New HRMP Channels Have Opened Between Bifrost and Astar Network
Allowing Native Movement of the ASTR, BNC, vsDOT and vDOT Tokens Between Chains.
Throughout the history of blockchains, interoperability and multi-chain applications are considered the holy grails of Web 3.0. With the Polkadot ecosystem of parachains and cross-consensus messaging (XCM), not only do we have multi-chain assets, but we can also leverage functional interoperability. At Astar Network, we believe that this is the key to creating the next generation of innovative dApps and further progressing Web3.0. By opening the latest HRMP channel with Bifrost, we created a new chapter in our mission.
Value for Astar
By opening more channels on Astar Network, we are preparing to bootstrap the launch of WASM projects and encouraging our builders to create unique use-case on Astar by leveraging the powerful XCM format that Polkadot offers.
Now that we are adding BNC and vDOT as assets on Astar Network, there is a new pool of liquidity that can be used in our defi ecosystem. Use your BNC in upcoming pools on Astar. Our defi projects can begin integrating the Bifrost token and leverage their advanced liquid staking product: vDOT. Bifrost’s vDOT allows our builders to unlock the static liquidity of DOT on our network by launching new vDOT pools. You will have new ways to use your staked DOT on Astar.
A final bit of exciting news is the introduction of the vsToken series (vsDOT and vsKSM). This means you can participate in a parachain crowdloan through Bifrost’s SALP, and then use part of that crowdloan liquidity–in the form of vsDOT–to pursue other goals on Astar Network. Build a rainy day fund, get your favourite NFT, or explore farming strategies. vsDOT is flexible.
Value for Shiden
Recently we launched Swanky Suite: our all-in-one tool for WASM smart contract developers within the Polkadot ecosystem. It bridges the various tools of the WASM ecosystem into a single interface to make building the next generation of smart contracts easy for developers. That’s a great step. But we also need important ecosystem assets, like vKSM.
Having an HRMP channel to Bifrost is one of the key gateways to building a pool of liquidity on Kusama’s first WASM smart contract environment–Shiden. We’re gearing up for liquid staking. vKSM is a yield-bearing KSM derivative token that will bring new defi strategies to our upcoming WASM dApps.
vsKSM will be available on Shiden, too.
Astar XCM vision
Astar CTO, Hoon Kim, wrote an extended view about our vision for XCM–it’s a great start to understanding Astar’s road to becoming the innovation hub on Polkadot. Check it out: part I, part II, and part III.
Imagine if there is a utility smart contract that is dedicated to sending XCM calls for specific extrinsics on a parachain deployed on Astar Network, and all developers have to do is load from that contract to fully utilize what the parachain can offer to their dApp. With the right tools, the right mind, and progress from the ecosystem, we believe that this will be the future of dApps in a heterogeneous network of blockchains. Hoon Kim, CTO at Astar.
About Bifrost
Bifrost is a web3 derivatives protocol that provides decentralized cross-chain liquidity for staked assets. By leveraging on the cross-consensus message (XCM) it can provide cross-chain liquid staking services for multiple chains.
Bifrost’s mission is to provide standardized cross-chain interest-bearing derivatives for Polkadot relay chains, parachains, and heterogeneous chains bridged with Polkadot. Furthermore, by aggregating over 80% of PoS consensus chains’ staking liquidity through cross-chain derivatives, our protocol lowers users’ staking threshold, increases multi-chain staking ratio, and improves the ecosystems application interest base, by creating a three-way positive cycle for the StakeFi ecosystem by empowering users, multi-chains, and ecosystem applications.
Bifrost has raised over USD 2M from top-tier venture capital firms by the likes of NGC, SNZ, DFG, CMS and other institutions. In addition to being an early receiver of a Web3 Foundation Grant, Bifrost is also a member of the Substrate Builders Program and the Web3 Bootcamp.
About Astar
Astar Network — The Future of Smart Contracts for Multichain.
Astar Network supports the building of dApps with EVM and WASM smart contracts and offers developers true interoperability, with cross-consensus messaging (XCM). Astar’s unique Build2Earn model empowers developers to get paid through a dApp staking mechanism for the code they write and dApps they build.
Astar’s vibrant ecosystem has become Polkadot’s leading Parachain globally, supported by all major exchanges and tier 1 VCs. Astar offers the flexibility of all Ethereum and WASM toolings for developers to start building their dApps. To accelerate growth on Polkadot and Kusama Networks, Astar SpaceLabs offers an Incubation Hub for top TVL dApps.
