Monthly Report | Bifrost launched its Liquid Staking on Filecoin Network, collecting +70,000 FIL staked within 3 days

Bifrost Finance
3 min readMar 31, 2023

Developments

Dapp 1.8.0

  • Launch vFIL
  • Added cross-chain module
  • Optimize network connection logic

v0.9.70 & v0.9.37

  • The vPHA liquid asset function of the SLP protocol has been developed
  • BNC New Economy-related Ve Minting function development completed
  • vBNC redeem bug fix
  • Added System Staking module to Bifrost-Polkadot runtime

Product

  • In terms of liquid derivatives, the total minted volume (TVM) of vKSM exceeded 300,000, exceeding a total value of $10 million. The total minted volume (TVM) of vDOT exceeded 500,000, exceeding a total value of US$3 million. Total Bifrost TVL this month is $63,769,379.
  • At 10:00 UTC on March 28, Bifrost launched the Filecoin liquid staking token $vFIL for the first time. After 24 hours of its online presence, over 20,000 vFILs were minted, and in just 3 days the TVL exceeded $350,000. vFIL minting entry: https://bifrost.app/vstaking/vFIL
  • Bifrost Dapp v1.8.0 has been upgraded, adding vFIL liquidity token, cross-chain modules, and optimized network connection logic. Experience the latest version of Bifrost Dapp: https://bifrost.app/
  • The cross-chain bridge project Multichain has supported the execution of cross-chain transfers between Bifrost BNC’s Moonbeam EVM version xc-BNC and Ethereum. This function will help vETH realize BNC’s cross-chain incentive scenario in the short term.
  • Bifrost is auditing and optimizing simultaneously the vETH 2.0 contract; the vETH Farming contract is in the final production testing phase and will be launched with the vETH 2.0 contract in early April.
  • With the release of Polkadot XCM V3, the underlying logic of Bifrost SLP and SALP protocols is being optimized, and the XCM V3 message query function is used to replace the original off-chain messaging service to achieve a more decentralized operating logic.

Marketing

  • On March 2nd, the Rainbow Boost 5.0 liquid staking incentive activity ended, with a total of 600+ users actively participating. The staking amount of vKSM, vMOVR, vDOT, vGLMR and vBNC increased of 60% on average, with peak of 300%, over the whole event.
  • On March 13th, Bifrost joined forces with Bit.Country, Mangata, OAK network, Imbue and other parachains to launch the first ever PolkaPals quest task activity. Bifrost set up +3,000 BNC as a prize pool reward, and the top 50 users will be eligible to receive rewards.
  • On March 14th, Bifrost published an article: LST & Hardware Networks: Bifrost opens a new era of Liquid Staking, which mainly explained that Bifrost was about to issue the first liquid staking product for hardware networks - vFIL, based on the SLP protocol. On the same day, Bifrost co-founder Lurpis was invited to participate in the Chinese Twitter Space held by Filecoin.
  • On March 22, we published an article about XCM v3 upgrade and how to improve the security and interoperability of the Bifrost protocol, introducing the decentralized changes in speed and security brought by the XCM v3 update to the Bifrost protocol and on-chain applications.
  • On March 29th, The Block published Bifrost Finance, the gateway to cross-chain liquid staking on Polkadot, a omni-comprehensive report of the benefits and advantages brought by Bifrost Finance as a scalable, non-custodial, decentralized, liquid staking dedicated parachain.

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Bifrost Finance

Bifrost Finance is a parachain designed for staking’s liquidity