Bifrost Monthly Report | August 2024

Development

Runtime 0.13.0

• Optimized the flexible logic under the EVM environment.
• Aligned the algorithm for converting Substrate-derived addresses in the EVM with Assethub’s future strategy.
• Added destruction logic to the BNC buyback module.
• The feeShare module now includes cumulative revenue logic.
• Updated the target address for bbBNC redemption penalty fees.
• Automated optimization of the bbBNC reward methodology.
• Added vBNC conversion functionality on Bifrost-kusama.
• Restructured the SLP vASTR functionality.
• Enabled vBNC participation in governance.

Dapp 1.9.1

• Supported Ledger hardware wallets.
• Added related tips under Ledger hardware wallets.
• Discontinued the Collator testnet.

Products

This month, Bifrost’s Total Value Locked (TVL) reached $68,992,701, and the total minted amount of vDOT(TVS) was 8,459,301, an increase of 293,196 from the previous month;

Among these, vMANTA stood out, with a total minted amount surpassing 9,353,157, and a TVL exceeding $6.54M, marking a monthly growth of 29.1%;

• Bifrost has proposed adjusting the vDOT Commission Rate to 10% in anticipation of the upcoming Bifrost Tokenomics 2.0 upgrade. This aims to accumulate more protocol revenue, expand vDOT integration across multiple blockchains, and ultimately guide value back to bbBNC holders.
• Bifrost initiated the BNC Tokenomics 2.0 proposal, designed to discuss with the community the feasibility of capturing value around vToken. Revenue from various parts of the protocol will flow into bbBNC, creating a complementary economic flywheel effect between BNC and vToken.
• The BNC incentive proposal has been approved, allowing users to earn BNC Farming rewards by providing liquidity to vASTR through Hydration.
• Bifrost Dapp now fully supports Ledger, enabling users to connect the Ledger App via Bifrost Dapp, Talisman, NovaWallet, Subwallet and experience all of Bifrost’s assets and interactions. Learn the tutorial here.

Marketing

In August, Bifrost was dynamically involved in numerous significant global events and conferences, promoting and expanding the reach of Bifrost 2.0. Below are the highlights from this month’s primary activities:

Events

• ABS 2024 Roundtable Conference: On August 7, the Bifrost team participated in the ABS 2024 Roundtable Conference in Taipei, Taiwan, focusing on the latest blockchain technologies and trends.
• Polkaworld AMA: On August 15, Bifrost showcased methods for acquiring and holding $bbBNC and detailed the roadmap for Bifrost 2.0 during a Polkaworld live stream.
• ETH Shenzhen Event: On August 17 and 18, Bifrost engaged in “Explore Restaking: Past and Future” roundtable discussions and hosted an offline meetup with the Pudgy Penguin Chinese Community to strengthen community ties.
• Confest Asia 2024: On August 23, Bifrost’s Growth Lead traveled to Indonesia for a roundtable on “Web3 Power Plays: Interoperable Alliances,” exploring collaborative strategies in the Web3 ecosystem.
• Jinse Finance Space: On August 23, Bifrost Co-Founder Lurpis participated in “Funds, Technology, Summit… Polkadot Ready to Shine Again,” a Jinse Finance event discussing upcoming opportunities in the Polkadot ecosystem.
• Polkadot Insider AMA — On August 28, an insightful AMA session was held with Polkadot Insider, focusing on the evolving token economics, vToken rewards, and the strategic blueprint for Bifrost 2.0.

Campaigns

• bbBNC Emoji and Meme Contest: Celebrating the launch of Bifrost 2.0, we launched an Emoji and meme contest on the X platform, offering significant BNC rewards and attracting over 300 entries.
• Collator Rivals Phase II: From August 8 to 16, sixteen active Collators competed, sharing 5200 $BNC. This event supported Bifrost’s strategic transition from Kusama to Polkadot.