Bifrost Network get Grant formWeb3 Foundation. And we have Big Plans for 2020.
What is Bifrost ?
Bifrost is the DeFi project for PoS tokens, that include staking and liquidity both. It allows to get vToken for operations and delivering liqidity, plus you got staking rewards all the time your DOT, KSM,EOS or other token blocked by the smart-contract. You get reward from the Day 1 of nomination, without locking periods and can change your, for example, vKSM for KSM any time. BNC is the native token of Bifrost.
vToken can optimize transactions in multiple scenarios such as DeFi, Dapp, DEX, etc. When vToken is used as a collateral for lending, its staking income can offset part of the interest and realize low-interest borrowing.
With vToken you can hedge the risk of locked positions, DeFi & Staking double rewards and leverage Staking and other application scenarios.
Web3 Froundation Grant
I am very pleased to announce an exciting news, Bifrost Network officially received grant from the Web3 Foundation. Bifrost Network now becoming a part of the Web 3.0 technology ecosystem.
Bifrost Network are going to be Polkadot and Kusama Parachain.
Web3 Foundation supports over 60 + high-quality projects in 20 countries around the world.. Web3f funding mainly focused on the development of underlying protocols, cross-chain bridges, application chains, and basic component libraries. To help companies with advanced blockchain technology around the world to make better technology research and development. Web3 Foundation promote the emergence of Web 3.0 in people’s daily lives.
With the support of the Web3 Foundation, Bifrost Network will release EOS cross-chain transfer bridge based on RUST, compatible with the Substrate Runtime, which enables integration of various homogeneous or heterogeneous parachains. Combining the content of the Bifrost protocol, landing specific application scenarios, allowing the EOS ecosystem to interoperate with Polkadot and its ecology. Related Github: https://github.com/bifrost-codes
After nearly 3 months of development , the current EOS transition bridge has been gradually improved and undergoing phase is testing and adjustment of the relay logic. In terms of business, MVP verification of Staking liquidity has been prioritized using smart contracts, and the contract was published on the IOST network. At present time, the contract has pledged assets close to 1.5 million USD market value.
It is also worth mentioning that the Kusama network, which has recently opened transfers, is a pre-production network with a cycle four times faster than Polkadot. In Kusama network, you can prioritize most of the possible logic of Polkadot. If you are also one, who want learn Polkadot its a good choice to start with Kusama.
It is expected that Kusama network will introduce the support of Cumulus (parallel chain module) in the future. Bifrost Network will strive to become the Kusama parachain as soon as possible, providing vKSM services for everyone.
Finally, in the beginning of 2020, I wish you great progress and all the best!