Bifrost Partners with DODO to Build Staking Derivative Asset Together
Bifrost is delighted to announce its partnership with DODO. DODO is the on-chain liquidity provider that utilizes Proactive Market Maker (PMM) to provide highly capital-efficient liquidity pools, single-token provision, less impermanent loss, and minimized slippage for traders. DODO also offers SmartTrade, a decentralized liquidity aggregation service that routes to and compares various liquidity sources to quote the optimal prices between any two tokens.
The two parties will work together to build staked derivatives liquidity through the partnership, creating derivatives liquidity with higher capital utilization and lower slippage. Bifrost has currently established an ETH/vETH pool with a slippage factor of 0.004 through DODO PMM to enhance the overall trading depth of the vETH and reduce slippage. As both parties continue to iterate on their products, DODO will also support the liquidity of more vToken-based staked derivatives from Bifrost.
At present, Bifrost has launched the ETH 2.0 derivative vETH, and the total minting scale has reached 18,000 ETH. To further enhance the liquidity market of vETH, Bifrost and DODO will launch liquidity incentives for vETH at the following time.
On April 2nd, vETH DODO Liquidity Mining will be launched. Users will provide liquidity for vETH-ETH trading pair proportionally through DODO to obtain liquidity certificate DLP. The greater the number of DLPs received the more BNC rewards, with a total reward of 85,000 BNC. The event’s participation tutorial will be announced on the Bifrost Telegram Community before the DODO Liquidity Mining start.
Bifrost will also participate in the DODO liquidity incentive plan in the future to further improve vETH liquidity and reward DODO Tokens for LPs that provide vETH-ETH. DODO will officially announce more detailed activity rules and tutorials.
DODO is a next-gen decentralized exchange (DEX) operating on the ETH and BSC blockchains. DODO has developed unique features including; Proactive Market Maker (PMM) algorithm, SmartTrade, Crowdpooling, and in-house Liquidity mining (Staking) programs. DODO features highly capital-efficient liquidity pools that support single-token provision, reduce impermanent loss, and minimize slippage for traders. DODO aims to be the DEX of choice for users in the decentralized finance (DeFi) space and continuously strives to innovate.
What is Bifrost?
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 (PLO). 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.
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 PLO 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.