Bifrost AMA Recap

Bifrost AMA Recap
Bifrost AMA Recap
Myko (CryptoDiffer)
Hello, everyone!😁 We are glad to meet here: Tyrone, Product Manager of Bifrost
Hey, what's up guys. nice to be here!
Tyrone Pan
Tyrone Pan
Bifrost AMA Recap
Myko (CryptoDiffer)
Welcome Tyrone, thank you for taking your time today!
Hello host
Tyrone Pan
Tyrone Pan
Bifrost AMA Recap
Myko (CryptoDiffer)
Glad to e-meet you!
So what we gonna talk about today.
Tyrone Pan
Tyrone Pan
Bifrost AMA Recap
Myko (CryptoDiffer)
Well, we've made 3 questions to start with!
Cool
Tyrone Pan
Tyrone Pan
Bifrost AMA Recap
Myko (CryptoDiffer)
Great! let's start Q1: Can you introduce yourself to our community?
I'm Bifrost product manager Tyrone, nice to see you all! I published a paper on blockchain technology and applications at the University of Glasgow, UK. I‘ve worked in Blockchain field for 2 years, I'm very glad to be one of Bifrost team. done.
Tyrone Pan
Tyrone Pan
Bifrost AMA Recap
Myko (CryptoDiffer)
Superb, than let's move on to the bifrost itself! Q2: Can you introduce Bifrost Finance to us?
Bifrost is the Polkadot Ecological DeFi basic protocol. It is committed to becoming an infrastructure for pledged assets to provide liquidity. It has launched a derivative vToken for Staking and Polkadot Parachain Slot Auction (SALP). It has obtained $2.15M in fund-raising from NGC, SNZ, DFG, CMS and other institutions and Web3 Foundation Grant. It is also a member of Substrate Builders Program and Web3 Bootcamp. done.
Tyrone Pan
Tyrone Pan
Bifrost AMA Recap
Myko (CryptoDiffer)
Okie, one last question would be about goals Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?
Hey guys, breaking news, the Kusama parachain auction time has been comfirmed just now... https://twitter.com/kusamanetwork/status/1402212749300703236?s=20
Tyrone Pan
Tyrone Pan
Bifrost AMA Recap
Myko (CryptoDiffer)
Wow!
If 2019 is the year of foundation laying, then in 2020, we have completed the basic frame structure of the house, and in 2021, we will complete the soft and hard decoration of the house and open up the residential functions. So we launched the Bifrost Dapp Beta version in 2021Q2, opened up our product operation functions for user experience, and provided a flexible vToken page. At the same time, along with the work related to the parachain launch, the development of parachain crowdloan and SALP modules was completed to provide liquidity scenarios for users participating in parachain crowdloan; the first bid for the Kusama parachain slot and the Bifrost mainnet were launched. sorry, the first bid for the Kusama parachain slot and the Bifrost mainnet will launch. We'll have our bidding conference on June10th, if you want to learn more, please click:https://medium.com/bifrost-finance/bifrost-will-be-online-launching-the-own-kusama-parachain-auction-details-on-june-10th-6543084f2a8a done.
Tyrone Pan
Tyrone Pan
Bifrost AMA Recap
Cryptodiffer Community
What makes Bifrost’s bidding for the Kusama slot very important? Could you tell us the aim for this? In the event this Biforst’s bidding mechanism is successful, what impact will it have on the community and other parachain projects?
An important reason why Bifrost chose Polkadot's ecosystem is that it doesn’t need to maintain a set of consensus by ourselves. This is also an obvious advantage of being a parachain to connect with relay-chain, which enjoys the parachain shared security provided by all parachains. Maintaining a set of consensus security requires a lot of investment in capital and labor costs; It dosen’t make sense for a creative organization to quickly produce a killer application. So, after we accumulated development experiences and researched about single-chain and multi-chain framework, we finally decided to develop Bifrost by Substrate, and becoming a parachain will enable us to accumulate the liquidity from different PoS chains to Polkadot layer-one, with shared security, but not only a smart contract.
Tyrone Pan
Tyrone Pan
Bifrost AMA Recap
Cryptodiffer Community
Can you please briefly explain the SALP derivatives and mention some of the scenarios in which the SALP derivatives can be used?
Yes, we have completed the development of a solution that allows users to release liquidity during the bidding bonding period: slot auction liquidity protocol, which we call SALP, and the product page is on ksm.vtoken.io. SALP is Bifrost's original creation. Our original intention by studying slot auction derivatives is to help users unlock the liquidity of the 6-48 week KSM bonding during slot auction. At the same time, considering the uneven auction redemption period and other factors that may affect the liquidity of derivatives, Therefore, we create derivatives vsToken and vsBond, which represent asset utility and equity attributes.
Tyrone Pan
Tyrone Pan
Bifrost AMA Recap
Cryptodiffer Community
What should we expect from Bifrost vsKSM Mint Drop? Could you share some brief results?
Here is an example: Vote 1 ksm to Bifrost, you’ll get 1vsKSM+1vsBond-Bifrost, so you can trade both of them during the Bifrost parachain lease period. Maybe you want to sell 1 vsKSM for 0.98 KSM (0.02 is discount in liquidity trading pool), or you can wait until Bifrost parachain retires, destroying 1vsKSM+1vsBond to redeem 1 KSM without cost. Holding vsBond-Bifrost can receive BNC rewards automatically, or you can sell it on the Bifrost vsBond market. Of course you will also get reward, and Bifrost will offer you mainnet token as incentive, but not canary network token. The 50% reward will be released immediately and the transfer will be initiated: Bifrost will initiate the Token Generation Election proposal after the parachain is launched. Once the proposal is passed, all mainnet BNC vouchers will be converted to native tokens and the transfer will be initiated. 50% of the parachain auction rewards will be released immediately, and the remaining part will be released linearly within 48 weeks.
Tyrone Pan
Tyrone Pan
Bifrost AMA Recap
Cryptodiffer Community
How long is Bifrost SALP reservation period open for community and can you share with us your plans for the auction? Can you tell us about the vsKSM mint drop?
The reservation period will be ended soon. if you don't want to miss the 5% invitation bonus, don't forget to reserve at ksm.vtoken.io. We'll launch the minting period soon!
Tyrone Pan
Tyrone Pan
Bifrost AMA Recap
Cryptodiffer Community
Could you tell us Key Features of BFC ? Tell please some usecases of BFC TOKEN in real life, real business.
I saw many people ask about BFC, please notice, BFC is not us! Polkadot Bifrost wedsite is https://bifrost.finance/, and our native token is BNC.
Tyrone Pan
Tyrone Pan
Bifrost AMA Recap
Cryptodiffer Community
As I read in an ama_article, one of Bisfrot's most recent partnerships is the one you have decided to establish with Zenlink, an important member of the Polkadot ecosystem that is committed to building a next-generation cross-chain DEX network. Could you explain us a little bit what are the main reasons why you decided to partner with this project? What products and services do you expect to develop together?
Bifrost is a derivative asset issuer, we can cooperate with any DeFi application, DEX or wallet. The wider the scope of cooperation, the greater the scope of use of derivatives.
Tyrone Pan
Tyrone Pan
Bifrost AMA Recap
Cryptodiffer Community
All project's coins have their main Utilities & real-life use! So, Can you tell us what the main role of your coin is in your ecosystem? Explain its Utilities & Real-Life use cases? and Why should i invest in your coin for the long term?
Bifrost Native Coin (BNC) is the mainnet Token of Bifrost, it can be used for staking, collateral, voting, para-fee, treasury and etc. All these functions will be activated by governance democracy in mainnet.
Tyrone Pan
Tyrone Pan
Bifrost AMA Recap
Cryptodiffer Community
What makes $BIFROST different from their competitors?
Some projects provide staking liquidity but Bifrost has more advantage by using XCMP on Polkadot parachain to achieve the interoperability by using vToken, but not only smart contract. Smart contract will just only focus on specific chain, which will disperse the liquidity of derivatives, but Bifrost as a Polkadot parachain will provide general type derivatives across different parachains without splitting the liquidity. Bifrost will provide staking liquidity for more PoS blockchains by smart contract in the future (if they haven’t connect with Polkadot). Meanwhile, the mechanism of Bifrost staking reward distribution will eliminate the problems of cross-chain harvest.
Tyrone Pan
Tyrone Pan
Bifrost AMA Recap
Cryptodiffer Community
What is the key to solving the problem that Bifrost is focusing on developing? As a parachain designed for liquidity staking, in order to have a compatibility between the Staking layer and the application layer, what was the most difficult thing you guys faced, how did you solve it ?
As I said, Bifrost will not build a self consensus mechanism, but Bifrost can use smart contracts to deploy services on heterogeneous PoS chains outside Polkadot. For example, our Ethereum derivative vETH will become an ERC-20 and Substrate base dual-asset after bifrost mainnet on parachain is launched, and it will take much external value to Polkadot ecosystem beyond building bridges.
Tyrone Pan
Tyrone Pan
Bifrost AMA Recap
Myko (CryptoDiffer)
Superb! Thank you for detailed answers! Chat is unmuted! Thank you everyone)
Cheers! dont forget to follow up our twitter:https://twitter.com/bifrost_finance The lastest news about the auction will be released soon.
Tyrone Pan
Tyrone Pan