Bifrost to integrate Darwinia Substrate-to-Substrate bridge for DeFi applications
On January 4, new strategic cooperation was reached between Kusama parachain and DeFi protocol Bifrost, and Polkadot ecosystem heterogeneous cross-chain project Darwinia. Darwinia’s decentralized Substrate-to-Substrate bridge will help expand Bifrost Defi applications.
Bifrost’s goal is to provide liquidity for staking assets by issuing derivatives. As a Kusama parachain, Bifrost DeFi applications and products based on the derivative asset vToken can integrate all Kusama parachain assets. However, many quality Substrate ecosystem assets can not be integrated into the Bifrost DeFi ecosystem without a parachain slot. In contrast, many projects may not join the parachain auction since it is costly and time-consuming.
The broader circulation of vToken among the entire Substrate ecosystem needs to rely on the Darwinia Substrate-to-Substrate bridge.
Darwinia is the “cross-chain bridge hub” of the Web 3.0 Metaverse. It is also the only Substrate-to-Substrate bridge provider.
Darwinia and Bifrost will jointly explore diversified asset integration of Bifrost vStaking and Farming the applications with the support of the Darwinia Substrate-to-Substrate bridge.
What is Darwinia?
Darwinia Network is a decentralized cross-chain bridge network built on Substrate, the “cross-chain bridge hub” of the Web 3.0 Metaverse.
Darwinia was mentioned in the Polkadot light-paper as one of the companions of Polkadot and Substrate. Darwinia has been contributing to the compatibility and interoperability of the Metaverse.
The application areas of Darwinia Network include DeFi, cross-chain NFT trading, games, etc. Darwinia also develops the Metaverse game Evolution Land.
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 has launched derivatives vToken for Staking and Polkadot Parachain Slot (Crowdloan). It has obtained $2.15M fundraising from NGC, SNZ, DFG, CMS, Web3 Foundation Grant, and other institutions. Bifrost is also a member of the Substrate Builders Program and a 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. Moreover, it can recognize the risk hedging of stake assets and expand scenarios such as vToken as collateral for lending. Its staking reward part can be offset to achieve low-interest loans.