Asgard CC3 Incentive Testnet Guide (vToken)
Since the vToken Exchange started at 12 am on October 10th, many Bifrost followers immediately began to collect the test coins KSM and DOT from the Bifrost Faucet group: https://t.me/bifrost_faucet After a period of testing, we received questions from bots, exchanges, and other tests, which provided Bifrost with a lot of data and experience. According to the vToken Exchange rules, 6000 BNC will be divided according to the balance of vKSM and vDOT, and the weight of vKSM and vDOT will be the same.
In order to make it easier for more participantors to understand the vToken Exchange process, we have organized and published the entire tutorial on the Medium. The following is the Token exchange vToken steps.
Token Exchange vToken Steps
Step 1: Create a Bifrost address and tutorial: https://wiki.bifrost.finance/zh/help/bnc-wallet-register-tutorials.html
Step 2: Join the Bifrost Faucet group. Each Telegram account receives a test token once every 24 hours. The format of Test token collection is: /want Bifrost address. For details, see the telegram group link: https://t.me/bifrost_faucet
Step 3: Open Bifrost Dash: https://dash.bifrost.finance/#/explorer, select Developer to enter Extrinsics.
Step 4: Select the Convert information, enter the amount of vToken you want to exchange, and click the button to submit the transaction.
Step 5: Enter the password, click Sign and Submit.
Step 6: Show that the vToken exchange is successful, return to Accounts to check the vDOT quantity.
Note: The exchange ratio of Token: vToken is 1:100, which means that 10 DOT can be exchanged for 1000 vDOT.
The above is the Guide of vToken in Asgard CC3. During this event, everyone are welcome to communicate in the group at any time and share your experience with CC3 Test operations.
What is Bifrost ?
Bifrost is the DeFi project for PoS tokens, that include staking and liquidity both. It allows to get vToken for operations and delivering liqidity, plus you got staking rewards all the time your DOT, KSM,EOS or other token blocked by the smart-contract. You get reward from the Day 1 of nomination, without locking periods and can change your, for example, vKSM for KSM any time. BNC is the native token of Bifrost.
vToken can optimize transactions in multiple scenarios such as DeFi, Dapp, DEX, etc. When vToken is used as a collateral for lending, its staking income can offset part of the interest and realize low-interest borrowing.
With vToken you can hedge the risk of locked positions, DeFi & Staking double rewards and leverage Staking and other application scenarios.