Bifrost to Open Collator Access on March 22, Go Live with Mainnet BNC Staking Module

According to Bifrost Roadmap, the launch of Collator is divided into two stages: the test stage and the formal stage. From February 24 to March 11, during the 15 days test phase of the Bifrost Collator, the team conducted sufficient tests on the safety and stability of collator operation and obtained a series of test data. We have released the data results of this test on March 11. You can check the article to have a recap: Review | Bifrost Collator Public Beta Ends, Coming Soon to Mainnet BNC Staking

Collator

On March 22, the team plans to officially launch the Collator module on the mainnet and start BNC Staking, which means that the block collection of the Bifrost mainnet will be decentralized. Collator’s operation cycle is one round of 600 blocks in the formal stage. Each round takes about 2 hours, and the reward is settled once per round. The adequate time of any increase or unstake operation is calculated according to the round. If you want to become the mainnet Collator of Bifrost and participate in the block, you need to stake at least 5000 BNC.

During the initial phase of the mainnet Collator launch, Bifrost will open 16 active Collator slots. As the network on the chain stabilizes, Bifrost will gradually release the active Collator slots up to the maximum of 64. More detailed mainnet Collator parameters are as follows.

Collator node operation involves some technical processes. Therefore, it is recommended for those who have a technical foundation to participate. We provide Collator operation documentation and a Discord channel for Collator to exchange technical issues.

BNC Staking

If you hold BNCs and only want to earn rewards by staking them, you can participate directly in BNC Staking as a Delegator. Theoretically, you can delegate BNCs to up to 350 Collators, but be careful not to delegate to already “saturated” Collators. Because the first 300 delegators of each active Collator are paid, and those beyond the first 300 are not paid. See more Delegator mainnet parameters below.

Bifrost DАpp will officially open BNC Staking on March 22, so you can familiarize yourself with the staking process in advance. Here are the steps of BNC Staking.

Step one: Find Collator module on Bifrost app
Step two: Choose one active collator and delegate $BNC
Sign and wait for the confirmation

In addition, to make it easier for users to swap BNCs, Bifrost Dapp has gone live on March 15 with the Swap module, which allows users to exchange BNCs directly with a variety of other assets. Previously, users had to jump to Zenlink to complete the Swap. They can do it now from the Bifrost Dapp interface, though we still share liquidity with Zenlink, and more detailed charts will appear on the Zenlink Dex.

Reward Distribution

There is no inflation mechanism for BNC, and Collator rewards are set aside in advance. It is based on an economic model designed for a total of 5% of the total issue volume for Collator incentive building. For a total of 800,000 BNC in the first year, Collator and Delegator earnings are 10% (80,000 BNC) and 90% (720, 000 BNC) respectively.

The Collator Commission depends on the block production of the active node and the allocation of the bonding quantity of the Delegator. The reward of the Delegator is calculated according to the block production of the entrusted collator node and the bonding quantity of personal BNC. You can learn more about how to calculate the revenue here:

Bifrost Wiki: https://wiki.bifrost.finance/node/bifrost-collator-mainnet

FAQ

1. How to choose a Collator?

Delegator can choose a Collator to entrust according to his/her node operation configuration + BNC (Testnet) bonding+ node operation stability, etc.

2. What’s the maximum of the Collators number?

There is no upper limit for Collator candidates. Anyone who meets the technical configuration and bonding quantity is eligible to register the Collator. However, we set the number of active collectors with block qualification. In the beginning, we put it as 16 and gradually increase the number of active collators at an appropriate time according to the operation situation until the maximum number 64.

3. What are the minimum requirements for becoming a Collator?

Technically, it would help if you met the minimum node configuration. In addition, you also need to register the node session key and meet the conditions of minimum self-bonding quantity and minimum total bonding quantity.

4. Where can you check your BNC staking reward?

Log in to the Bifrost Collator, and you can see the daily Staking reward in the upper right corner. Click “recent staking reward” below to view each round of BNC rewards.

What is Bifrost

Bifrost is a Web 3.0 infrastructure that provides cross-chain liquid staking, providing decentralized, cross-chain liquid staking services for multiple chains through the Cross-Chain Communication Protocol (XCMP).

Bifrost’s mission is to provide standardized cross-chain interest-bearing derivatives for Polkadot relay chains, parachains, and heterogeneous public chains bridged with Polkadot by aggregating over 80% of PoS consensus chains’ staking liquidity through cross-chain derivatives, lowering users’ staking threshold, increasing multi-chain staking ratio, and improving ecological application revenue base, creating a positive cycle of StakeFi ecosystem with three-way empowerment of users, multi-chains, and ecological applications.

Bifrost has received millions of dollars of funding from NGC, SNZ, DFG, CMS, and other institutions and Web3 Foundation Grant, and is also a member of Substrate Builders Program and Web3 Bootcamp.

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