After vETH can normally obtain staking rewards on January 5, vETH will continue to expand its liquidity and usage scenarios. Bifrost and Loopring have announced their strategic partnership on January 4. Loopring Protocol will start the Bifrost vETH liquidity mining event at 0:00 (UTC + 8) on January 7. Provide vETH/ETH liquidity to participate in 14-day 100,000 LRC mining. Activities include the Layer-2 AMM liquidity mining and AMM Swap Tournament.
Event Start: 0:00 (UTC +8) January 7, 2021.
Event End: 0:00 (UTC +8) January 21, 2021.
AMM liquidity mining
- Liquidity mining will take 14 days as a routine. Each routine will start at 00:00 (UTC+8) Tuesday.
- The fund pool will take multiple random snapshots, and calculate each LP (liquidity market maker’s voucher) deserves based on the average of all snapshot balances in the period.
- Mining does not involve lock-up, but the LP tokens must be stored in the Loopring Layer-2 account. If you withdraw LP tokens to the Ethereum mainnet, you cannot get mining rewards.
AMM Swap Tournament
- Use Loopring Exchange or wallet to participate in the swap of vETH⇄ETH trading pool.
- According to the trading volume, the top 25 users in the vETH/ETH trading pool will share 5,000 LRC as reward.
- The reward sharing will be calculated in the fixed ratio under Loopring rules, check rules:
Note: Users who participate in the liquidity providing of ETH⇄vETH will get LP-ETH-vETH, which represents you are a liquidity provider in the ETH⇄vETH trading pool. If you transfer LP tokens to other accounts, your corresponding assets in the trading pool will also be transferred to other accounts.
vETH/ETH AMM liquidity mining: 100,000 LRC
vETH/ETH AMM Swap Tournarent: 5,000 LRC (only for top 25 traders)
Step 1: On the vETH event page of Bifrost’s official website: https://bifrost.finance/drop, click “Liebi Pool Dapp” to mint vETH.
Step 2: Log in to the wallet, click “Exchange” to mint vETH, sign and pay the gas fee and wait for the minting to succeed.
Step 3: Go back to the event page of Bifrost official website, click “Loopring Exchange v2”, and go to Loopring for mining.
Step 4: Connect to the wallet and unlock to add vETH-ETH (Loopring shows vETH as uppercase VETH) liquidity.
Step 5: Deposit vETH/ETH, click “ADD” to complete adding liquidity and participate in mining at the same time.
What is Bifrost ?
Bifrost is a Polkadot Ecosystem DeFi infrastructure protocol that aims to become an infrastructure for providing Staking liquidity, and currently offers a derivative vToken for Staking and Polkadot Lease Offering (PLO). It is also a member of the Substrate Builders Program and Web3 Bootcamp. vToken can optimise transactions in multiple scenarios such as DeFi, DApp, DEX and CEX.
vToken can optimise transactions in multiple scenarios such as DeFi, DApp, DEX and CEX. vToken can be used to realise the transfer channel of governance right such as Staking and PLO to hedge the risk of Staking assets. In extended scenarios such as when vToken is used as collateral for lending, the staking proceeds can offset part of the interest and realise low-interest lending.