2020 roundup and roadmap for 2021!

2020 was a magical year, full of anxiety, but also full of miracles.
🔸 From ‘Black Thursday’ to the launch of ‘Ethereum 2.0’.
🔸 From ‘Polkadot’s China Tour’ to the ‘DeFi explosion.’
🔸 Bitcoin gaining more traction within the national bank system.
All of this makes people feel like they are in a huge wave of changes coming to this world.

In the traditional economic crisis caused by COVID-19, blockchain innovators have never stopped exploring and advancing. As a project initiated in July 2019, Bifrost experienced critical growth and metamorphosis in 2020, precipitating deep technology and profound thinking.

In 2020, Bifrost completed the product’s basic module development and implemented the cross-chain exchange function. The testnet has been iterated to the third version, Asgard CC3, and the roadmap has been firmly implemented. At the same time, Bifrost has carried out many market activities to provide valuable insights for DeFi and the entire blockchain industry. We also made good progress in community building and documentation.

Product development

On May 21st, we released the Asgard CC1 testnet, which mainly conducted tests on node stability, node performance, the maximum number of connections, and Runtime updates. During the test period, the number of participating nodes reached 1,176, and the number of simultaneous online nodes reached 890, spread over 7 countries.

On July 21, we released the Asgard CC2 testnet, which includes the vEOS exchange function, tested the cross-chain and vToken exchange functions. During the test, the cumulative number of nodes reached 1,231, and a total of 1.5 million EOS were transferred. The total number of cross-chain transactions was 28,715.

On September 24th, we launched the Asgard CC3 testnet. Based on supporting vEOS cross-chain exchange, we added vDOT and vKSM exchange functions. During the test, a total of more than 3.3 million EOS, 7.6 million DOT, and 6.8 million KSM were exchanged cross-chain. The total number of cross-chain transactions was 66,385.

Asgard Data

Through all our hard work in 2020, Bifrost has completed more than 80% of the basic function development and successfully launched the Asgard Testnet. With the Asgard series, we completed all the testing and gathered a lot of data for most of the basic functions on Bifrost.

The modules under development include the IOST cross-chain, Chainlink oracle, access to the parachain test network, and the PLO module. The overall completion rate is close to 60%. According to the official development progress of Polkadot and Parity, it is expected that related development work will be completed in early 2021.

At present, our Dapp is also under intense development. The core page design has been completed, and the front-end and back-end docking deployment are in progress. It is expected to launch in Q1 of 2021.

Community

In this year, a total of 13 WeChat groups were built with more than 4,000 members. Many people joined the Bifrost community through award-winning activities and AMA sharing. While learning about the project, they also actively participated in the Polkadot ecology.

The Telegram community was established 8 months ago, with a net increase of 7,300 users. There are 7 localized communities: French, Japanese, German, Vietnamese, Russian, African, and Korean. The localized communities are all run by Bifrost Ambassadors from different regions.

Promoteam runs the Bifrost Ambassador Program. We recruited 5 ambassadors for the first phase of the Ambassador Program and increased to 11 ambassadors for the second phase. The ambassadors gave Bifrost strong support from marketing, article writing, video production, and content translation.

Bifrost Twitter has been in operation for 12 months, with 268 tweets, 57,489 visits, a cumulative net following of more than 12,900 users, and 7,778 mentions. In 2020, we held 4 Twitter forwarding airdrops, namely the first and second Kusama airdrops, the first ETH airdrop, and the BNC+ZLK airdrop.

In April 2020, we completed the initial construction of the Bifrost Discord community. After the natural development of the first 8 months and the joint airdrop event in December, there are 3,037 members on our server.

Documentation

WeChat
As of December 28, the Bifrost official account has published 86 articles, with a total reading of 53,935 and a net increase of 7,071 users.

Wiki
In 2020, Bifrost began to build Wiki documents. We regularly update offline AMA Recap, online prize-winning activity records, and KSM/BNC/ETH award records in the WiKi. Support articles and tutorials are also constantly improved during the events.

Bifrost Wiki: https://wiki.bifrost.finance/

Regarding the translation of Wiki documents, we opened Crowdin’s simultaneous content translation in May of this year. The first phase of the opening language is English and Russian. At the same time, other partners who love Bifrost are also welcome to translate into different languages. Bifrost ambassador currently completes the translation work.

Medium
During the year, Bifrost has 75 English articles through Medium, 37 weekly articles, and the rest are event and industry articles. The number of readings exceeded 58,000 times throughout the year, and 72% of the browsing channels were on Medium. The remaining 28% is completed through external recommendations, including but not limited to, IM mailboxes and direct recommendations. In this year, Bifrost Medium has accumulated 1,200 followers.

New whitepaper
On October 27th, we updated the Bifrost white paper. The new white paper explained all details about Bifrost.

Whitepaper: https://whitepaper.bifrost.finance/

Marketing activity

Conferences and interviews

In 2020, Bifrost participated in 40 online AMAs, including 15 media AMAs, 7 community AMAs, 5 round tables, 4 technology, and 7 overseas AMAs. Also, we had some interviews with PolkaWorld and Chain Teahouse.

In 2020, Bifrost had participated in 16 offline events in 7 cities. We left our footprints in Beijing, Shanghai, Shenzhen, Hangzhou, Nanjing, Xiamen, and Sanya.

Community activity

As of December, Bifrost has held 3 events in the WeChat community, namely an essay contest, a video, and a meme contest. So our community can show their talents.

Financing and business cooperation

At the beginning of September, Bifrost completed a $600,000 seed round investment involving NGC, SNZ, Digital Renaissance, Consensus Labs, LongHash Ventures, DFG, Youbi Capital, Bitrise Capital, Nova Club, and other institutions. Before this, Bifrost has received a Grant from the Web3 Foundation and is also a member of the Substrate Builders Program and Web3 Bootcamp.

Before the seed round, more than 160 forms of intent to participate in investment were collected, and the amount of intention to invest was more than 3 million US dollars. There are many early Polkadot investors and staking business-related institutions that successfully participated in the seed round.

In 2020, we also established partnerships with many related projects, technology think tanks, wallets, and Dapps.

Projects:
Acala, Zenlink, Subscan, ChainX, Loopring

Investors:
Digital Renaissance, SNZ, Chain Capital, Waterdrip, LongHash Ventures, Youbi Capital, NGC Ventures, DFG, Bitrise Capital, NOVA Club, Consensus Lab

Multi-Signature partners:
InfStones, Ankr, Digital Finance Group, LongHash Ventures

Wallets:
imToken, TokenPocket, MathWallet, ONTO, Atoken, DeBank

vETH MintDrop

Bifrost launched the vETH MintDrop event after ETH 2.0 was launched. While ensuring the security of the original chain assets, the derivative asset vETH unlocks the liquidity of ETH in the locking state. In the face of a two-year confinement period and a participation threshold of up to 32 ETH, the emergence of vETH solves the short-term realization of locked assets. It increases the willingness of stakers to participate in the ETH pledge.

Since the beginning of the Bifrost vETH MintDrop event on November 27th, it has received a lot of attention. During the event, a total of 70,750.3745 BNC rewards were issued, the highest minting amount reached 15,088.7563 vETH, and the total transaction volume was as high as $157,209.7

The first phase of vETH minting ended on December 29. After the event. We look forward to the second vETH MintDrop event.

What brings the future

The focus of 2021 will be in the following areas:

  • Complete the development and online work of Bifrost Dapp, and provide a convenient interface for vToken exchange.
  • Complete the PLO module development and open up another typical scenario besides the staking scenario: the liquidity of DOT and KSM pledged by the parachain auction.
  • Participate in the Rococo v1 parachain test and link with other parachains.
  • Launch Bifrost’s main network for bidding on parachain slots.
  • Open the BNC transfer function and transactions.
  • Open the BNC minting incentive and supports the vToken minting commission.
  • Upgrade the underlying technical solution of vToken cross-chain exchange. The current solution is the BLS+DKG multi-signature solution. We plan to iterate to a more secure and efficient zero-knowledge proof solution in the future.
  • Based on the Polkadot parachain test platform Rococo, test cross-chain collaboration related functions, and bid for Polkadot parachain slots.
  • Through market activities and business development, promote the casting of vToken, open up the use scenarios of vToken, and increase the liquidity of vToken.

We will let the new features go online on the testnet first and then on the mainnet after they become stable. In 2021, Bifrost will continue to work hard to provide liquidity for pledged assets.

What is Bifrost?

Bifrost is a Polkadot Ecosystem DeFi infrastructure protocol that aims to provide staking liquidity and currently offers a derivative vToken for Staking and Polkadot Lease Offering (PLO). 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, and CEX.

vToken can optimize transactions in multiple scenarios such as DeFi, DApp, DEX, and CEX. vToken can be used to realize the transfer channel of governance right such as Staking and PLO to hedge the risk of Staking assets. In extended scenarios such as when vToken is used as collateral for lending, the staking proceeds can offset part of the interest and realize low-interest lending.

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