Register Bifrost Liquid Staking Tokens (LSTs) vGLMR, vFIL, vMANTA on Astar

Summary

This proposal aims to add Bifrost vGLMR (liquid staking GLMR), vFIL (liquid staking FIL) and vMANTA (liquid staking MANTA) on Astar, prepare for two use cases:

  1. Pushing the integration of XCM stake/unstake SDK (Bifrost SLPx) on Astar (which already supported vASTR minting on Astar zk-EVM), it is convenient for users to mint Substrate Native LSTs directly in Astar EVM applications.
  2. Add vGLMR, vFIL and vMANTA in Omni LSD Dapp on Astar for easy user interaction.
  3. Deploy vGLMR, vFIL and vMANTA liquidity on Astar DEXs.

Protocol Description

Bifrost (https://bifrost.finance) Bifrost is a Liquid Staking app-chain tailored for all blockchains. By leveraging on Polkadots cross-consensus message format (XCM) it provides standardised cross-chain liquid staking services for various networks notably Polkadot (vDOT), Kusama (vKSM) and the first LST solutions on Astar and Astar zk-EVM (vASTR) as well as other multiple chains (currently 6+ chains).

Bifrost is currently one of the largest liquid staking protocols on Polkadot with a current total TVL of $100M. vDOT, Bifrost liquid LST for staked DOT was launched in late May of 2022, and there is already around $66M TVL of DOT staked with Bifrost. vASTR, the top3 parachain-liquid staking derivative in Polkadot ecosystem launched in late Aug of 2023, which has accumulated over $2.2m $ASTR staked with Bifrost.

Bifrost App: https://bifrost.app/

Omni Liquid Staking App: https://omni.ls/

Check Bifrost LST statistics at here.

Motivation

Benefits for Astar ecosystem

  • Protocol Owned Liquidity (POL) : Provide more liquidity for staked GLMR, FIL and MANTA, promote the capital utilization of these assets in various DeFi scenarios and applications leveraging Polkadot XCM.
  • Increasing Astar TVL: Drive the enthusiasm and interest of more GLMR, FIL and MANTA holders to participate in staking and benefit from the capital efficiency and liquidity benefits of holding these LSTs vs. native staking.
  • Support the growth of the protocols building natively in Astar and Polkadot by integrating vGLMR, vFIL and vMANTA, and driving utility and usecases within their ecosystems.

What are the differences between Bifrost LSTs “vTokens” and Lido?

The Bifrost parachain pallet natively executes Substrate runtime logics to stake and mint LSTs, thus Bifrost vTokens are easily crossed to other parachains via XCM, these Substrate LSTs’ are supported by Polkadot parachain consensus thus ensuring security.

As vTokens can be crossed chain via XCM, Bifrost had published a vToken XCM mintable Pallet which is called the “SLPx Pallet”. It services other parachains to call this pallet via XCM and mint vTokens, this Pallet then will automatically send vTokens back via XCM to the destination chain’s caller address (the caller address is LST user). Therefore, Bifrost had deployed SLPx contract and omni chain dapp on Astar, to be directly interacted by any Astar applications to support vToken mint & redeem on Astar. (We used to demostrated the case with Astar EVM in Sub0)

In addition, we built a XCM vToken exchange rate price feed oracle for all vTokens, which could facilitate cross-chain liquidation for vTokens and the use cases in various DeFi protocols (i.e. Lending/Borrowing) on Substrate and EVM parachains.

Read detailed logic about how SLPx works: Overview | Bifrost Docs

Bifrost LSTs Risk Declaration

Staking Liquidity Pallet (SLP) is the core module to execute all transactions for underlying staking via the XCM and mint liquid staking Token (vToken) to users. Thus, a SLP vToken security instruction might help to understand the vToken reserve risk and protocol security. Please check all the details at: Staking Liquidity Protocol (SLP) vtoken security.pdf - Google Drive

Technical details

Token information:

  • Asset name: Voucher GLMR
  • Asset symbol: vGLMR
  • Asset Multilocation:

Multilocation: { parents:1, interior: X2(Parachain(2030), GeneralKey(0x0901)}

Decimals: 18

Token information:

  • Asset name: Voucher FIL
  • Asset symbol: vFIL
  • Asset Multilocation:

Multilocation: { parents:1, interior: X2(Parachain(2030), GeneralKey(0x0904)}

Decimals: 18

Token information:

  • Asset name: Voucher MANTA
  • Asset symbol: vMANTA
  • Asset Multilocation:

Multilocation: { parents:1, interior: X2(Parachain(2030), GeneralKey(0x0908)}

Decimals: 18

Links & References

8 Likes

Great proposal, this would bring more interaction to our protocol by the holders of the tokens you mention in your proposal. I definitely think this is a positive thing.

1 Like

I really like the products developed by Bifrost, their interaction/cooperation with other chains/teams. I see no reason to refuse this proposal.

1 Like

It seems to be a practical and correct proposal, I hope the community will support it :muscle: :pray:

1 Like

I really like what the Bifrost team is doing . I’m totally support this proposal :handshake: :star2:

Of course you are welcome!
We salute you and your work.

This proposal is impressive! It clearly outlines the integration of Bifrost vTokens on Astar, promising enhanced liquidity and functionality. Great work on this innovative approach!

This proposal is valuable for the Astar ecosystem.
I fully support it!!

This looks very interesting. This thing should help expand the ecosystem for each other very well. =)

Register vGLMR, vFIL and vMANTA as an XC-20 on Astar Network
  • Yes
  • No
  • Abstain
0 voters

I support all of them and I am very happy with the advantages they will provide and the ability to grow.

You have proven that you are a known and reliable project.

I vote YES

I am supporting this as well

This is a great proposal, I would like to share my support for this proposal. Bifrost had done a lot of things, and the team is working hard for all of those updates, I also like the Bifrost, and also Astar, so I am super glad to see this type of integration!

I am support this aswell. Would love to see more liquid Staking.

Voted Yes because liquidity and interoperability is crucial to having the network effect

Cannot see any other answer besides YES :smile:

Voted YES, we definitely need more of these liquidity and interoperability proposals!

This proposal would impuslaria the DeFi sector in Astar, I would like to see more options to unlock the liquidity of the staking in Astar and likewise give more utility to that liquidity, I think it is a wise and necessary proposal so I will vote yes, I have only one question:

  1. Do you plan to add synthetic tokens from other networks in the future?

I voted yes.
I think this is a good proposal that will contribute to Astar’s growth.

Hi Tyrone,

Thanks for this proposal, it will definitely bring more liquidity to Astar ecosystem which will further increase the value of the network. I support the proposal and my vote is yes.

Thank you :saluting_face: