With the conclusion of the first round of the Polkadot slot lease for parachains, an amount of 100,000,000 DOT was unlocked. On October 12th, Bifrost launched the Polkadot Unlock Harvest event, which started a week earlier than the actual date of the unlock and finished on November 22nd, spanning 40 days.
The event’s goal was to encourage participants to liquid-stake their DOT, which have been unlocked in the process, by minting vDOT on Bifrost.
Participants could earn Raindrops points by minting vDOT and inviting others to join the event. A reward of 500,000 BNC have been put in place for this event and it is going to be shared, based on the Raindrops acquired by users.
As of the event’s conclusion, 1701 addresses had minted vDOT, resulting in over 2,310,000 DOT being minted into 1,888,416 vDOT, with a Total Minting Volume (TVS) of 12 million USD.
On average, each participating address minted approximately 1,110 vDOT and received a share of 450 BNC rewards. The rewards for participants in this event will be released linearly, once a week, over the coming months.
The Polkadot Unlock Harvest event significantly increased the daily minting volume of vDOT, with a growth of around 113%. More users are benefiting from compounded returns through liquidity staking with vDOT.
As a liquidity staking asset, vDOT offers the flexibility of being instantly redeemed for DOT through a quick redemption feature (lightning mode) or traded at any time through liquidity pools. vDOT also provides multiple advantages for holders, including participation in yield farming, lending, and much more.
It’s worth noting that performing a DOT to vDOT conversion, users do not give up their governance rights. Stakers can directly use vDOT when voting in OpenGov through the governance interface provided by Bifrost.
Among DOT Liquid Staking Tokens, this feature is unique to vDOT!
With the continuous growth of vDOT minted, Bifrost will continue to work on vDOT integration across different chains and explore additional use cases and applications.
We will continue to build until the realization of Bifrost’s omni-chain vision.
Join us, today: Visit bifrost.app!