#19 Referendum Proposal | Bifrost mainnet v0.9.12 upgrade, online vsBond market

Introduction

In the last Runtime upgrade of version 0.9.8, Bifrost opened the Polkadot SALP, managed by Polkadot multisig address to collect user contributions, and notified the Bifrost chain to issue liquid DOT (vsDOT) for users, release the locked DOT liquidity for contributors. As of December 8, 2021, Polkadot SALP has minted 766,078.0510 vsDOT.

Since the launch of Kusama SALP, it has supported the bidding of 10 parachains, of which 9 have successfully connected to the Kusama parachain, and the remaining one (Subsocial) is in the top 1st bidding position in the current round. Kusama SALP has accumulated 164,994.7808 vsKSM derivatives minting, and the TVL of SALP has reached $68,890,233.7568.

v0.9.12

A few days ago, we inserted the repair version upgrade of Bifrost runtime 0.9.10, which mainly fixed the compatibility problem of XCM. We have also added a module that supports different precision asset units and completed the Zenlink benchmark. This v0.9.12 version upgrade mainly includes helpful content.

Opening of the vsBond market

vsBond, as a certificate representing the parachain auction period and vsKSM/vsDOT redemption rights, also has transaction attributes. Users can choose to buy/sell vsBond at any time to capture liquidity or hold the same amount of vsKSM/vsDOT and vsBond until the parachain expires and execute the right to redeem the original staked assets ultimately. Users can complete vsBond transactions in the vCrowdloan market of bifrost.app, and use KSM to complete the settlement. Read more: The Path to the Creation of the First Slot Auction Liquidity Release Protocol SALP

Trading entrance: https://bifrost.app/vcrowdloan?tab=market

Proposal on the chain

• Voting period: #905,364
• Execution Period: #908,464
• Execution:parachainSystem.authorizeUpgrade（0x7ec37df862adfdf5ce379278948646c8ce1920549fe8661bf6e44b252a287edb
• Proposal Preimage:0x98f237b0e96a934da5c59608e1ba1ba67ecee747f9cdd0734c563c34fde74283
• Proposal Hash: 0x98f237b0e96a934da5c59608e1ba1ba67ecee747f9cdd0734c563c34fde74283

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 the 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.

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