The Realization Path of Bifrost’s Decentralized Mainnet

Introduction

On July 10th, 2019, Bifrost gave birth to The First Line of Code. Since then, Bifrost has been rooted in the Polkadot ecosystem, building up its strength for the day when the parachain opens.

After two years of development, Bifrost successfully won the 5th parachain slot in the Kusama Network on July 20, 2021. The following day, the Bifrost Parachain successfully went live and began releasing blocks.

As the first Bifrost to become a parachain, everything is a new challenge, the deployment of the Council, the Technical Committee, the selection of the first members of the Council, the removal of Sudo, etc. will move Bifrost step by step towards a fully open network with a fully decentralized approach, all of which is currently underway in an orderly manner, and the high quality of each step is a prerequisite for a secure and stable network. The quality of each step is a prerequisite for the safe and stable operation of the network.

Bifrost Mainnet Online Update

According to the roadmap announced during the parachain auction, Bifrost parachain is now divided into five phases. After nearly three weeks of stable block release, Phase 0 Phase 1 has been completed, processing nearly 57,000 BNC addresses and 200,000 on-chain data, with a total of 121 events since the development of Bifrost, and Phase 1 is underway.

Phase 0 (Completed)

  1. Access to Kusama Parachain
  • Participating in the auction, has been successful, details A Review of the Bifrost Slot Auction Highlights

  • Parachain Lease Period: July 20, 2021 — May 13, 2022

  • Bifrost Self-Running 4 Collators

  1. Bifrost becomes a parachain stable out of blocks for two weeks
  • Verify parachain block generation and relay chain block validation stability
  • Verify Runtime upgrade stability
  1. BNC Balance Detail Reconciliation Period
  • Go live with BNC detail search: apps.vtoken.io

  • Bifrost Asgard BNC vouchers for export reconciliation

  • User to check reconciliation confirmation

  1. BNC Balance in-chain distribution settlement
  • Final on-chain distribution at the end of the billing period

  • Go to https://apps.vtoken.io/wallet or Polkadot JS to switch to the Bifrost mainnet for BNC balances and Vesting status.

Phase 1 (In Processing)

  1. Council and Technical Committee modules online
  • Deployment of the Council and Tech. comm. modules through Sudo
  1. Identify the first members of the Council and Technical Committee
  • Selection of the first 7 members of the Council and 3 members of the Technical Committee
  1. Realize POA governance Phase
  • POA (Proof of Authority) is the semi-centralized governance phase of the Bifrost mainnet before the Sudo is removed and the Council is open for election

  • This phase of the on-chain governance process will only take place to and from the first BNC holders (BNC is not yet open for transfers)

  • The Council has not yet opened an open campaign

Phase 2 (Coming soon)

  1. Support using KSM to pay Bifrost mainnet fees
  • Support the bottom layer to automatically convert KSM=>BNC through multi-currency fee module (Flexible Fee) to pay parachain fees (Parachain Fee).
  1. Proposal #1: Remove Sudo, Runtime upgrade entirely through governance module
  • Remove super administrator status (Sudo)

  • All Runtime upgrades are performed by referendum & Council

  1. Proposal #2: vsKSM & vsBond Transfer
  • Open vsKSM & vsBond transfers by motion.

  • Support the subsequent opening of SALP vsBond market and Bancor liquidity exchange pool. Learn what is SALP .

  1. Complete code audit of parachain and SALP modules
  • As parachains are a continuously upgraded and iterated network, the corresponding audit is also a continuous process. Before the SALP and Swap modules (Zenlink) go live, the code audit will be the last step before launching the referendum proposal, which includes the following modules that have completed development.

  • Bifrost Parachain Related

Bifrost Runtime, Multi-Currency Fee Module, Asset Module, Governance Module, Mining Module

  • SALP Related

SALP Module, Relay Chain Cross-Chain, SALP Bancor, vsBond Market

Phase 3 (Coming soon)

  1. Proposal #3: SALP module goes live, open to support other parachain bidding
  • SALP module enabled to support multi-parachain bidding

  • Parachain stake (Contribute) via ump transact

  • Generate derivatives vsKSM & vsBond

  1. Proposal #4: Opening vsKSM & vsBond Mining
  • vsKSM & vsBond mining module on

  • Open to two mining models:

(1) Pre-voting reward: Mining incentives for vsKSM & vsBond before Crowdloan on candidate parachains (Parathread).

(2) Bid Success Reward: Parathread candidates enter the Crowdloan phase and become Parachain-onboard to incentivize vsKSM & vsBond for mining.

  1. Proposal #5: Opening SALP Bancor liquidity exchange
  1. Proposal #6: Completed code audit of the Swap module and went live with the public vote
  • The Bifrost Swap module (Zenlink) completes the audit.

  • Motion opens Swap module to support BNC, vsKSM, KSM exchange and Liquidity Provider, and will add stablecoin, vETH, and other heterogeneous blockchain assets in the future.

  1. Proposal #7: Opening the vsBond Market
  • The vsBond marketplace will be an order thinning marketplace where buy/sell counterparties’ demand for buy/sell is established through pending/eat orders.

  • What vsBond does: vsBond + vsKSM can be used for 1:1 redemption of KSM or, as mentioned, for pledged mining. Learn about vsKSM & vsBond at https://wiki.bifrost.finance/learn/vtoken/salp#solutions

Phase 4 (Coming soon)

  1. Proposal #8: Open BNC Transfer & Open Treasury
  • Motion to open BNC transfer and multi-currency fee feature (Flexible Fee) is retained.

  • BNC Vesting enters the countdown.

  • Parachain Fee goes to the treasury.

  1. Opening of Council elections
  • BNC can be used to vote for Council Candidacy or Vote For Current Candidates.
  1. Proposal #9: Turn on Swap liquidity mining
  • Motion opens the liquidity mining module, where liquidity staked credentials (LP Token) can be mined to earn additional Token rewards such as BNCs.

Summary

Two weeks after the completion of the Bifrost parachain launch on July 21, 2021, Phase 0 has been reached and the Phase 1 referendum will be opened soon.

In the future, Bifrost will start the proposal and voting process for a series of features to be brought online, including the important Runtime upgrades such as “Turn on vsKSM & vsBond Transfer”, “SALP Go Live”, “vsKSM & vsBond Mining”, “vsKSM Liquidity Exchange”, “BNC Transfer & Swap Go Live”, etc. From this stage, BNC holders will go through the whole governance process from PoA governance to NPoS governance, and then to the election of the Board of Directors after the opening of BNC transfer. The overall expectation is that Phase 0–4 will be fully functional and live in September.

In the future, the fully decentralized governance module will open Grant, Bounties and other functions to encourage community developers with ideas to develop based on the Bifrost business framework and apply for Bifrost Parachain rewards.


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

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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