Hello, GM, to the Basilisk community. The Bifrost.Finance team would like to initiate the integration between the Basilisk and Bifrost Kusama parachains, specifically proposing to open a bi-directional HRMP channel and add the BNC token and other Bifrost assets (specifically liquid staking derivatives - vTokens such as vKSM) to Basilisk.
Bifrost.Finance is a substrate based Kusama and Polkadot parachain that provides decentralised cross-chain liquid derivatives for staked assets. By leveraging on the cross-consensus message (XCM) it can provide standardised cross-chain liquid staking services for multiple chains. Bifrost facilitates the issuance and deployment of liquid staked assets (“vTokens”), allowing users to earn staking rewards while participating in DeFi, such as liquidity provisioning on DEXs, and lending/borrowing. Bifrost aims to offer a seamless staking and DeFi experience for PoS users and enable developers to build innovative applications around Bifrosts’ liquid staking derivatives (vTokens) and to solve for the conflict between DeFi yield and the staking yield. Finally, Bifrost's goal is to promote liquid staking derivatives as a key underlying asset in ensuring a healthy and composable dynamic between protocol security, protocol staking and the DeFi ecosystems built on top of protocols.
Bifrost Kusama: Channel opened with 11 parachains
Bifrosts first liquid staking derivative was for ETH 2.0 - with vETH launched end of 2020 with a current TVL of 19,000 ETH (approx $30M). vETH was recently included within Defillamas ETH Liquid Staking Derivative dashboard . Following the official launch of our Staking liquidity protocol in May 2022, we launched vKSM - for liquid staked KSM. Last year, Bifrost successfully obtained a liquidity loan from the Kusama Treasury to kick-start the growth of vKSM (more information here) now the largest liquid staking derivative for staked KSM in terms of TVL (256,000 KSM) with over 45% of market share.
In Q4 of 2022, we have then launched liquid staking derivatives for staked DOT (vDOT) with a current TVL of 311,000 DOT, and later staked MOVR (vMOVR), staked GLMR (vGLMR) and staked BNC (vBNC).
Access to live TVL data
Read more about Bifrost.Finance: https://wiki.bifrost.finance/
Basilisk is an innovative decentralised liquidity protocol within the Kusama ecosystem. Basilisk Snek Swap (XYK) pool AMM model is an important liquidity hub for users interacting within Kusama. Bifrosts native asset (BNC) will be tradeable on Snek Swap allowing users to trade BNC seamlessly and allow Bifrost community to initiate transactions on Bifrost parachain.
I'm excited to see more use-cases and integrations with Bifrost! The team is working on a super demanding project, and I'll be happy to see more derivatives and BNC itself on SnekSwap.
Fully in support of opening channels with Bifrost - you can see the team constantly developing and pushing new features, and are extremely active in both the Kusama and Polkadot ecosystems.
LSTs are hot topic right now and extremely useful for boosting liquidity in any ecosystem - they would have a welcome home on Basilisk!