vDOT is now supported on Polkadot OpenGov! 🎉
DOT Stakers on Bifrost can retain their Voting Power. This significant milestone enhances our services to a trifecta of unique options on Bifrost:Liquid Stake DOT Participate in DeFi
- Liquid stake DOT
- Participate in Defi
- Govern
https://x.com/BifrostFinance/status/1719310866250666427?s=20
One of the critical pillars of the Polkadot ecosystem is its OpenGOV. This feature revolutionizes blockchain governance as it puts the decisions making and the future of the whole network, in the hands of token holders.
Until now, Liquid Staking has optimized Defi interoperability, at loss of user governance privileges. We have changed that! Now users can participate in the Governance of
Polkadot and Kusma, using their vDOT and vKSM from Bifrost UI. https://bifrost.app/vstaking/vDOT?tab=governance
How does it work? Staking DOT on Bifrost, users get vDOT Bifrost stakes DOT on validators using the derived addresses from its own sovereign address: Voting is done by making XCM calls to the derived addresses. This keeps similarities with Governance done on Polkadot.
In this first release, vDOT and vKSM will only be able to determine the Aye ✅ or Nay ❌
Conviction vote multipliers during a users first vote on a proposal. The users subsequent votes on the same proposal will either increase or decrease based on the initial decision.
Users can use vDOT to vote on multiple referenda with convictions of 0.1x and 3x available for the initial launch phase. We will remove these restrictions and make other multiples of convictions available after this first release runs smoothly. Check https://docs.bifrost.finance/quick-start/lst-voting
vTokens cannot be transferred or redeemed while locked. Enabling governance participation for vTokens is a huge step in keeping up with our user-oriented suite of services, providing maximum utility for vTokens and aligning with our omni-chain vision.