vETH on Dapp
vETH, known as Voucher Ethereum, is Bifrost’s Staking Derivatives for ETH 2.0 and is the first running Derivatives in the Bifrost vToken series.
On December 1, 2020, ETH 2.0 Beacon chain staking was launched, and after 2 rounds of vETH minting campaign, Bifrost has today launched the vETH function module on the Dapp, supporting users to participate in ETH 2.0 Beacon chain staking through the Bifrost and receive Liquidity Derivatives vETH.
Bifrost has already conducted two rounds of vETH Mint Drop campaigns between November last year and the beginning of this year, with a total of 924 users participating in the minting process, minting a total of 18,085.9735 vETH and accumulating over $70 million, and has distributed a total of 809 ETH to vETH holders, nearly 3.5 million dollars.
Subsequently, the liquidity of vETH was built and vETH trading pairs were launched on DEX platforms such as Uniswap, 1inch, Looring, and DODO.
Currently, vETH has officially launched Bifrost Dapp, and users can complete vETH minting and claim staking rewards. vStaking: https://bifrost.app/vstaking
At present, vETH is only an ERC20 asset. In the next step, we will complete the first cross-chain of the vETH and Moonriver smart contract platform in AnySwap, and start the vETH Liquidity incentive activity in Zenlink.
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.
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