#11 Referendum proposal: Enable BNC Transfer

Published in

Bifrost — One Stake, Endless Opportunities.

2 min readOct 16, 2021

Summary

In the #6 Referendum proposal, Bifrost and Karura parachain opened up the HRMP channel between each other. Recently, since the XCM upgraded to V1, we both performed synchronously from V0 to V1, but due to the frequently upgrates recently, we closed the cross-chain transact temporarily, so please do not try the transact yet, your asset will lose.

Open the BNC/kUSD Bootstrap on Karura

The Bifrost team attempts to list BNC first and foremostly in a decentralized manner. Hence listing on the decentralized exchange — Karura Swap on the Karura network — Kusama’s DeFi center, fits well with the Bifrost DeFi protocol. BNC Listing on Karura will also be one of the first-of-its-kind cross-chain listing and application in the Kusama ecosystem.

There will have a liquidity bootstrap event before the function of BNC transfer opening up though democracy, in order to make the prior accumulation of liquidity for the BNC/kUSD initially opened. Here are some rules on it:

a. It will start block #xxxxx till #xxxxx (roughly 48 hours)
b. NO trading is allowed during this period
c. You can contribute liquidity for BNC, or kUSD, or BNC & kUSD at the same time. The actual exchange rate of BNC/kUSD can only be known once the Bootstrap is completed .
d. At the time of your contribution, you are allocated a number of LP tokens, and indicative LP shares of the pool, which are subject to change as more liquidity is added.
e. You should only participate if you want to become a liquidity provider for the pool. Please be aware of [various risks](https://wiki.acala.network/karura/defi-hub/swap/lp-returns-and-risks) 2 associated with being a liquidity provider.

Read more details at List BNC/kUSD pair via Bootstrap on Karura Swap.

v0.9.4

The v0.9.4 version upgrade mainly includes the launch of

BNC Transfer
Vote here: https://polkadot.js.org/apps/?rpc=wss%3A%2F%2Fbifrost-rpc.liebi.com%2Fws#/democracy

Proposal

![](https://hackmd.io/_uploads/BJdNHzvrK.png)

Voting Period: #556,734
Activate Period: #605,575

Execution: Upgrade v0.9.4

parachainSystem.authorizeUpgrade: 0xcb84bdecd0c5646408ec8f0ab647c91440978ebaa7dd7330e411cd871fcd49e0

Proposal preimage:
0x37e0f2209e3267e87cd0ecce85da98d13bd1b5810e08d5f958cd2e6d0ad79d15

Proposal hash:
0x37e0f2209e3267e87cd0ecce85da98d13bd1b5810e08d5f958cd2e6d0ad79d15

What is Bifrost?

Bifrost is the Polkadot Ecological DeFi basic protocol. It is committed to becoming an infrastructure for staked assets to provide liquidity. Bifrost launched derivatives vToken for Staking and Polkadot Parachain Slot (Crowdloan). 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 stake rights such as staking and Crowdloan through vToken, realize the risk hedging of stake 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.

Learn more about Bifrost