vETH/ETH pool - Bifrost Finance <> Curve

About Bifrost and vETH token

Bifrost Finance is a Substrate developed DeFi project in the Polkadot Ecosystem that aims to provide complete decentralized staking liquidity derivatives to users. The protocol unlocks liquidity of staked assets in PoS networks by addressing the liquidity issue of staked assets. Currently Bifrost offers a derivative vToken for staking liquidity (vETH) and a vsToken for Polkadot (vsDOT) and Kusama (vsKSM) parachain slot auction crowd loan liquidity. Bifrost is focusing on developing further liquidity derivatives to stakers on other chains for the second half of 2022.

At present, Bifrost has an ETH 2.0 staking derivative (vETH), which is an ETC-20 decentralized yield bearing dual protocol asset that supports both ERC 20 and Substrate Based (via the Ethereum <-> Polkadot transfer bridge).

Benefits of vETH

  1. Low staking threshold (minimum 0.1 ETH)
  2. Users can claim their staking rewards daily, and it provides compound interest.
  3. Total decentralization and users do not need to know how to run a node or a validator.
  4. vETH as an ERC-20 token, users can participate in any DeFi applications/protocols.

Why the proposal?

The vETH staking liquidity derivative was launched on the 27th of November 2020. vETH liquidity farming was previously introduced in both Ethereum and Polkadot ecosystems, at present vETH liquidity ($ 15.86m) is stimulated on Zenlink, a cross-chain DEX protocol on Polkadot (Zenlink). At present, vETH is the top 1 liquidity pool on Zenlink. Overall, there has already been a total of 18,116 vETH minted representing 909 holders and vETH has become a natural arbitrage asset between liquidity and staking users.

This is the first time vETH holders have the opportunity to use Curve through Moonbeam for liquidity interaction with the Polkadot ecosystem. Since vETH is both an ERC Token and will be a Substrate asset soon, its dual properties features mean that vETH will have more abundant usage scenarios. Under the Curve’s gauge weight mechanism and BNC Incentive Plan, vETH holders will enjoy the liquid ETH staking with much higher returns.
For Curve, vETH is the first ETH 2.0 staking derivative of the Polkadot ecosystem. When users of the Polkadot ecosystem use vETH through Curve, they also add more veCRV lock-ups to Curve. Finally, there will also be Bifrost Native Coin (BNC) incentives for Curve users.

Incentive plan

The following incentive program has been prepared valued at 150k USD for the vETH/ETH users on Curve

Month 1: 55k BNC a month (37.5K USD)

Month 2: 55k BNC a month (37.5K USD)

Month 3: 35k BNC a month (22.5K USD)

Month 4: 35k BNC a month (22.5K USD)

Month 5: 27k BNC a month (17.5K USD)

Month 6: 27k BNC a month (17.5K USD)

Note: BNC is listed on Gate.io, MXC and Kraken.

Links

Bifrost Finance Website: https://bifrost.finance

Bifrost vETH App: Bifrost

Bifrost App: https://bifrost.app

Bifrost Pitchdeck: https://drive.google.com/file/d/1e_ivGF0a8tlBRqZjUif72dj1Xq5pXJ69/view

vETH solution: ETH 2.0 Deposit History - Bifrost Wiki

vETH Contract

https://etherscan.io/token/0xc3d088842dcf02c13699f936bb83dfbbc6f721ab

vETH security Audit: vETH is fully open source and has been audited by Certik. See details here:

https://github.com/bifrost-finance/bifrost-mint-drop/blob/master/audit/certik_final_report_for_biforst.pdf

Deposit multisig contract:0x7c7FCb39BAA90f2FDef625e7B0b0e858D579CD8E

vETH additional links:

6 Likes

Whooo !!
That’s a great opportunity for both Moonbeam and Dotsama ecosystem (and Ethereum too).
It could drain more and more people to take out there vETH from Ethereum and come to Moonbeam.
Let’s do it !!

2 Likes

Bifrost/Zenlink being among the most advanced & dynamic projects in the Kusama/Polkadot DeFi ecosystem, it would make sense duplicating what worked well there.

2 Likes

Just to clarify, will the pool launch on Moonbeam only, or also on the Ethereum Curve?

1 Like

we are considering launching the liquidity pool on moonbeam only.

1 Like

Thanks for answering @TPPCH

I also found this pool on Ethereum mainnet, wondering if it has anything to do with the proposal?

1 Like

hey@PedroNegron
nope not related