Runtime 0.8.4 update to complete bi-directional asset cross-chain interaction between Kusama networks
The Bifrost Mainnet Runtime has been successfully upgraded to version v0.8.4, which will support bi-directional asset cross-chaining between Kusama and Bifrost, allowing KSM to be transferred between the Bifrost and Kusama networks. The Flexible Fee logic will also allow KSM to be used as an on-chain fee when no BNC is present in the address. This release will also support cross-chaining of assets between the Karura (Acala Advance Network) and Bifrost networks. Two-way interchange of KSM is supported in this release and will be supported for BNC/kUSD/KAR in a later version release.
This POA governance Runtime update via Sudo, it includes:
- Treasury burning mechanism
As BNCs do not involve a deflationary inflation mechanism, Bifrost has adjusted the Treasury’s burning mechanism. All BNCs flowing into the Treasury will remain in the Treasury and will be used for Bounty, Grant and Tip distribution in the future. Stay tuned for the exact distribution rules.
- Bifrost upgraded to polkadot-v0.9.9
The #9090 Runtime update is a preparatory release for Kusama’s follow-on upgrade to v0.9.10. Bifrost has upgraded to v0.9.9 to accommodate Kusama’s subsequent updates. Once the #9090 release is complete, XCM will officially enter the V1 phase.
- Cross-chaining of assets between parachains — xToken
Bifrost integrates with the Acala-orml-xToken module to enable cross-chain interaction of assets between parachains. This release supports bi-directional cross-chain transfers of KSM between Bifrost and the Karura network, with bi-directional transfers of BNC/kUSD/KAR to be supported in subsequent releases.
- Relay chain asset cross-chaining
Due to the specific requirements of the Bifrost SALP asset cross-chain contribute, Bifrost needs to call xcmPallet — reserave Transfer Asset to complete the logic for the implementation of the SALP cross-chain ump transact. The upgrade of this module means that for the first time Kusama users will be able to use XCM for cross-chain interoperability of contribute.
In the next update to Runtime 0.8.5, Bifrost will remove Sudo (super admin) access via Counil motion, the Bifrost mainnet will go live and BNC holders will be able to submit Proposals or stake BNCs to vote on governance rights.
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 launched derivatives vToken for Staking and Polkadot Parachain Slot (Crowdloan). 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 stake rights such as staking and Crowdloan through vToken, realize the risk hedging of stake 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.