Bifrost and MangataX successfully opened HRMP channels.

We are thrilled to announce that HRMP (XCMP-Lite) channels have been opened between Bifrost and Mangata X Parachains on Kusama ecosystem, and both BNC and MGX token will be available on these networks soon. Once BNC is deposited on Mangata X, it can be used across Mangata’s ecosystem; MGX will be used in Bifrost’s single-platform DeFi functionalities.

Mangata X is a comprehensive DEX with innovative Trade & Earn functionalities which has the capability to bootstrap deep liquidity.
By integrating XCM between Bifrost and Mangata X, Bifrost users are able to enjoy the best cross-chain trading experience with BNC and vTokens.

About MangataX

Mangata is the next-generation DEX of Polkadot with the vision to make tokens from all ecosystems tradable on a single DEX. It features gas-less swaps, prevents front-running and MEV, and increases capital efficiency with the revolutionary proof-of-liquidity consensus.

As a Layer 1 app-chain building on Substrate, it is not bounded by legacy EVM restrictions and optimizes the whole ecosystem around capital efficiency and fairness.

Fun fact: Mangata X is the DEX which broke any records on Kusama, closing its crowdloan within just 50 minutes after its launch.

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.

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