Bifrost Dapp Beta and Asgard CC4 Testnet Launched
Bifrost Q1 RoadMap Progress
Q1 of 2021 has just passed, and with the efforts of our teammates and the support of community partners, Bifrost has made good progress in this quarter.
First we finished the development of vETH related functional modules. On this basis, we have conducted two vETH Mint Drops, one vETH Hold Drop, and three vETH Liquidity Drops in cooperation with DODO, Loopring, and SakeSwap respectively. As of the posting, vETH has a good base of minted tokens, number of holders and liquidity. The number of vETH mint is 18,084.25, the number of addresses held is 940, and the depth of liquidity is $8,005,381.02, details:
- Loopring：$220,845.73
- Uniswap：$327,851
- DODO：$7,270,000
- SakeSwap：$186,684.29
Secondly, on March 13, Bifrost successfully connected to Rococo v1 and is testing the parachain. As of this posting, we have completed cross-chain, deployment, bidding and other preparations needed before the parachain goes live officially in Rococo, and are now waiting for the Kusama network to open.
In the meantime, we have completed development of Asgard CC4 and have put it into public testing. We have also largely completed development of the Bifrost Dapp Beta, which is now deployed on the public network and can be accessed directly through https://apps.vtoken.io with functionality still being iterated upon. Bifrost Dapp can be tested with either an Asgard CC4 Testnet or a local Testnet.
As we review the current progress against the original Roadmap plan, we can see that everything in the List can basically be checked off, except for the testing of the Kusama network which is awaiting the official progress of Polkadot.
2021 Q1
✔️ Mint Drop II
✔️ Rococo v1 Parachain Tesetnet
✔️ Bifrost Asgard CC4 Testnet
✔️ Bifrost Dapp Beta
✔️ Bifrost POA Development
Ongoing - Bifrost Kusama Parachain Auction Dapp
This time, we will focus on two major developments, Asgard CC4 and Bifrost Dapp.
Asgard CC4 Testnet
Asgard CC4 is the last version of the testnet before the Bifrost Mainnet goes live.
Last year, Bifrost released three versions of Asgard CC1, CC2 and CC3 Testnet in May, July and September respectively, for complete testing of node stability and swap functionality.
Asgard CC4 Testnet adds the architecture of Relaychain and Parachain on the basis of Asgard CC3, which will completely simulate the interactive execution environment of Parachain to Relaychain and Parachain to Parachain, so as to achieve a more comprehensive Test work.
The Bifrost Asgard Relaychain is currently deployed in the public network, while the Bifrost Asgard CC4 network has been accessed in the form of a Parachain.
Bifrost Dapp Beta Version
Bifrost Dapp is the official interactive interface for all Bifrost services. Through the Bifrost Dapp, users will be able to conveniently perform Mint, Redeem, Swap and Crosschain operations, as well as view their derivative assets and earnings in real time.
Currently, the open derivatives category is Staking’s derivatives vToken (Voucher Token), such as vDOT, vKSM, vETH, vEOS. Users can get vToken in two ways, one is to stake token to generate vToken through Mint function, such as stake DOT to get vDOT. Secondly, using Token buy vToken through Swap function. Accordingly, there are two ways to swap vTokens back to their token, Redeem and Swap, but Redeem requires a certain period of time to complete the redemption, because different types of vTokens have different unlocking periods. For example, vDOT has a redemption period of 28 days, vKSM has a redemption period of 7 days, and vETH has a tentative redemption period of 30 days.
The exchange rate between vToken and Token may be different in both ways, and we encourage to complete the arbitrage spread between vToken and Token by comparing the difference between Market Price and Mint Price.
Since staked tokens are constantly generating staking rewards, the amount of Tokens that can be redeemed or swaped back per unit of vToken is increasing in the long run, which means the vToken:Token exchange rate is continuously increasing. So, holding vToken means continuously enjoying the Staking rewards from staking Tokens. Of course, influenced by market sentiment, the exchange rate of vToken: Token will fluctuate in the short term that does not match the long term trend, this is also normal, we can just track the exchange rate to sense the market sentiment.
Bifrost Dapp Beta version has completed most of the required functions, Bid (ticket right bidding) and Swap module temporarily does not affect the basic business run-through, will be completed in subsequent versions according to Roadmap. The following is part of the interface display.
Users who have used ERC20 wallets should have had such troubles. ETH must be pre-stored in the account as a reserve for transcation fees. Otherwise, they may face the dilemma of unable to transfer. The pre-stored ETH can only be used in the wallet when no transaction is required. Suppress funds. Bifrost App provides the function of Flexable Fee in order to make users’ minting, redemption, exchange and other operations more convenient. This function supports users to pay fees in multiple currencies. Users can freely pay fees even if there is no BNC in the user account. It supports users to customize the currency order for fee payment and deducts according to the sequence. If the balance is insufficient , Automatically postpone to the next currency set.
To facilitate participation in testing, all users can receive test tokens 100 DOT, 20 KSM, 10 ETH, 10000 aUSD, 500 ASG. Bifrost Dapp (https://apps.vtoken.io) is still in continuous iteration. Users can get BNC rewards by submitting issue, please refer to Bifrost Long Term Contribution Incentive. Bifrost Dapp Testing Incentive Program will be launched after the Bifrost Dapp Beta version is stable.
Github Issue Submittion: https://github.com/bifrost-finance
Bifrost Long Term Contribution Incentive：https://wiki.bifrost.finance/publicity/contribute
Note: Test Tokens do not have any real price and are only used for Bifrost Dapp testing purposes.
NEXT STEPS
SLP Business Perfection
SLP (Staking Liquidity Protocol) business is the basic business of Bifrost, which refers to releasing the liquidity of Staking assets by issuing derivatives vToken (Voucher Token). One of the key innovative modules of Bifrost is the Vote Bidding Market, which we will complete in Q3.
We now have support for vETH Mint, and will open support for vKSM in Q2 and vDOT/vATOM/vEOS/vIOST in Q3, at which time we will launch the corresponding Mint Drop incentive campaign in parallel.
SALP Business Promotion
SALP (Slot Auction Liquidity Protocol) is Bifrost’s slot auction liquidity protocol for Polkadot parachains and has already entered into partnerships with several potential parachains. SALP is Bifrost’s business to provide liquidity to locked DOT/KSM in slot auctions (Crowdloan). Bifrost will release the liquidity by generating derivatives vsToken (vsDOT/vsKSM). The detailed business logic of SALP is available at: https://wiki.bifrost.finance/v/zh/learn/vtoken/vsbond-1
Team will complete the development of SALP business module to support vsKSM mint in Q2, and then support vsDOT mint in Q3. At the same time, we will continue to expand our partnership with Poca eco-partners so that SALP business can be landed in Q4.
Kusama Slot Bidding
We will participate in the Kusama slot bidding in Q2-Q3 and go live with our test network in Kusama in preparation for the official Polkadot main network slot bidding in Q4.
Bifrost Dapp Official Version
We will test and improve the Bifrost Beta, and launch the Bifrost Dapp in Q2, followed by the Swap function and vETH cross-chain function in Q3.
Bifrost PoA Mainnet
To coincide with subsequent events, we will again update the Bifrost PoA Mainnet and in due course we will open up BNC transfers. For a preview of the overall Roadmap, please click on the following link for more information.
https://wiki.bifrost.finance/general/faq/roadmap
Summary
In short, Bifrost is following the established Roadmap and iterating to accomplish our goals. As each small goal is accomplished, we are also on track to achieve our larger goal of providing liquidity to 80% of the PoS Network.
What is Bifrost?
Bifrost is the Polkadot Ecological DeFi basic protocol. It is committed to becoming an infrastructure for pledged assets to provide liquidity. It has launched a derivative vToken for Staking and Polkadot Parachain Slot (PLO). It has obtained $2.15M in fund-raising from NGC, SNZ, DFG, CMS and other institutions and Web3 Foundation Grant. It is also a member of Substrate Builders Program and Web3 Bootcamp.
vToken can optimize transactions in multiple scenarios such as DeFi, DApp, DEX, CEX, and realize the transfer channel of pledge rights such as staking and PLO through vToken, realize the risk hedging of pledge assets, and expand scenarios such as vToken as collateral for lending, its staking reward part of the interest can be offset to achieve low-interest loans.
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
