Bifrost question-and-answer blitz Recap. What other news and upcoming plans does the Bifrost team have?
That means it’s time for a question-and-answer blitz! Four questions and four answers for our community! The questions will be answered by Tyrone Pan, Product Manager of Bifrost.
Q1:
Please briefly introduce Bifrost. And explain what are the differences and advantages of Bifrost compared with other liquidity staking projects in the market.
Tyrone Pan | Bifrost
Bifrost is a Substrate DeFi protocol focusing on building the cross-chain staking senarios and provide liquid-staking service for multichains. It generates staking derivatives for any blockchains, and its competitive advantage it has include cross-chain liquid-staking, derivative minting, liquidity accumulating in on spot on Bifrost parachain. And its special functions include remotely governance, intantly redeemption on the staking derivatives.
Q2:
Which PoS tokens does Bifrost currently provide liquid staking services for? Why are people willing to stake their PoS Tokens through Bifrost?
Tyrone Pan | Bifrost
Bifrost is currently supporting liquid-staking derivative minting for Moonriver, Moonbeam, Kusama, Polkadot, Ethereum and Bifrost itselfs. So holding the staking derivatives makes you have more chances jump into the yield of farming and cross-chain DeFi protocol to engaging with swap, borrwing and lending protocols, and leveraging senarios.
The third question is:
Q3:
Recently, Bifrost has launched many farming pools for native assets and liquid staking assets. What other application scenarios will Bifrost plan to provide for liquid staking assets?
Tyrone Pan | Bifrost
Besides vToken can be utilized in farming, you can also participate in original chain’s governance by using vToken, which means vToken will be the voucher of original chain’s governance. Moreover, Bifrost will be easily integrate with EVM competible chains soon, which means users can engage with smart contract protocols efforlessly.
Q4:
What is Bifrost currently doing? Do you have any new plans for the future?
Tyrone Pan | Bifrost
We are recently focusing on building the XCM use cases between Dotsama parachain, EVM compatible parachain, and the EVM protocols. We are developing around XCM cross-chain governance by using the parachain native token derivative, which means leaving the governance feature for staking derivatives. On top of it, we are also creating remotely XCM function calling for cross-chain swap, liquidation, derivative minting, and interactions with any smart contract.
Thanks a lot for coming, Tyrone!
As always, look for all the useful links in the description of this article. Don’t forget to subscribe and give us a like to help our channel grow and reach a new audience.
https://twitter.com/bifrost_finance
https://bifrost.app/farming
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