Crab Parachain Launched Cross-Chain Connection With Bifrost Using XCM
We’re thrilled to announce that HRMP(XCMP-Lite) channels have been opened between Crab Parachain and Bifrost, and the CRAB token and BNC token will be available on each other’s networks soon. Once BNC is deposited on Crab, the token can be used across Crab’s ecosystem; CRAB will be used in Bifrost’s single-platform DeFi functionalities.
The XCM integration between Crab Parachain and Bifrost was enacted through remote on-chain governance votes! We’ve successfully achieved the remote governance of Crab Parachain by Crab Chain through the Darwinia Message Bridge, meanwhile, the recent integration with Subsquare dramatically improved the ease with which CRAB holders could participate in on-chain referenda and provided an outlet for discussion and learning. Now, token holders can use either Polkadot.js web application or Subsqure to vote — Please note: token holders on Crab Chain also can directly participate in the governance on the Crab Parachain!
Bifrost is a web3 derivatives protocol that provides decentralized cross-chain liquidity for staked assets. By leveraging on the cross-consensus message (XCM) it 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 multi-chain staking ratio, and improves the ecosystems application 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.
About Darwinia & Crab
Darwinia is a cross-chain messaging infrastructure, which provides a light client-based, programmable, universal cross-chain messaging network for decentralized applications. Now, we’ve successfully used Darwinia’s light-client cross-chain messaging protocol(LCMP) to bridge cross-chain messages between substrate-based chains, and even between substrate-based chains and EVM chains, meanwhile, Darwinia provides developers with the SDK, and developers can easily integrate cross-chain capabilities into their Dapps. This will have profound implications for cross-chain interoperability, and Darwinia will as a cross-chain messaging infrastructure to prompt the building of a hybrid cross-chain network for Polkadot.
Crab is a canary network with real economic value for Darwinia, positioning similar to Polkadot’s Kusama Network, which is a programmable cross-chain platform for Dapps. It is substrate-based, EVM-compatible, and connected to Kusama.