Bifrost Monthly Report | July 2024
Announcements
2024 / 07 / 31 10:00
Bifrost

Development

Runtime Version 12000

  • Integration with the general Ledger app
  • Enabled support for DOT reserve from AssetHub, allowing acceptance of AssetHub foreign Assets
  • Enabled transactions on EVM addresses
  • Fixed the issue where vtokenVoing.remove vote was not successful in certain cases
  • Optimized cross-chain fee handling for Assethub
  • Adjusted OpenGov whitelistcaller track parameters for faster proposal approval
  • Upgraded Polkadot dependencies

Omni LS Version 1.0.5

  • Added insufficient liquidity warning for vMANTA on Manta Pacific
  • Integrated with OKX wallet
  • Launched vASTR on Moonbeam

Products

On July 2024, Bifrost's total value locked (TVL) reached $80,813,585, and the total minted amount of vDOT was 8,166,105.

Among them, vMANTA performed remarkably well, with total minted amount exceeding 6,631,049 and total value locked surpassing $6.58M, representing a monthly growth of 52%.

  • The Bifrost-Polkadot Collator Rivals started. This event aims to incentivize validators to participate in the Bifrost Collator test, laying the foundation for the subsequent migration from Bifrost-Kusama to Bifrost-Polkadot. You can find the Collator setup and configuration guide here.
  • The Bifrost SLPx protocol omni.ls now supports connection to the OKX Web3 Wallet. This allows OKX Web3 Wallet users to use Ledger for one-click access to multi-chain vToken minting.
  • The final round of $BNCS farming incentives has been executed through Referendum #27. This farming includes dual-token incentives with $BNC and $DOT, with the incentive period lasting for six months.
  • The staking data platform Staking Rewards has fully integrated Bifrost vTokens. Users can visit the Bifrost page to view various vToken data or participate directly in staking. Bifrost has been officially verified by Staking Rewards.

stakingrewards.png

Marketing

On July 5, Bifrost invited all Sub-Fellowship applicants to complete their identity setup on Bifrost-Polkadot, make adjustments based on the subgroup details provided, and engage in further discussions on governance-related issues.

On July 11, Bifrost Council member Tyrone attended Polkadot Decoded 2024 and delivered a speech titled "How Cross-Chain Liquid Staking is Revolutionizing the DeFi Industry." He discussed how Bifrost leverages cross-chain components like XCM, SnowBridge, and HyperBridge to attract multi-chain liquidity and shared Bifrost's long-term roadmap and strategic advantages in cross-chain liquid staking.

On July 17, Bifrost released a preview of the BNC 2.0 tokenomics. The new token economic framework will include mechanisms to enhance the utility and value of $BNC, promote long-term holders, and ensure fair revenue distribution. The shift to a revenue-sharing economic model marks a significant step for Bifrost towards a broader DeFi ecosystem.

On July 26, to achieve decentralized operation and block collection on the Bifrost Polkadot chain, Bifrost launch the Collator module on the Bifrost Polkadot chain, guiding Collators on the Bifrost Kusama chain to migrate. An incentive of 8,000 BNC tokens will be provided for the public test.