Wanting to get into Bifrost to catch the Defi Wave? Perfect! You’re in the right place.
Bifrost is one of the many new Polkadot parachains we now offer in our marketplace.
What separates Bifrost from the rest of the parachains is its focus on being a protocol for staking liquidity — which we mentioned in our Parchain overview post here.
Staking usually encourages the locking of funds for a certain period of time. While this helps with price stability, it does mean that liquid tokens for trading and transactions decrease.
Furthermore, price slippage can occur as smaller market orders have more significant impacts on the current price.
Bifrost helps solve these problems with its vToken and cross-chain method. Bifrost’s protocol allows it to connect with several different public PoS chains so that users can automatically compound without any lockup period.
And the vToken is mapped to whatever asset you deposited (vETH, vEOS, etc.), which is how you accrue interest.
With DeFi growing and liquidity being one of the biggest factors to a healthy ecosystem, here’s how to get started with your own Bifrost node with $10 and 10 minutes!
Node Deployment Tutorial
Step 1: Set Up Your Bifrost wallet
1. Go to the Bifrost explorer
2. On the left-hand side, select “Accounts” and then “Add account.”
3. Fill in necessary fields with your name and password.
4. Click the blue button titled “Save”
5. Click “Create and backup account” on the following prompt.
Note: While a backup file is automatically generated, we recommend saving a manual backup of your mnemonic seed.
Step 2: Receiving your first tokens
1. Find your wallet address by clicking on your account name in the explorer.
2. A window on the righthand side of your screen should appear. Copy your address from there.
3. Go to the Bifrost faucet telegram group: https://t.me/bifrost_faucet
4. Send “ /want + Bifrost wallet address” in the chat.
5. You should see tokens in your account within the next few minutes.
Step3: Deploy your node on Ankr
That wasn’t so hard, was it? Don’t worry, this step is just as easy!
1. Visit www.ankr.com , and register for an Ankr account if you haven’t already.
2. Head to app.ankr.com to deploy and select Deploy A Node
3. Search or scroll down to find the Bifrost card, hover over it , select Bifrost Validator Node or Full Node and press Deploy
4. Now you are taken to the configuration page. The hardware configuration is already set at the optimal system requirements, but you can adjust specifications if you want.
Make sure that input Project Name and Node Name as <“your node name” | “first 10 digit of your address”>.
5. Select your preferred payment option (ANKR ERC-20, USDT or credit card). If you choose to pay with cryptocurrency you need to deposit funds on the generated address. Once the funds are received, you can proceed by clicking the Deploy Node button.
6. After the deployment is completed, you’ll find details and current status of your node on the Information tab including your session key. Follow https://wiki.bifrost.finance/en/help/validator-tutorial.html to input your session key if you are running as a validator.
Bifrost is the DeFi project for PoS tokens, that include staking and liquidity both. It allows you to get vToken for operations and delivering liquidity, plus you got staking rewards all the time your DOT, KSM,EOS or other token backed by the smart-contract.
Follow Bifrost on social media
Ankr makes infrastructure for deploying any blockchain node easy, accessible, affordable and instantly distributed across the globe.
Follow Ankr on social media
Telegram announcements: https://t.me/anrknetworkann
Telegram chat: https://t.me/ankrnetwork
Telegram Node Support: https://t.me/AnkrNodeSupport
Discord support channel: https://discord.gg/kFETwMD