Bifrost is a Polkadot parachain that offers omni-chain liquid staking derivatives (LSD) with flexibility and high-yield opportunities. Key features include:
Cross-chain asset transfer and swapping across compatible Polkadot chains.
Bifrost is a platform that operates as a modular, scalable, and non-custodial omni-chain liquid staking derivatives (LSD) parachain on Polkadot, designed to bring flexibility and high-yield opportunities to the Web3 space through XCM.
Liquid Staking
Bifrost introduces the concept of minting vTokens, which represent staked assets. This allows users to maintain control over their staked assets during the locked period.
Automatic Staking Management
All Bifrost staking protocols run under Bifrost parachain pallets, ensuring that users earn staking rewards every 24 hours without exposing themselves to centralized risks.
Dynamic Unstaking Period
Bifrost's Staking Liquidity Protocol (SLP) facilitates early redemption by matching real-time staking quantities with redemption quantities at the protocol layer. This could theoretically result in faster redemptions.
vToken
Unlike many liquid staking projects that directly create contracts on other chains, Bifrost builds its own chain, and all vTokens are minted on the Bifrost chain. This approach, called cross-chain minting, ensures that vTokens are native assets within the Polkadot ecosystem.
Bifrost believes in the future of cross-chain applications and has designed its DeFi products, including the SLP, with easy cross-chain integration in mind.
Bifrost has several features you can use. Check them out here. You will immediately jump to the Dashboard. You can navigate the different features Bifrost has to offer by selecting them on the left part of your screen.
Dashboard: Bifrost’s “Dashboard” displays an overview of your Bifrost activity. This includes your asset holdings and current rewards. It also displays information about the network such as the Total Value Locked (TVL) and the rewards for staking vTokens. You can also monitor ongoing Polkadot and Kusama parachain auctions.
vStaking: “vStaking” allows you to do liquid staking by stake your cryptocurrency and receiving an appropriate vToken in its stead. Your screen will display the different assets you can stake along with its Annual Percentage Yield (APY). Here, you can either stake your tokens to earn rewards or redeem your vTokens for the underlying asset you’ve previously staked. You can also monitor your currently staked assets, if any.
Farm: The “Farming” option allows you to provide liquidity to liquidity pools and earn rewards. Your screen will display various liquidity pools that you can join along with their Annual Percentage Yield (APY), Total Value Locked (TVL) and reward token. You can also monitor your existing positions and rewards here. Manage your liquidity by adding tokens to pools, removing tokens from pools or harvesting your rewards.
Swap: The “Swap” feature allows you to swap your existing tokens for other tokens that are supported within the Bifrost ecosystem. Here, you can select the token you wish to pay and to receive as well as the amount you wish to swap. You can also specify your desired exchange rate and slippage tolerance.
Cross chain: The “Cross chain” function allows you to import your assets between different chains compatible with the Polkadot ecosystem. Here, you can choose the source and destination chains, the asset, and the amount you wish to transfer, as well as view the transaction fee.
Wallet: Your “Wallet” shows the total amount of assets you have. Here you can view your balances, transaction history, and manage your vTokens/assets. You can also transfer your assets to other wallets from here.
