Bifrost Announces Launch vGLMR&vMOVR

Bifrost recently announced the launch of vMOVR & vGLMR, the first parachain derivative assets!

About The Launch

This Staking Liquidity Protocol, which will provide liquidity to both Bifrost and Moonbeam ecosystems, will enrich the use of funds in different DeFi scenarios and applications, while at the same time providing asset liquidity to the Polkadot Ecosystem. 

With this integration, this network will now be able to provide liquid staking services for Moonbeam (GLMR) and Moonriver (MOVR) tokens to its users. This network users will be able to stake their GLMR or MOVR and receive vGLMR and vMOVR as part of Bifrost’s SLP, as well as maintain access to the liquidity of their staked positions.

You can find more detailed information about Bifrost’s vGLMR and vMOVR here. 

The Future of Liquidity

Aiming to provide uniform cross-chain interest-bearing derivatives for parachains, heterogeneous chains, and Polkadot relay-chain, the cross-chain network is working to achieve this goal. If we look at a few of them, while addressing the paradox between staking and DeFi and returns, it also addresses the balance between Token Staking/Circulating and the security of Proof of Stake chains. 

The nwteork will be able to solve the problems we have mentioned above by developing the Staking Liquidity Protocol. Bifrost’s SLP provides the following: 

• Seamless liquidity release leads to high liquidity utilization.
• Competitive user rewards.
• Optimal utilization of staking assets in PoS blockchains.

The cross-chain network enables and improves capital utilization and consensus security through SLP, and promotes staking governance token effectiveness. 

Technical Characteristics

This project features three distinct technical qualities that enhance its services among other platforms at the protocol level. They include:

• A Substrate Protocol

This project’s advantages as a Substrate protocol enable easy functionality upgrades compared to smart contract competitors. Therefore, Bifrost has more flexibility in product upgrades.

• Special Functionalities

Special functions such as a flexible redemption period and support for redemption cancellation add to this network’s advantages. vMOVR and vGLMR users have more token flexibility through Bifrost’s SLP.

• High Liquidity Utilization

This project’s high liquidity utilization strategy, restoring unused assets to destination chains, creates new reward.

Thus, vMOVR and vGLMR have appropriate technical support from Bifrost, allowing optimal functionality through Moonriver & Moonbeam. These advantages result in the following benefits:

• A lower threshold for MOVR and GLMR staking users.
• Increased capital utilization of MOVR and GLMR within DeFi using vMOVR and vGLMR.

vMOVR and vGLMR are Active

Bifrost has activated its new derivative assets as of November 21, 2022 11:00 UTC. Users who want to stake new derivative assets can follow these steps: 

• Log in to Bifrost dApp
• Open the Kusama/Polkadot network located at the top right
• Select the new derivative assets vMOVR and VGLMR

About MoonBeam

Moonbeam is a smart contract platform for building cross-chain connected applications that can access users, assets and services on any chain. By mixing the functionality of Moonbeam, Ethereum, Cosmos, Polkadot and more on a single platform, it solves today’s fragmented user experience, unlocking true interoperability and paving the way for a new generation of applications.

About Bifrost

Bifrost is a cross-chain network built on a substrate that provides liquidity to assets that are staked as staking derivatives. It is based primarily on open source platforms as a Polkadot parachain. Thanks to Bifrost’s cross-chain functionality, others can Decode integrations to enable staking on other POS.

SOURCE

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