Introduction

In the previous Runtime upgrades, Bifrost used Sudo (super administrator privileges) to complete centralized governance upgrades. In this v0.8.5 version upgrade, Bifrost opened a democratic referendum for the first time to remove Sudo (super administrator privileges). All BNC holders can participate in this vote and vote on your attitude.

The removal of Sudo is an important milestone in the Bifrost mainnet’s path towards decentralization. Since then, anyone can submit a proposal by staking BNC and propose an on-chain upgrade to the Bifrost network, and all BNC holders will vote to make a decision.

Referendum

• Referendum name: delete Sudo

• End block height: #360,612

• Voting period: 48 hours

• Execution period: immediate execution

• Proposal hash:

0xb1c70d9475138dbba5631169582bca42ce18e3ca99830d4d9af7c44b7da62976

Voting

1. Enter the Bifrost mainnet democratic governance link:

https://polkadot.js.org/apps/?rpc=wss%3A%2F%2Fbifrost-rpc.liebi.com%2Fws#/democracy

2. Vote for proposal 0 in referenda and click Vote.

3. Choose the address where you want to vote

4. Fill in the number of votes

5. Choose the voting weight (the longer the lock-up period, the greater the voting weight. For example: lock 1 BNC and select ‘0.1x voting balance, no lockup period’ is the amount of votes with a coefficient of 1BNC x 0.1, without locking; each enactment The lock-up period is 28 days.)

6. Vote, Aye for support, Nay for opposition, sign and submit

Next Step

In the next upgrade, Bifrost will initiate a v0.9.0 SALP upgrade proposal. The upgrade content will include the overall SALP module and enable the transfer of vsKSM and vsBond. At that time, users will be able to participate in the mobile betting of Kusama parachain auctions through Bifrost Dapp, casting vsKSM & vsBond, so stay tuned.

What is Bifrost?

Bifrost is the Polkadot Ecological DeFi basic protocol. It is committed to becoming an infrastructure for pledged assets to provide liquidity. Bifrost launched derivatives vToken for Staking and Polkadot Parachain Slot (Crowdloan). 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 Builder’s Program and Web3.0 Bootcamp.

vToken can optimize transactions in multiple scenarios such as DeFi, DApp, DEX, CEX, and realize the transfer channel of pledge rights such as staking and crowdloan through vToken, realize the risk hedging of pledge assets, and expand scenarios such as vToken as collateral for lending, its staking reward part of the interest can be offset to achieve low-interest loans.

Learn more about Bifrost

Website | GitHub | Telegram | Medium | Twitter | Discord | SubSocial