Runtime 0.8.3 upgrade completed, open basic modules governance and treasury

Introduction

Following the v0.8.2 upgrade on August 21, the new v0.8.3 upgrade is now available for v0.8.3, which brings online the basic module features such as Governance and Treasury, and prepares the ground for the removal of the Sudo (Super Administrator) module, while vsKSM & vsBOND have been distributed and can be accessed and used in the following ways.

Runtime Upgrade

This POA governance Runtime upgrade via Sudo, it includes:

Governance

The complete governance module is divided into sub-modules: Democracy, Council, Treasury, Bounty, and Tech.comm. At this stage BNC holders can participate in governance, but cannot run as candidates for the Council for the time being. Please stay tuned for details on the rules for the Treasury, Bounty and Tips rewards.

KSM Handling Fee Module

The module supports KSM as the fee payment method. The user will pay BNC as handling fee by default when using Bifrost mainnet; if BNC is not enough, a fixed percentage of KSM will be deducted.

Next Step

In the next Runtime upgrade, Bifrost will enable cross-chain functionality via XCM and xToken. With the vote on Proposal #129, Bifrost SALP will be able to use XCM ump transact to complete decentralized slot bidding (Crowdloan Contribution). Details of the proposal are as follows.

129# configuration.setUmpServiceTotalWeight

Due to the current stage of Kusama, the maximum weight value of relay chain cross-chain ump transact is limited, which prevents many function methods from being called. This proposal aims to enable the invocation of methods such as contribute, staking, etc. by raising the weight limit, which will significantly improve the scalability of Kusama parachains and increase the depth of applications.

One of Bifrost’s main businesses is to provide staked liquidity to users participating in parachain auctions, which we call the SALP protocol. Using the ump trasact execution contribution, users’ KSMs can be staked and derivatives issued through XCM execution parachains. Currently, the request fails due to weight restrictions.

Proposition #129 passed a democratic referendum on August 26th and will go into effect in the Kusama chain on September 4th and is currently awaiting the implementation phase.

Check out the original post at https://app.element.io/#/room/#parachain-technical:matrix.parity.io

Check out the referendum process at https://polkadot.js.org/apps/#/democracy

Hash: 0x370695c3d94646368444225c6473fc0081af1a3f08074471d3155ec8497811cf


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

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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... Learn More

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