We are very pleased to announce that Bifrost and Loopring have reached a strategic partnership to jointly expand the liquidity of Bifrost’s derivative vToken in the Ethereum Layer 2 (layer 2 network) Loopring protocol.
Loopring is the first layer 2 expansion technology protocol on Ethereum, and Vitalik mentioned Layer 2 as the focus of the new roadmap. Through the use of zero-knowledge proof Rollup technology, the throughput of the first layer of Ethereum is from ~ 15 transactions/sec increased to ~ 3000 transactions/sec, with extremely low Gas fee.
Bifrost as the DeFi basic protocol that provides liquidity for pledged assets in the Polkadot ecosystem, has launched the derivative vETH for ETH 2.0 Staking. As a dual protocol asset of ERC 20 and Substrate Based, vETH can be used in both the Ethereum and Polkadot ecosystems. This cross-ecological cooperation has created the prototype of the composability of Polkadot and Ethereum applications.
At the same time, Loopring protocol will start a 14-day multi-mining activity on January 7, 2021, including layer 2 AMM liquidity mining, AMM Swap Tournament, and vETH will be listed as the first batch of liquid mining transaction pairs. More details on vETH liquidity mining will be announced on January 5, 2021. You can learn more Loopring AMM Liquidity Mining on Layer 2.
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.