Bifrost and Phala Network partner together to explore the utility of derivative in privacy-preserving layer.
On March 11, Polkadot DeFi protocol Bifrost and Polkadot privacy infrastructure Phala Network reached a strategic cooperation. Bifrost will take the advantages of liquidity derivatives into the Phala Network privacy protection consensus and explore the application of pledge derivatives in privacy network.
After the parachains are officially connected to the Polkadot relay chain, the value of Polkadot’s ecological layout will gradually manifest. Bifrost will bring the concept of staking derivative to the TEE deposit mining mechanism of the privacy computing layer of Phala Network through the issuance of cross-chain circulated derivative assets, establish the integration of DeFi and the privacy world, and empower consensus operation. In addition, the combination of Bifrost and the Phala Network privacy contract will innovate more “Easter eggs”, realize parachain black box auctions by hiding the amount of staking, and stimulate parachain games to gain more advantages through blind auctions.
In the future blockchain world, liquid derivatives will carry a large amount of DeFi value, and private computing will help users not be always “transparent” in the process of capital flow.
About Phala
Phala Network tackles the issue of trust in the computation cloud.
This blockchain is a trustless computation platform that enables massive cloud processing without sacrificing data confidentiality. Built around TEE-based privacy technology already embedded into modern processors, Phala Network’s distributed computing cloud is versatile and confidential. By separating the consensus mechanism from computation, Phala ensures processing power is highly scalable. Together, this creates the infrastructure for a powerful, secure, and scalable trustless computing cloud.
As a member parachain of the Polkadot cross-chain ecosystem, Phala will be able to provide computing power to other blockchain applications while protecting the data layer, enabling possibilities like privacy-protected DeFi trading positions and transaction history, co-computing DID confidential data, developing light-node cross-chain bridges, and more.
On-chain services currently being developed on Phala Network include Web3 Analytics: high-performance smart contracts from Phala enable highly concurrent mass data analytics with privacy, paving the way for an alternative to Google Analytics that inherently respects individual confidentiality.
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About 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 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.
Website https://bifrost.finance/
Github https://github.com/bifrost-finance
Telegram https://t.me/bifrost_finance
Medium https://medium.com/@bifrost_finance
Twitter https://twitter.com/bifrost_finance
Discord https://discord.gg/8DRBw2h5X4
