Bifrost is excited to announce its partnership with Phala Network and the introduction of a new liquid staking token—vPHA. vPHA is the first native liquid staking token which offers Phala holders a unique opportunity to earn staking yield whilst participating in on-chain DeFi.
vPHA represents staked PHA on the Phala chain and returns from staking rewards. As staking rewards are received, vPHA increases in value, without any change to the quantity of vTokens.
Pre-Mint refers to the initial phase of vPHA’s development, during which the token operates as a vault contract (ERC-20) deployed on the Ethereum Mainnet. At this stage, vPHA functions as a single-chain liquid staking token. In the future, vPHA will be integrated into Bifrost’s SLP and SLPx, and will be used across multiple blockchains, enhancing its utility and accessibility in DeFi applications.
This Pre-Mint phase provides early adopters with the opportunity to participate in vPHA staking while benefiting from the token’s growth as it evolves into an omnichain LST.
vPHA provides a simple way to convert your PHA into a yield-bearing asset. By staking PHA, you can start earning passive income immediately, all while keeping your assets liquid.
Getting started is easy: simply deposit your PHA into omni.ls, where it will automatically be converted to vPHA. From the moment of deposit, your vPHA will generate yield through the underlying strategy vaults, allowing you to earn rewards passively.
Before you mint vPHA, you will need ETH for gas fees and PHA for staking. You can easily acquire both on CEX like Binance and transfer them to your on-chain wallet.
Phala Network is a a next-generation cryptographic computer that enables trustless and verifiable computation for web3 and AI applications. By leveraging a hybrid infrastructure including Trusted Execution Environments (TEEs), blockchain, Multi-Party Computation (MPC), and Zero-Knowledge Proof (ZKP), Phala delivers flexible, open-source, and affordable verification solutions for any developer, in any type of program.
Bifrost is a Liquid Staking Appchain tailored for all blockchains, utilizing decentralized cross-chain interoperability to empower users to earn staking rewards and DeFi yields with flexibility, liquidity, and high security across multiple chains.
SLPx is an extension module developed by Bifrost, serving as a developer toolkit that enables the minting of vTokens on any chain. The goal is to simplify the integration of vTokens for more DeFi applications.
