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
- Low staking threshold (minimum 0.1 ETH)
- Users can claim their staking rewards daily, and it provides compound interest.
- Total decentralization and users do not need to know how to run a node or a validator.
- 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.
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.
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 security Audit: vETH is fully open source and has been audited by Certik. See details here:
Deposit multisig contract:0x7c7FCb39BAA90f2FDef625e7B0b0e858D579CD8E
vETH additional links: