After two terms of vETH MintDrop, 932 users have minted vETH, the total minting amount has reached 17,788 vETH, the total ETH lock-up scale has reached 27 million U.S. dollars.
In order to incentive vETH holders, Bifrost is launching vETH holding airdrop and vETH liquidity airdrop.
vETH Hold Drop
Airdrop amount: 35,000 BNC
During the event, the addresses participating in the event can get BNC airdrops as long as they hold vETH.
March 26, 2021-April 9, 2021 UTC+8(duration for 14 days)
How to participate:
Enter the event page and click the “Approve” button.
If you have not bound an address before, please click Metamask or other tools to connect with Ethereum, and then click the “Approve” button to participate in the vETH holding airdrop.
During the event, you can increase or decrease the amount of vETH you hold at any time without lock-up. However, adjust vETH holdings will affect your rewards.
Airdrops are released evenly according to the activity timeline, and every time a transfer occurs in the network, a reward will be settled. We call the time period between two transfers a settlement epoch (settlement period). The ratio of the vETH held by your current settlement epoch to the total vETH held by all participating users is r1, and the current settlement epoch accounts for the total activity. The ratio of time is r2.
Then the reward you can get for the current settlement epoch is
35000 BNC * r1 *r2
During the event, your accumulated BNC rewards will be displayed on the event page in real time, but they can only be claimed after the event ends.
vETH Liquidity Mining
Airdrop amount: 85,000 BNC
During the event, users who hold vETH and ETH can provide liquidity for vETH: ETH trading pair in DEX DODO. While you get the DLP(LP token of DODO), you will receive BNC rewards in the maintime.
April 2, 2021-April 16, 2021 UTC+8(duration 14 days)
How to participate:
Enter the event page and click “Approve”. You need to provide vETH and a proportional amount of ETH (the ratio changes according to the real-time exchange ratio of vETH: ETH) to obtain the DODO liquidity providing certificate DLP. The amount of BNC you get will be related to the amount of DLP you hold.
You can increase or decrease the vETH and ETH you provide according to the real-time exchange ratio at any time. This will affect the amount of DLP you hold and affect the rewards you receive.
Airdrops are settled in real-time, similar to the settlement rules of vETH holding incentives. Every time a transfer occurs in the network, it will be settled. Assuming that the current Settlement Epoch, the proportion of your DLP holdings to the total DLP holdings of all participating users is r1, and the proportion of the current Settlement Epoch to the total activity duration is r2, then the rewards you get in the current Settlement Epoch are:
85000 BNC * r1 * r2
When DLP is obtained by providing vETH: ETH liquidity, the number of DLPs obtained is the product of the number of vETH you provided multiplied by the number of ETH you provided, and the root sign is calculated.
During the event, your accumulated BNC rewards will be displayed on the event page in real-time, but they can only be claimed after the event ends. The BNC rewards for this vETH holding incentive and liquidity incentive activities are all derived from the Reserved part. Before the Bifrost mainnet goes live, the Reseved part will be allocated to the determined share based on the parachain bidding scheme and corresponding incentive strategies.
What is vETH?
vETH is a ETC-20 decentralized yield bearing token that allows anyone can participate ETH 2.0 deposit in at least 0.1 ETH without any technical knowledge and claim the reward at any time.
Why use vETH?
1. Low stake threshold (minimum 0.1 ETH)
2. You can claim your staking rewards every day, and it is compound interest.
3. Totally decentralization and you don’t need to know how to run a node or a validator.
4. vETH as a ERC-20 token, you can participate in any DeFi applications.
5. vETH is going to be dual-protocol asset of ERC-20 and Substrate Base, via the Ethereum Polkadot transfer bridge.
vETH can already be traded in 1inch, Uniswap, Loopring, SakeSwap, DODO, and more will be added in the future. The current total transaction amount is $1,821,232, and Bifrost is motivating more users to participate in liquidity supply through activities.
vETH is fully open source and has been audited by Certik. See details here: https://github.com/bifrost-finance/bifrost-mint-drop/blob/master/audit/certik_final_report_for_biforst.pdf
What is Bifrost?
Bifrost is the Polkadot Ecological DeFi basic protocol. It is committed to becoming an infrastructure for pledged assets to provide liquidity. It has launched a derivative vToken for Staking and Polkadot Parachain Slot (PLO). 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 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 pledge rights such as staking and PLO through vToken, realize the risk hedging of pledge 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.