Biquid Official Launch: Bifrost’s Innovative Liquid Staking Service
Overview of Biquid
We are thrilled to announce the launch of Biquid, a liquid staking service designed to bring new flexibility to BFC stakers.
Biquid allows users to earn staking rewards of approximately 10% while simultaneously gaining additional profits through stBFC or wstBFC. Traditional staking required assets to be locked up, limiting liquidity and usability. With Biquid, users can easily stake BFC to receive stBFC or wstBFC, enabling flexible use across various DeFi services. Biquid offers high profitability and flexibility, driving the growth of the Bifrost ecosystem while unlocking new opportunities in the DeFi market.
Here’s how the Biquid mechanism works:
Let’s take a closer look at what Biquid is.
stBFC & wstBFC: Liquid Staking Tokens of Biquid
stBFC and wstBFC are tokens obtained by staking BFC through Biquid.
Both tokens share the common feature of being earned through BFC staking and can be used to generate additional income through various DeFi services. However, they differ in how they reflect rewards. (wstBFC is a wrapped version of stBFC.) While stBFC increases in quantity over time, wstBFC gains value instead, making each token suited for different use cases. Regardless of which token you choose, you’ll receive the same rewards, so there’s nothing to worry about!
How to Use stBFC & wstBFC
- Lend Assets on BiFi: Deposit wstBFC on BiFi as a collateral then lend assets to generate additional profits.
- Provide Liquidity on Everdex Pool: Anyone can provide liquidity on the wstBFC pool to earn LP rewards from Everdex and staking rewards from Biquid at the same time.
Biquid will continue to expand DeFi services that support stBFC and wstBFC shortly to increase the usage of BFC and provide more opportunities to generate profits with BFC.
Strengths of Biquid
Optimal User Experience and High Profitability
By staking BFC on Biquid, users can earn approximately 10% APY (variable) and generate additional rewards using stBFC and wstBFC. Previously, staking rewards and interest fees varied across validators, requiring users to manually compare options to maximize profits — a time-consuming and tedious process.
Biquid automatically delegates BFC to the most profitable nodes with optimized returns. Not only does Biquid provide higher APY when compared to the preexisting staking service, but also provides enhanced user experience. Biquid will be a far more attractive option for BFC holders compared to traditional staking methods.
Flexible Liquidity
Unlike traditional staking methods, Biquid allows staked BFC to be used freely without the burden of a lockup period. This is because users receive (w)stBFC as proof of their staked BFC. While earning staking rewards every 12 hours, users can also utilize stBFC or wstBFC in DeFi, effectively achieving liquidity equivalent to the staked BFC.
In other words, even when stBFC or wstBFC is used in other DeFi platforms, staking rewards for BFC continue to accumulate. This significantly enhances the liquidity and usability of BFC, making it a more versatile asset in the DeFi ecosystem.
Industry Leading Security
Bifrost Network ensures layer 1 protocol-level security via cross-validation by relayers for cross-chain communication and has been audited by Theori, a leading security firm. Biquid is a decentralized liquid staking service operating on top of highly secured network, with all transactions recorded on-chain for transparency.
Staking and Unstaking Process
BFC Staking Process
BFC staked on Biquid are automatically delegated to validators that offer optimal profitability and reliability. These validators use the staked BFC to validate transactions, create new blocks, and contribute to the stability of the Bifrost network. During this process, rewards are distributed to both the validators and the users, ensuring mutual benefit.
BFC Unstaking Process
Unstaking is the process of unlocking staked BFC on the Bifrost network. Users can request to unstake with either stBFC or wstBFC, and after a designated period (up to 7 days) following the unstaking request, they will be able to withdraw their BFC.
When a user submits an unstaking request, the process proceeds as follows:
- Upon the unstaking request, the tokens used in the request are burned, and a Withdrawal NFT is issued. This NFT contains information such as the timestamp of the request and the amount being unstaked.
- After the unstaking period is completed, the user can request a BFC withdrawal using the Withdrawal NFT. The BFC is then withdrawn based on the information stored in the NFT.
- Once the withdrawal is complete, the Withdrawal NFT is burned.
The Withdrawal NFT serves as a tool to manage the process from unstaking to withdrawal. Even if the NFT doesn’t appear in your wallet, don’t worry — it exists within your account and is functioning correctly!
Driving DeFi Innovation with Biquid
Biquid is an innovative service that offers the perfect combination of staking rewards and liquidity, delivering an optimal user experience. For investors seeking stable returns and high liquidity, Biquid will be the ultimate choice.
Moving forward, Biquid plans to maximize the utility of BFC by integrating with various DeFi platforms, providing users with even more opportunities. Explore new possibilities in the world of DeFi with Biquid and look forward to the expansion of the Bifrost ecosystem!
