- Summary:
- Cross-chain liquidity protocol, Bifrost, has surpassed the $2 million mark in BNC staking. We discuss why this matters.
Decentralized cross-chain liquidity protocol, Bifrost, has announced that staking for its recently-launched Collator Mainnet reached 2 million BNCs. This is a great milestone for the platform, considering it hit the figures in under ten days. Notably, staking APY reached 200%. Following the successful launch of the Collator Mainnet, Bifrost is now ready to participate fully in block collection and transaction packaging. That is possible by establishing a consensus framework between a parachain collector and relay chain validator. Notably, since the parachain launch, Bifrost has a Total Value Locked of over $100 million, underlining its attractiveness as a project launchpad.
The BNC coin. Bifrost’s native token will now have increased use cases, which could do much to increase its demand. Also, the BNC coin gives the platform’s users staking opportunities, which enhances its appeal and creates value. Notably, Bifrost has created an accommodative framework for both technical and non-technical users to benefit from its rewards. Those with technical skills can earn by being Collators. On the other hand, non-native users can earn by staking their BNC through active Collators.
The BNC circulation is currently at 16.2%. The platform has had to increase its collator slots to 32 due to the high demand for its staking products. Upon completion of a block, Delegators who have staked at least 50 BNC will earn staking incentives. Delegators should attempt to entrust their tokens to the less overcrowded nodes, as only the first 300 Delegators per Collator will be compensated in this first-come, first-served game.
Bifrost co-founder, Lurpis Wang, stated “We are looking forward to Bifrost opening up more two-way cross-chain blockchains and promoting the development of StakeFi within the industry.”
About Bifrost
Powered by the BNC token, Bifrost is a web3 derivatives protocol on a mission to build a strong global-scale StakeFi economy built on Cross-chain Consensus Message (XCM). To do this, it employs cross-chain derivatives to aggregate over 80% of PoS consensus chains’ staking liquidity.
Also, Bifrost lowers users’ staking threshold, increases multi-chain staking ratio, and improves the application of the ecosystem interest base. Some of the leading investors in the project include NGC, SNZ, DFG, CMS. It boasts of being a beneficiary of the Web3 Foundation Grant and its Collator list includes projects like IInfStones, HashQuark, Ryabina stakebaby, and staking4all.
Heading into Q2 of 2022, Bifrost plans to roll out its SLP(Staking Liquidity Pool) into the mainnet. This will likely propel the platform to new heights as it seeks to expand its footprint.