Web3Go x Bifrost: Staking Dashboard to Track and Simulate Staking Schema in Bifrost Collator
Web3Go launched a new Staking Dashboard to real-time track staking activities in the Bifrost Finance Staking and provided a simulation of different staking schema. The dashboard allows users to find the optimal staking strategy based on the current ranking of the Collators and delegators’ stakes.
Staking on Bifrost Finance
Bifrost uses a block production mechanism based on Polkadot’s Proof-of-Stake model, where Collators stake BNC tokens to maintain the Bifrost parachain. Bifrost’s community members can stake tokens to vouch for specific Collators and earn staking rewards. Bifrost network reserved 5% (4,000,000 BNC) of total issuance to incentivize the Collator mechanism for 5 years (800,000 BNC/year), with no inflation. The reward for each Round is fixed at 180 BNC. For detailed information, please read Bifrost Wiki.
Users can stake to delegate a Collator and add up the Collators’ stake. When the Collator produces a block and earns rewards, they will release rewards amongst their delegators. Specifically, 90% of the staking rewards will be released to delegators, while 10% goes to the Collator commission.
For a staking schema that optimizes rewards, one should consider the following aspects:
- Your supporting Collator must be ‘active’ to produce blocks and release staking rewards. ‘Waiting’ Collators are candidates that release no staking rewards.
- You must be in the top 100 delegators by staking amount in that Collator’s campaign to receive staking rewards.
- Your rewards will be based on your delegating amount VS the total amount of staking the Collator received. So the more significant the proportion, the higher the rewards will be.
The Bifrost Staking Dashboard
Web3Go provides an all-in-one place to find staking-related data in Bifrost Staking and gives you an in-depth look at the staking events.
For example, at the top of the Bifrost Staking dashboard, you can find the round index, block number, and round progress to keep track of the current status of the network.
The above table gives an overview of the currently active set of Collators and their staking campaigns: ranking of the Collators, total stakes/self stake/delegator stake, total rewards, average block, current blocks, APR (annualized income pledged to the current Collator.), and the rewards in the last 10 rounds.
You can also view the detailed list of delegators of a selected Collator, and their stakes and the percentage. You can see each block’s historical reward earning events on this page.
Web3Go has built a Simulator that helps you make intelligent decisions taking into account all the considerations mentioned above.
In Simulate, you will find the reward history in the last 10 rounds of a Collator’s campaign. The line graph above shows the total stake, the rewards of the delegators, and the RPM of this campaign. You could also find the minimum, maximum, and average rewards per BNC and the volatility score, which indicates how volatile/stable the rewards are.
More importantly, you can estimate a real-time reward in this campaign using the Estimate Reward feature: type in the amount of BNC you intend to stake. Then the system will show information, including your stake’s ranking in this campaign, reward range, and how much your competitors are staking. You would want to stay at least above the top 100 amongst the delegators to receive any rewards from this campaign.
You might repeat this action by looking around and checking on other Collator campaigns’ estimated rewards. By comparing the rewards, you could potentially find the campaigns that provide higher rewards with the less staking amount.
Web3Go is an open data analytics platform that allows users to extract, curate, and visualize data with powerful yet easy-to-use tools.
Deeply rooted in the Polkadot ecosystem, Web3Go provides a series of Web 3.0 data-related services: Microscopic analysis and real-time visualization of cross-chain assets transactions, NFT holdings, parachain slot auctions, DeFi activities, and token transaction histories; sophisticated address labeling system to create user portraits and an identity library; utilizing Substrate Smart Contract, a reward system is deployed to incentivize users to set data tasks and patronize data professions on Web3Go. Web3Go will provide the essential technical infrastructure for data usage of all kinds in the Polkadot ecosystem.
What is Bifrost
Bifrost is a Web3 derivatives protocol that provides decentralized cross-chain liquidity for staked assets. Leveraging the cross-consensus message (XCM) can provide 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 multichain 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 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.