SubBridge opens HRMP cross-chain channel with Bifrost, supports BNC. ZLK cross-chain transmission
SubBridge opens the two-way HRMP channel between Khala (Phala’s canary network) and Bifrost NOW! It enables cross-chain transmission between Khala and Bifrost. Users can freely transfer $BNC and $ZLK from Bifrost to Khala through SubBridge or reverse the transfer of related assets.
Enriched Parachains Assets Usage Scenarios via SubBridge
- It is convenient for users to quickly and easily realize one-stop asset exchange with Bifrost on SubBridge.
- Provide liquidity, including $PHA trading pairs for Bifrost, Zenlink’s DEX, and become a liquidity provider.
- Enrich the usage scenarios of $PHA. Users who choose to stake $PHA on the DEX of Bifrost and Zenlink can enjoy the rewards of staking while realizing risk hedging of staked assets, low-interest lending, and free liquidity.
SubBridge is a cross-chain assets router launched by Phala Network, which aims to bridge parachain, EVM, and other chains, realizing the seamless bridge between the Polkadot and different ecosystems. It supports Khala, Karura, Moonriver, Bifrost, and Ethereum and integrates PHA, KAR, MOVR, BNC, and ZLK parachain assets.
What is Bifrost
Bifrost is a web3 derivatives protocol that provides decentralized cross-chain liquidity for staked assets. By leveraging the cross-consensus message (XCM) it can supply cross-chain liquid staking services for multiple chains.
Bifrost’s mission is to provide standardized cross-chain interest-bearing derivatives for Polkadot relay chains, parachains, and heterogeneous chains bridged with Polkadot. Furthermore, by aggregating over 80% of PoS consensus chains’ staking liquidity through cross-chain derivatives, our protocol lowers users’ staking threshold, increases the multi-chain staking ratio, and improves the application of the ecosystem interest base by creating a three-way positive cycle for the StakeFi ecosystem by empowering users, multi-chains, and ecosystem applications.
Bifrost has raised over USD 2M from top-tier venture capital firms by the likes of NGC, SNZ, DFG, CMS, and other institutions. In addition to being an early receiver of a Web3 Foundation Grant, Bifrost is also a member of the Substrate Builders Program and the Web3 Bootcamp.
Zenlink is an underlying cross-chain DEX protocol based on Polkadot and is committed to becoming the DEX composable hub of Polkadot. By accessing the ultimate, open, and universal cross-chain DEX protocol based on Substrate, Zenlink DEX Protocol enables all parachains to build DEX and achieve liquidity sharing in one click. Zenlink DEX Protocol includes Module, WASM, and EVM implementations, which are flexible and adaptable, allowing for customizable compositions and interoperability with different DeFi modules.
In addition, the Zenlink DEX Aggregator connects all DEX DApps on Polkadot and aggregates liquidity, providing users a low slippage trading experience.
Phala Network is a Web3.0 computing cloud supporting data privacy while remaining trustless. Unlike centralized cloud services, Phala doesn’t own any server or data center. Anyone can provide permissionless servers to Phala Network. Because of a clever combination of blockchain and secure enclave, we can ensure the servers can’t be evil even when they are in an edge network situation. Together, this creates the infrastructure for a robust, secure, and scalable trustless computing cloud.