池”，更节省资源 |
| 汇率一致性 | 铸造和赎回由 Bifrost 主导，保证一致性 | 汇率同步由 XCM Oracle 驱动，可能存在短暂差异但可调节 |

## 双轨并行：兼顾创新与稳定

尽管 SLPx 2.0 将成为未来的主要架构，但考虑到部分场景仍需要精细化的 Commission Channel 功能和完整的链上记录追溯，Bifrost 选择保留 SLPx 1.0 并行运行。这种双轨策略既保证了现有用户和集成方的需求延续，也为不同应用场景提供了灵活的选择空间。

展望未来，SLPx 2.0 将与去中心化跨链桥 HyperBridge 深度融合，逐步接入更多主流 L1 和 L2 网络，推动全链流动性质押进入标准化、模块化的新阶段。

而 vETH 3.0 正是体验 SLPx 2.0 创新架构的最佳入口。无论你是寻求更高收益的 ETH 持有者，还是希望构建下一代 LST 基础设施的开发者，vETH 3.0 与 SLPx 2.0 的组合，都将为你打开全链流动性质押的全新可能。

SLPx 迎来重大升级：从 1.0 到 2.0 的演进

With the launch of vETH 3.0, Bifrost unveils the next-generation liquidity infrastructure for crypto staking — **SLPx 2.0**. This marks a significant leap from the earlier SLPx 1.0 framework, bringing substantial improvements in mint/redeem UX, cross-chain efficiency, protocol compatibility, and scalability — paving the way for standardizing multi-chain liquid staking.

## What is vETH 3.0?

vETH is Bifrost’s multi-chain liquid staking derivative for ETH. The 3.0 release introduces a host of upgrades:

- Liquid staking across Ethereum, Base, Arbitrum, Optimism, Polkadot and more — no bridging required
- ERC-4626 compatible for seamless integration across the DeFi protocols
- Backed by DVT (Distributed Validator Technology) via SSV Network for full validator decentralization
- Offers a base APY of 3.5% — outperforming stETH and most ETH LST

All of this is made possible by the architectural overhaul behind SLPx 2.0.

## SLPx: The Liquidity Infrastructure for Crypto Staking

[SLPx](https://docs.bifrost.io/for-builders/build-with-slpx) is Bifrost’s foundational protocol for enabling Liquid Staking Tokens (LSTs) to be minted and redeemed across multiple chains — with yield-bearing utility and full composability.

Picture this: your staked assets earning yield, while being free to move and interact with DeFi apps across multiple networks. That’s the promise of SLPx. With a single click, users can convert native assets into liquid staking derivatives (vTokens) and unlock liquidity without compromising yield.

SLPx turns passive capital into active cross-chain collateral — powering the next era of fluid on-chain capital.

## What Makes SLPx 2.0 Different?

As multi-chain deployments become the new normal, the original SLPx 1.0 model began to show its limitations — users had to wait for cross-chain confirmation to receive vTokens, redemptions involved long settlement times and costly bridging, and lack of a unified standard made it difficult to plug into protocols like Aave or Balancer.

![slpx process.png](https://cdn.bifrost.io/cms/slpx_process_146e7ad4a1.png)

SLPx 2.0 solves this by adopting the **ERC-4626 vault standard** and introducing an **Async Pool mechanism** — which cleanly decouples user interactions from underlying cross-chain operations. 

### Key Benefits of SLPx 2.0

**1. Instant Mint & Redeem**

Users receive vTokens immediately after staking — no need to wait for bridging. Redemptions are auto-queued and settled in batch cycles, cutting latency from minutes to seconds.

**2. Drastically Lower Fees**

With batched async handling, operations no longer require full cross-chain execution per transaction. Cross-chain fees drop from "standard bridge fees" to "minimal or zero", making small or frequent actions feasible.

**3. Seamless DeFi Integration**

By leveraging ERC-4626, vTokens become “plug-and-play” yield-bearing assets. Any DeFi protocol supporting ERC-4626 vaults can integrate them permissionlessly.

**4. Scalable Cross-Chain Management**

SLPx 2.0 treats each supported chain as a unified liquidity pool, rather than managing user-level cross-chain accounts. This significantly reduces overhead and enhances scalability for future chain expansion.

A key design shift is also worth noting: exchange rate synchronization has moved from “strict consistency via Bifrost” to “eventual consistency via XCM Oracle.” While this introduces brief periods of rate discrepancy, it enables a smoother UX and lower system costs.

## **SLPx 1.0 vs 2.0 — At a Glance**

| Feature | SLPx 1.0 | SLPx 2.0 |
| --- | --- | --- |
| Minting | Delayed, requires cross-chain confirmation | Instant, no bridging required |
| Redemption | Requires burn + cross-chain settlement | Instant burn, auto-queued and batched |
| Fee Model | High (full cross-chain per tx) | Minimal or zero via async batching |
| Cross-chain Account Handling | Per-user mapping required | Unified pool per network |
| Exchange Rate Consistency | Bifrost-controlled, strict | XCM Oracle, eventual consistency |

![08.png](https://cdn.bifrost.io/cms/08_6c16b6ca48.png)

## Dual Architecture: Innovation Meets Stability

While SLPx 2.0 will power Bifrost’s future staking products, SLPx 1.0 remains operational — especially for use cases requiring **Commission Channel support** or full on-chain traceability. This dual-track architecture ensures backward compatibility and flexibility across diverse integration scenarios.

Looking ahead, SLPx 2.0 integrate tightly with HyperBridge, expanding to more L1 and L2 ecosystems and pushing liquid staking toward a modular, standardized, multi-chain future.

And vETH 3.0 is your gateway to experience that future today.

Whether you're an ETH holder chasing higher returns, or a developer building next-gen LST infrastructure — the combination of vETH 3.0 and SLPx 2.0 unlocks new possibilities in cross-chain DeFi.

SLPx 2.0: The Liquidity Infrastructure for Crypto Staking

2025 年，Polkadot OpenGov 经历了一次有意识的收缩与沉淀。

全年共有 482 项提案进入投票流程，较 2024 年下降超过 50%。但数量的减少并未带来质量的滑坡——恰恰相反，每项提案的平均投票 DOT 数量在 11 月上涨了 50%，月度独立投票地址保持稳定，并在关键决策期出现明显峰值。当重要决策来临时，投票者从未缺席。

这一年，Polkadot 完成了 DOT 永久供应上限的历史性决议，Treasury 持续资助基础设施与生态运营。而当下，另一项重要提案 [Ref #1827](https://polkadot.subsquare.io/referenda/1827) 正在投票中，Staking 机制即将迎来又一次重大调整。一个清晰的信号正在浮现：每一次关键变革，都是通过 OpenGov 在链上完成决策，让社区在每一个关键节点发出声音。

而 Polkadot 治理的下一程，需要让更多持有者的声音被纳入。而 **Bifrost 推出的 vDOT 委托投票功能（vDOT Delegation Voting）**，让 DOT 流动性质押用户的治理权，终于有了激活的通道，为 OpenGov 注入新的参与力量。

## vDOT：首个原生支持治理权的流动性质押代币

与常规的流动性质押路径不同，vDOT 从诞生之初就保留了 DOT 的治理权能。持有 vDOT 的用户可以直接在 Bifrost Dapp 上参与 Polkadot OpenGov 投票——质押收益、流动性、治理权，三者从未被割裂。

而现在，委托投票功能的加入，让 vDOT 的治理功能从「可用」走向「完善」。即使你没有时间逐一研究提案，也可以将投票权托付给信任的地址，让治理参与真正融入日常持有体验。

## 让治理与流动性并行

vDOT 委托投票延续了 Polkadot 网络原生的 **Delegation Voting** 逻辑，同时在 Bifrost 的架构下进行了一步革新。

**首先，它继承了 DOT 委托功能的全部机制。用户可以将手中的 vDOT 以任意倍数（0.1x 至 6x）委托给任何地址，系统会根据倍数计算相应的投票权重。**

让我们举个例子，如果 Bob 是委托人，他将 10 枚 vDOT 委托给 Alice（被委托人），并设置了 6x 的投票强度（对应 224 天的锁定期）。

当 Alice 对某个提案进行投票（使用 1 枚 vDOT、0.1x 投票强度，投票方向为支持 AYE）时，Bob 委托的这 10 枚 vDOT 将以 6 倍权重（即 60 票）自动同步投票，方向为同样的 AYE。

在投票期间，Bob 可以随时取消委托，票权将返回给他本人。

如果 Bob 在投票结束后才取消委托，则需等待设定的 224 天锁定期自然到期后，才能进行手动解锁。

![voting1.png](https://cdn.bifrost.io/cms/voting1_06d170297e.png)

初期版本中，委托默认作用于所有治理通道（All Tracks），未来版本将支持自定义 Track，让用户能够针对不同议题选择特定的代理人。

| 功能 | DOT 委托投票 | vDOT 委托投票 |
| --- | --- | --- |
| 支持委托地址 | ✅ | ✅ |
| 支持投票强度（0.1x - 6x） | ✅ | ✅ |
| 支持选择特定投票通道 | ✅ | 默认为全部通道 |
| 可随时取消委托 | ✅ | ✅ |

**其次，它创新性地引入了由 BNC 驱动的治理代理。**

用户可以将 vDOT 委托给 **Bifrost OpenGov 的 vDOT Delegation Track（DVT）**。DVT 是一个专门负责处理 Polkadot 治理提案的治理通道，聚合所有委托至它的 vDOT 投票权。

![voting2.png](https://cdn.bifrost.io/cms/voting2_feae5ab7d0.png)

DVT 之上，BNC 持有者可通过投票来决定这些 vDOT 的投票方向，实现 “BNC 驱动 DOT 治理” 的跨资产协作模式。这是一次治理权的再分配，使 BNC 与 vDOT 在治理图谱中形成了新的联动结构。

## 用户视角的功能价值

vDOT 委托机制也为社区治理生态带来新的活力。据观察，目前 vDOT 的使用者中，已有部分用户在 Hydration 等协议中参与借贷、组合策略，同时也活跃于 OpenGov 的治理流程中，具备“双重角色”。

专注 DeFi 的用户，他们希望最大化收益效率，但不一定有时间深入参与治理；而高度活跃的治理参与者，他们熟悉治理流程、具备议题判断力、愿意承担代表责任。

前者通过委托，可以持续参与投票不掉队；后者通过被委托，逐步积累链上声誉，成为社区中的“治理代表”。

委托功能的核心价值在于，它并不剥夺用户对资产的控制权。无论是将 vDOT 委托给个人地址，还是委托至 DVT，资产始终保留在用户链上账户中，委托关系可随时撤销。

如果委托期间发生治理投票，vDOT 将在对应的 Conviction 周期内进入锁定状态；而未参与委托的用户，其资产流动性与赎回机制则不受影响。

这种设计兼顾了治理参与和资产可控两者之间的张力，用户可以根据自身意愿灵活选择投票方式。

## 拓展 BNC 效用

vDOT 委托投票功能的上线，折射出 Bifrost 在流动性质押之外的另一层思考：如何让治理参与的门槛足够低。

在一条链的治理演化中，是否能够让更多人以“低心智成本”参与，是决定治理是否真正“去中心化”的关键。而委托制度，不仅解决了参与的门槛问题，也推动了治理由“个体投票”向“组织博弈”的转型，为未来形成更加专业化、信任化、责任化的治理代表体系提供了机制支撑。

更重要的是，通过 DVT Track 模式，BNC 这一原生资产也被重新注入治理引擎中，使其与 vDOT 在“投票权路径”中形成联动，为 BNC 的效用提供了更大的延展性与想象力。

## vDOT 投票委托功能 FAQ

### 如何使用 vDOT 投票委托功能？

1. 进入 [Bifrost Dapp](https://app.bifrost.io/vstaking/vDOT?tab=governance&type=delegation)
2. 打开 vDOT，找到 Governance Tab
3. 点击「委托投票」
4. 输入你想委托的地址或选择官方 DVT
5. 选择投票的信念乘数（0.1x ~ 6x）
6. 签名确认，完成！

### 什么是 Capital 和 Vote？

- **Capital**（本金）：指你所持有的代币总量。
- **Vote**（投票权重）：你的实际投票权，由本金乘以你选择的信念乘数（Conviction）计算得出。

### 为什么要「委托给 Bifrost OpenGov」

我们鼓励 vDOT 持有者将其投票权委托给 Bifrost OpenGov 的 vDOT Delegation Track（DVT）。

DVT 是 Bifrost OpenGov 中的一个治理通道，专门用于代表社区对 Polkadot 主网上的治理提案进行投票。

如果你希望将 vDOT 的投票权交由整个 Bifrost 社区共同决定，这将是一个理想的选择。

### 如果有人把投票权委托给我，我应该怎么使用？

当你收到他人委托的投票权后，这部分投票权将在你投票时自动跟随你的选择。

例如，如果你的地址被委托了 10 枚 vDOT，当你使用自己的 vDOT 进行投票时，这 10 枚委托来的 vDOT 也将自动按照相同方向进行投票。

### 我可以取消委托吗？

你可以在任何时间取消已设置的委托，系统将自动释放相关的锁定 Token。如果提案仍在投票期内，你可以通过修改 vTokenVoting 操作即时解锁。如果提案已结束，则需要等待你设置的 Conviction 锁定周期自然到期后才能解锁。

## 结语

vDOT 委托投票功能的推出，标志着 **vDOT 成为了目前市场上功能最完整的流动性质押代币**——同时具备质押收益、流动性与原生治理权，且治理权现在可以被灵活委托。

它让「参与」变得更加立体：你可以直接投票，也可以委托；你可以是执行者，也可以是被信任的代表。治理的未来，或许不在于每个人都亲自投票，而在于信任能够被自由传递，而这种传递不以牺牲主权为代价。

这或许是流动性质押代币应有的完整形态：流动的不只是资产，还有治理的意志。

vDOT 委托投票功能上线：让治理与流动性真正融合

In 2025, Polkadot OpenGov went through a deliberate phase of consolidation.

A total of **482 proposals** entered voting this year — more than **50% fewer than in 2024**. But fewer proposals didn’t mean lower quality. In fact, the **average DOT per proposal jumped 50% in November**, monthly unique voters stayed stable, and participation clearly spiked during major decisions. When it really mattered, voters showed up.

This year also saw a historic decision to set a **supply cap for DOT**, while the Treasury continued funding infrastructure and ecosystem. Another major proposal [**Referendum #1827**](https://polkadot.subsquare.io/referenda/1827) is live, signaling another upcoming change to staking mechanics.

Every major upgrade on Polkadot is decided on-chain through OpenGov, with the community actively shaping each critical moment.

The next step for governance is simple — bring more holders into the process. That’s exactly what **Bifrost’s vDOT Delegation Voting** unlocks: a way for liquid staked DOT holders to finally activate their governance power and participate in OpenGov more easily.

## vDOT: The First Liquid Staking Token with Native Governance Right

Unlike most liquid staking tokens, **vDOT preserved DOT’s governance rights from day one**.

If you hold vDOT, you can already vote directly in Polkadot OpenGov through the Bifrost Dapp — yield, liquidity, and governance are fully integrated.

Now, with delegation voting live, governance becomes even more accessible. If you don’t have time to research every proposal, you can simply delegate your voting power to someone you trust and stay involved without extra effort.

## Governance and Staking Yield, Working Together

vDOT delegation follows Polkadot’s native **Delegation Voting** model, with some important upgrades on Bifrost.

### Same delegation mechanics as DOT

You can delegate your vDOT to any address with a conviction multiplier from **0.1x to 6x**. Your voting power scales based on the multiplier you choose.

Let’s walk through a simple example:

- Bob delegates **10 vDOT** to Alice with **6x conviction** (224-day lock).
- Alice votes on a proposal using **1 vDOT at 0.1x conviction**, voting **AYE**.
- Bob’s delegated 10 vDOT automatically follows Alice’s vote with **6x weight**, contributing **60 votes** in the same direction.

During the voting period, Bob can cancel the delegation at any time and regain control immediately.

If Bob cancels after voting ends, he’ll need to wait until the 224-day lock expires to unlock.

![voting1.png](https://cdn.bifrost.io/cms/voting1_06d170297e.png)

In the current version, delegation applies to **all governance tracks by default**. Future upgrades will support **track-specific delegation**, letting users assign different delegates for different topics.

| Feature | DOT Delegation | vDOT Delegation |
| --- | --- | --- |
| Delegate to any address | ✅ | ✅ |
| Conviction (0.1x–6x) | ✅ | ✅ |
| Track selection | ✅ | Default: All tracks |
| Cancel anytime | ✅ | ✅ |

### BNC-powered governance delegation

vDOT also introduces something new: **BNC-driven governance via the vDOT Delegation Track (DVT)**.

Users can delegate their vDOT directly to **Bifrost OpenGov’s DVT**, a dedicated governance track that aggregates all delegated vDOT voting power.

![voting2.png](https://cdn.bifrost.io/cms/voting2_feae5ab7d0.png)

On DVT, **BNC holders vote to decide how the pooled vDOT votes are cast**, creating a cross-asset governance loop where BNC helps steer DOT governance. This effectively links BNC and vDOT inside the governance system and opens up new utility for BNC.

## Why This Matters

Delegation brings new energy into the governance ecosystem. Today, many vDOT holders are already active in DeFi protocols like Hydration while also participating in OpenGov — playing both capital and governance roles.

Users naturally fall into two groups:

- **DeFi-focused users** who want capital efficiency but don’t have time to track governance.
- **Governance-focused users** who understand proposals and are willing to act as representatives.

Delegation voting lets DeFi users stay involved without friction, while active participants can build reputation and become trusted voters over time.

Most importantly, delegation voting never transfers asset ownership.

Whether you delegate to another address or to Bifrost DVT, **your vDOT always stays in your own wallet**, and you can revoke delegation anytime.

If your delegated vDOT participates in a vote, it will follow the chosen conviction lock.

If you don’t delegate, your liquidity and redemption flow remain unchanged.

This gives users full flexibility to balance governance participation and capital control.

## Expanding BNC Utility

vDOT delegation also reflects a broader goal: lowering the barrier to governance participation.

Healthy governance depends on whether users can participate with low cognitive cost. Delegation makes participation easier while allowing governance to evolve toward more structured and accountable representation.

At the same time, the DVT model brings **BNC directly into the governance engine**, creating a shared voting pathway with vDOT and expanding BNC’s long-term utility and narrative.

## vDOT Delegation FAQ

### How do I delegate my vDOT?

1. Go to [Bifrost Dapp](https://app.bifrost.io/vstaking/vDOT?tab=governance&type=delegation)
2. Open **vDOT** → **Governance**
3. Click **Delegate Voting**
4. Enter a delegate address or select **DVT**
5. Choose your conviction multiplier (0.1x–6x)
6. Sign and confirm

### What’s the difference between Capital and Vote?

- **Capital**: the amount of tokens you hold
- **Vote**: your effective voting power = Capital × Conviction

### Why delegate to Bifrost OpenGov (DVT)?

DVT represents the Bifrost community when voting on Polkadot governance proposals.

If you’d like your vDOT voting power to be decided collectively by the Bifrost community, DVT is a great option.

### What happens if someone delegates to me?

Any delegated voting power automatically follows your votes.

If 10 vDOT are delegated to your address, those votes will follow the same direction and conviction when you vote.

### Can I cancel delegation?

Yes — you can cancel anytime.

- If voting is still ongoing, you can unlock immediately by updating your vTokenVoting action.
- If voting has ended, you’ll need to wait for the conviction lock to expire.

vDOT Delegation Voting Is Live: Taking Polkadot Governance One Step Further

# 技术开发

## Runtime 23000（已升级）

- vETH SLP 增加对 Snowbridge ETH 的支持
- SLPv2 协议增加 XCM 通用类型支持
- SLPv2 增加对 Commission channel 模块的适配
- SLPx 支持 Assethub
- bbBNC 支持永久锁定
- XCM 跨链交易组件整理优化
- vToken 全局汇率调整安全优化

## Dapp 1.10.0（已升级）

- 支持 vETH 3.0

## Dapp 1.10.1（已升级）

- 支持 vToken delegation 功能

## Runtime 24000（开发中）

- 优化精简 SLP 协议
- 下线 vMOVR/vGLMR/vASTR 相关质押管理功能
- SLPv2 增加跨链喂价逻辑
- vToken 汇率变化安全限制重构
- SLPx 跨链手续费读取逻辑优化
- SLPx 2.0 支持 RSP
- bbBNC 追加锁仓增加锁仓时间限制检查
- 更新 bbBNC 提前赎回惩罚曲线
- 修复 Swap LP Token 类型计算潜在问题
- 修复潜在溢出问题
- 更新 Bifrost-polkadot 侧最小 Collator 数量限制

# 产品进展

本月 Bifrost 总锁仓量（TVL）达到 **44,079,147** 美元;

其中，vBNC 表现亮眼，总铸造量（TVS）为 **20,672,982** 枚, 总锁仓量超 (TVL) $**1.21M**，单月增长 37%；

[WAVE 积分兑换 bbBNC](https://x.com/Bifrost/status/2013189725042176490?s=20) 已正式上线，该功能由社区投票（提案 Ref#162）票选得出。如果用户持有至少 26,316 WAVE，既可通过1 bbBNC ≈ 526 WAVE 左右的比率换取 4 年锁定的 bbBNC。

[Defi Singularity](https://defisingularity.com/explore) 迎来第三期：在 Uniswap 多链池（BSC、ETH、Base、Arbitrum）提供 vDOT 流动性，在叠加 staking rewards 后可享超 25% APY。

Bifrost推出 [vDOT 委托投票](https://bifrost.io/zh-CN/blog/article-70)功能，让流动性质押的 DOT 持有者可在不牺牲质押收益的情况下，以最高 6 倍信念倍数委托治理投票权，推动 Polkadot OpenGov 参与度提升。

BNC 质押总量已突破 2,000 万枚。在 bbBNC 上线前，BNC 的质押规模为 896 万枚。短短两个月内，整体质押量增长超过 120%。bbBNC 的核心机制围绕可持续价值捕获展开。协议产生的全部利润用于回购 BNC，其中 90% 直接分配给 bbBNC 持有者，10% 进行永久销毁。

![bnc20m.png](https://cdn.bifrost.io/cms/bnc20m_0b154e04b1.png)

# 市场运营

1 月 8 日，Bifrost 参与了 Polkaworld 主办的 [2025 复盘与 2026 展望](https://x.com/polkaworld_pro/status/2009162436956573720) 主题直播，对 2025 年关键节点与核心数据进行系统回顾，并披露了多项底层与安全升级进展，对 2026 年已进入明确规划阶段的核心方向进行了说明。

1 月 9 日，Bifrost 发起[治理激励提案](https://bifrost.subsquare.io/posts/171)，提议对 Bifrost Dapp 的治理体验进行升级，并引入治理激励机制，以进一步提升链上参与度与讨论质量。

1 月 20 日，Bifrost 核心开发者 Ningbo 受邀参与 [Polkadot Builders 圆桌](https://x.com/OneBlock_/status/2013178017317896647)讨论，围绕「从 Hacker House 到 APAC Hackathon 的增长路径」展开深度交流。议题涵盖投资人如何评估项目、获奖团队的实战经验、Polkadot 当前适合重点建设的方向，以及黑客松项目在 Demo 之后的长期生存与增长问题。

1 月 27 日，Liquid WAVE 第一轮和第二轮活动中的 [BNC 奖励发放](https://x.com/Bifrost/status/2016393146511540664) 已经完成，所有奖励将按照 12 个月线性解锁机制进行释放。符合条件的用户将按月逐步解锁奖励，无需进行任何额外操作。至此，Liquid Wave 活动圆满结束。

1 月 30 日，Bifrost 开发者关系负责人 Tyrone 参与了 [Polkadot 生态圆桌](https://x.com/polkaworld_org/status/2016523942937411775) 直播，围绕 Polkadot Hub 智能合约上线分享 Bifrost 的技术观点，并与来自 Hyperbridge 和 Hydration 的核心建设者共同探讨跨链质押与收益基础设施的未来演进方向。

月报｜vDOT 委托投票上线，Liquid Wave 奖励完成发放月报

# Technical Development

## Runtime 23000 (Deployed)

- vETH SLP added support for Snowbridge ETH
- SLPv2 protocol added XCM generic type support
- SLPv2 integrated with Commission channel module
- SLPx now supports Assethub
- bbBNC supports permanent locking
- XCM cross-chain transaction components reorganized and optimized
- vToken global rate adjustment security enhancements

## Dapp 1.10.1 (Deployed)
- Added support for [vETH 3.0](https://bifrost.io)
- Added support for vToken delegation functionality

## Runtime 24000 (In Development)
- Optimizing and streamlining SLP protocol
- Deprecating staking management features for vMOVR/vGLMR/vASTR
- SLPv2 adding cross-chain price feed logic
- Refactoring vToken rate change security restrictions
- Optimizing SLPx cross-chain fee reading logic
- SLPx 2.0 adding RSP support
- bbBNC additional lock-up now includes lock period validation checks
- Updated bbBNC early redemption penalty curve
- Fixed potential issues with Swap LP Token type calculations
- Fixed potential overflow issues
- Updated minimum Collator quantity requirements on Bifrost-Polkadot network

## Product Progress

Bifrost's Total Value Locked (TVL) reached **$44,079,147**.

Among these assets, vBNC showed outstanding performance with a Total Value Staked (TVS) of **20,672,982 tokens**, TVL exceeding **$1.21M**, representing a **37% month-over-month growth**.

[WAVE points to bbBNC conversion]((https://x.com/Bifrost/status/2013189725042176490?s=20) has officially launched, a feature determined by community vote ([Proposal Ref#162](https://bifrost.subsquare.io/referenda/162)). Users holding at least 26,316 WAVE can convert them to 4-year locked bbBNC at an approximate ratio of 1 bbBNC ≈ 526 WAVE.

[Defi Singularity]((https://defisingularity.com/explore)) entered its third phase: providing vDOT liquidity in Uniswap multi-chain pools (BSC, ETH, Base, Arbitrum) can yield over 25% APY when combined with staking rewards.

Bifrost launched the [vDOT delegation voting](https://x.com/Bifrost/status/2011377789489045744?s=20), enabling liquid staked DOT holders to delegate governance voting rights with up to 6x conviction multiplier without sacrificing staking rewards, boosting Polkadot OpenGov participation.

Total BNC staked has surpassed **20 million tokens**. Before bbBNC's launch, BNC staking stood at 8.96 million tokens. In just two months, total staking volume has grown by over **120%**. bbBNC's core mechanism centers on sustainable value capture: all protocol profits are used to buy back BNC, with 90% distributed directly to bbBNC holders and 10% permanently burned.

## Marketing

Bifrost participated in Polkaworld's ["2025 Review & 2026 Outlook"](https://x.com/polkaworld_pro/status/2009162436956573720) livestream, systematically reviewing 2025's key milestones and core metrics, disclosing multiple infrastructure and security upgrade developments, and outlining core strategic directions for 2026 that have entered the definitive planning phase.

Bifrost initiated a [governance incentive proposal](https://bifrost.subsquare.io/posts/171), suggesting upgrades to the governance experience on Bifrost Dapp and introducing governance incentive mechanisms to further enhance on-chain participation and discussion quality.

Bifrost core developer Ningbo was invited to participate in a [Polkadot Builders roundtable discussion](https://x.com/OneBlock_/status/2013178017317896647), engaging in deep exchanges around "Growth Pathways from Hacker House to APAC Hackathon." Topics covered how investors evaluate projects, winning teams' practical experiences, priority development areas for Polkadot, and long-term survival and growth challenges for hackathon projects beyond the Demo phase.

[BNC rewards distribution](https://x.com/Bifrost/status/2016393146511540664) for Liquid WAVE rounds one and two has been completed. All rewards will be released following a 12-month linear vesting mechanism. Eligible users will receive monthly unlocks automatically without any additional action required. With this, the Liquid Wave campaign has successfully concluded.

Bifrost Developer Relations Lead Tyrone participated in a [Polkadot ecosystem roundtable livestream](https://x.com/polkaworld_org/status/2016523942937411775), sharing Bifrost's technical perspective on the Polkadot Hub smart contract launch and exploring future evolution directions for cross-chain staking and yield infrastructure alongside core builders from Hyperbridge and Hydration.