Monthly Report | Bifrost’s vMANTA went Live and vDOT TVS has reached a new All Time High

Bifrost Finance
4 min readFeb 1, 2024

Developments

DAPP 1.8.7

  • Support Unlock Harvest 2.0 event
  • Support vMANTA
  • Adapt and optimize the new version of vToken Governance

Bifrost v0.9.92

  • Update the vesting module to the latest version to align with the official release
  • Organize the Currency used in unit tests into primitives
  • Upgrade pallet storage: resolve errors in the storage version detection previously hidden during try-runtime
  • Governance update: Add Spender Origin to control the amount disbursed by treasury.spend
  • Support HydraDX for regular users to invoke SLPx for vToken minting
  • Add a function to modify the time unit in the vToken-minting module

Product

  • Regarding liquidity derivatives, the net monthly minting of vDOT has increased by 1,893,510 tokens, with the total minted supply (TVS) approaching 5,900,000 vDOT, representing a 33% monthly growth.
  • The TVS for vASTR has surpassed 9,000,000, with a total value locked (TVL) of $1.72M. Additionally, the vGLMR TVL has exceeded $2M.
    This month, Bifrost’s total TVL is $87,826,480.
  • In January 2024, Bifrost launched the first liquidity derivative (LST) of the year, vMANTA, which supports MANTA holders in staking MANTA through bifrost.app/vstaking to acquire the vMANTA liquidity derivative simultaneously. In the future, vMANTA will be available for several DeFi use cases across multiple networks, including Bifrost, Moonbeam, Manta Pacific, and others.
    For more details, refer to the vMANTA minting tutorial.
  • HydraDX launched an automated yield extraction feature based on vDOT this month: Yield DCA. This feature allows users to receive vDOT yields in settlement with any token over a specified period. The underlying logic is executed through automated trading by DCA Trade in the Omnipool.
    For more information, visit: https://app.hydradx.io/trade/yield-dca
  • On January 16th, following the second round of the Polkadot Crowdloan unlock, Bifrost’s vDOT incentive programs successively launched the HydraDX Omnipool Farming and Interlay vDOT Lending Market.
    Currently, Interlay Lending Market has accumulated $7.5M in vDOT collateral, while the HydraDX Omnipool has accrued over $2M in vDOT liquidity.
  • Bifrost’s 38th proposal, submitted to Moonbeam this month, is currently underway. The proposal aims to Register vASTR and vMANTA as XC-20 asset formats. Upon successful execution of this proposal, the omni.ls dApp will support the “one-click minting” feature of the two LST assets, vASTR and vMANTA, on the Moonbeam network. In the future, vMANTA will transition to the Manta Pacific network through Moonbeam. Proposal details can be found HERE!

Marketing

  • On January 3rd, Bifrost presented the second round of the Polkadot Unlock Harvest pre-launch event. Users who participated in the second round of the Polkadot Crowdloan can recharge their vsDOT & vsBond holdings into the farming pool for staking and a chance to share +7,300 BNC rewards.
  • On January 3rd, in the first Bifrost event of the new year, Bifrost Co-founder Lurpis and Bifrost Council member Tyrone were guests on the PolkaWorld live stream, discussing Bifrost’s 2023 & 2024 and inscription topics.
  • On January 11th, Bifrost Council member Tyrone was invited to attend the PolkadotDapps Space, where he shared its vision on the future of LSTs and their use-cases on Polkadot.
  • On January 16th, Bifrost Council member Tyrone, together with other Polkadot projects, was invited to take part at AIWeb3DAO, where they discussed the unlock of over 20 million DOT from the crowdloans, the Polkadot 2.0 upgrade, and the changes that Memecoins will bring to the ecosystem.
  • On January 16th, Bifrost launched an Airlyft event to incentivize LST minting and support users during the second round of crowdloans unlock. With a total prize pool of 15,000 BNC, the event aims to make it easier, safer, and faster for users to use the Omni LS dApp and improve the user experience. The event will end on February 20th.
  • On January 16th, the second round of the Polkadot Unlock Harvest event has officially begun. The event, will be up until February 20th.
    By staking DOT on bifrost.app, using an invitation link, users can earn Raindrop staking points bonus and an additional 1,000 Raindrop points. Participants can share over 150,000 BNC from the total prize pool!
  • On January 17th, Bifrost Growth manager Christian was invited to attend the BlockTalk Space on X, where he shared its vision on the current Bifrost involvement in the Inscriptions Tech and guided listeners through the actual Bifrost offering in terms of LSTs.
  • On January 30th, Bifrost and CTalks jointly hosted a X Space Livestream with the theme “Cross-chain interaction and cooperation in the Polkadot ecosystem - Manta liquidity staking goes live on Bifrost.” Bifrost Council member Tyrone and other project guests shared insights during the event.

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Bifrost Finance

Bifrost Finance is a parachain designed for staking’s liquidity