This proposal aims to enable Interlay to register Bifrost Native Coin (BNC) to increase the tokens available for incentivizing the Interlay lending market.
Bifrost and Interlay have completed the activation of the HRMP channel. Currently, Interlay has added Bifrost Liquid Staking DOT: vDOT to the Vault creation. Subsequently, Bifrost will collaborate with Interlay to promote the use of vDOT in the lending market. Registering BNC will facilitate further incentives for the vDOT lending market by Bifrost, attracting more DOT collateral.
Asset Name: Bifrost Native Coin
Asset Symbol: BNC
Decimals: 12
MinimalBalance: 10,000,000,000
MultiLocation:{ parents: 1, interior: { X2: [ { Parachain: 2001 }, { GeneralKey: { length: 2, data: 0x0001000000000000000000000000000000000000000000000000000000000000, }
Bifrost is a dedicated liquid staking Layer 1 built on Substrate powered by Polkadot providing non custodial decentralized cross-chain liquid tokens for staked assets. By leveraging off Polkadots cross-consensus message format (XCM) it can provide standardized cross-chain liquid staking solutions for multiple chains notably Polkadot (vDOT), Kusama (vKSM) and the first LST solutions on both Moonbeam (vGLMR), Moonriver (vMOVR) as well as other multiple chains (currently 6+ chains). Bifrost facilitates the issuance and deployment of liquid staked assets (“vTokens' '), allowing users to earn staking rewards while participating in DeFi, such as liquidity provisioning on DEXs, and lending/borrowing. Bifrost aims to offer a seamless staking and DeFi experience for PoS users and enable developers to build innovative applications around Bifrosts’ liquid staking derivatives (vTokens).
When we going to have available VDOT in the lending market?