Bifrost

As the worldwide pandemic enters its second year, worldwide central banks have unanimously initiated accommodative monetary policies. Therefore, the financial markets are active. A plethora of new technologies continues to emerge. Following the DeFi boom this summer, NFT, DAO and GameFi have also become market hotspots. Web 3.0 has moved from the framework and underlying build to the eve of the application layer explosion.
According to the annual Roadmap, Bifrost, the base protocol of Polkadot’s DeFi ecosystem, has had a solid and fruitful year. In the past year, Bifrost has completed the second round of vETH Mint Drop, launched Bifrost Dapp as scheduled, successfully auctioned the first batch of Kusama parachain slots, removed Sudo, started decentralized governance, and officially launched SALP protocol. BNC and its liquidity also went live on Karua swap, Polkadot’s DEX platform. These events are undoubtedly milestones in various stages and provide the technical foundation and market confidence for Bifrost’s long-term vision.
On the occasion of the old year and the new year, we will do an annual review and inventory to encourage you to move forward together.
<h2 id="header-0">Kusama &amp; Polkadot Crowdloan</h2>
In May, Bifrost has launched the Kusama slot pre-launch campaign, with approximately 43,720 addresses participating in the Bifrost reservation campaign, resulting in 445.41 vsKSM coins minted.196,096 page views activities were recorded during the reservation campaign. A total of 63,000 people have viewed the campaign, with 61,000 new users, or 96.83%.
On June 14, Bifrost Kusama Crowdloan went live. In this auction, Bifrost partnered with Euromoney, Kraken, Fearless, Nutbox, Gate, MXC, and TokenPocket, imToken, MathWallet, which support vsKSM Mint Drop and RMRK have entered into a bidding partnership. The total number of votes received was 142,430.9241 KSM. 47,350 addresses (including reservations) participated in the auction, with an average of 3.008 KSM minted per address.
Finally, on July 15, Bifrost managed to get Kusama’s 5th slot and was connected to the Kusama relay chain as a parachain shortly after. At the end of the bidding, Bifrost announced the slot bidding after the phase LaunchPad. 99% of the Phase 0 to Phase 4 planning targets were completed on time. Bifrost will select the right opportunity to open the bidding in the second round of bidding regarding the Polkadot slot bidding.
<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/1bee4a1bb8a948b3a6b98749c7b3c5dd.png">
<h2 id="header-1">SALP</h2>
On April 21, Bifrost announced SALP, the first Polkadot eco-slot bidding liquidity protocol. SALP is a protocol to unlock KSM/DOT liquidity in the parachain Crowdloan by generating derivatives for user participation.
The first use of SALP was in Bifrost’s participation in the Kusama parachain slot auction, where a total of 45,969 addresses voted 112,303.1704 KSMs to Bifrost via SALP, representing approximately 79%. SALP played an essential role in Bifrost’s bid.
The SALP module went live in late August and opened up support for other parachain bids, including Kusama slots for Calamari, Altair, Basilisk, Kintsugi, Parallel, Picasso, Bit.Country, Quartz, and Subsocial, in addition to Bifrost itself. A total of 170,780.7095 KSMs were successfully raised for these 9 projects, with a 100% success rate of SALP support for Kusama slots.
After the Polkadot slot bidding began, SALP also backed 13 of the top Polkadot slot bids of Moonbeam, Acala, Astar, Litentry, SubDAO, Darwinia, Efinity, Centrifuge, Interlay, Coinversation, Nodle, Composable, Crust, and Phala. Today, the second round of Polkadot slot bidding is still ongoing, and Bifrost has raised $40,560,000 in DOT for them.
After supporting the voting base functionality for slot bidding, Bifrost has also gone live with Farming pools for the derivative assets vsKSM and vsDOT, respectively. We have opened Farming pools for vsKSM-vsBond (KINT), vsKSM-vsBond (HKO), vsKSM-vsBond (AIR), vsKSM-vsBond (BNC), vsKSM-vsBond (PICA), vsKSM-vsBond (NEER) and vsKSM-vsBond ( QTZ) opened Farming pools with a total locked amount of $244,529.
On December 17, Bifrost, in association with Composable, has opened the first vsDOT application scenario vsDOT-vsBond (LAYR) Farming Pool also opened on December 17, and the campaign has now ended. A total of $20.587 was locked in. Initial annualization reached 5,860,988 % APY.
With the normalization of slot bidding in the future, Bifrost will build more application scenarios for vsKSM and derivative assets such as vsDOT. vsKSM/vsDOT will go live on more DEX platforms. And as the number of parachain projects supported by SALP increases, vsKSM/vsDOT mining activity will increase accordingly. We will also promote vsKSM/vsDOT as a base asset in DeFi projects as lending platforms and synthetic asset platforms, giving vsKSM/vsDOT a more diverse utility.
<h2 id="header-2">vETH (Voucher Ethereum)</h2>
vETH is an ETH2.0 Staking derivative asset launched by Bifrost. In late 2020, Bifrost completed the first round of vETH Mint Drop. To expand on its success, in early 2021, Bifrost launched the second round of Mint Drop incentive for the ETH2.0 derivative asset vETH, minting 15,000 vETH in 118 hours, with a total of 574 addresses participating. Meanwhile, Bifrost has been actively building liquidity for vETH, with vETH trading pairs live on Uniswap, 1inch, Looring, DODO, and other DEX platforms. It is worth mentioning that the cooperation with Loopring and DODO has expanded the application scenario of vETH — Liquidity Mining, where users holding vETH can receive Staking proceeds based on the calculation of coinage in seconds.
In November, Bifrost Dapp was officially integrated with vETH, supporting users to participate in pledging ETH 2.0 beacon chains and receive Liquidity Derivatives vETH through Bifrost Dapp. users can complete vETH minting and receive proceeds on the Dapp — vStaking page. vStaking: <a href="https://bifrost.app/vstaking" rel="noopener noreferrer nofollow">https://bifrost.app/vstaking</a>
Anyswap has also launched Bifrost vETH on December 1, supporting cross-chain support between Ether and Moonriver. vETH is the first ETH2.0 Derivatives to enter the Polkadot ecosystem and started Bootstrap &amp; Liquidity mining at Zenlink. The activity is still ongoing. The TVL of vETH is $66,900,912, with 929 addresses, and the discount rate with ETH is 0.7. It is expected that the discount rate between vETH and ETH will continue to get smaller as the redemption function of ETH2.0 approaches.
vETH will also cross-chain into the Polkadot parachain ecosystem via the Ethereum &lt;-&gt; Polkadot transit bridge and become a Bifrost Substrate Base asset. At that time, vETH will be available as an ERC 20 and Substrate Based dual-chain asset on both the Ethereum and Polkadot networks.
<h2 id="header-3">Product Development</h2>
Throughout the 2020–2021 Milestone, Bifrost has accomplished 80% of its mission target in the four quarters of 2021. It will advance from five main lines, namely test network, mainline online, vETH business, SALP business, and cross-chain bridge, to enrich Bifrost product lines and establish more ecological cooperation.
2021 Q1-Q2
<ul>
 <li>Opened vETH Mint Drop Phase 2 and exceeded 18,000 vETH in cumulative casting volume.</li>
 <li>Connected Rococo v1 for Bifrost Parachian run testing.</li>
 <li>Launched Asgard CC4 test network and Bifrost DApp Beta to start public testing of the product.</li>
 <li>Bifrost joins Kusama’s first round of parachain slot biddingDeploy Kusama SALP business, open vsKSM &amp; vsBond minting to support Bifrost liquidity bidding.</li>
 <li>Launch Bifrost Parachain Slot Auction page</li>
</ul>
2021 Q3
<ul>
 <li>Bifrost wins Kusama’s first parachain slot and successfully Onboarding.Bifrost mainnet is officially deployed and enters POA governance.</li>
 <li>Mainnet Dapp is launched, and SALP crowdlending support for community parachains is started for the first time.</li>
 <li>Mainnet governance module goes online and starts #0 referendum to remove Sudo.</li>
 <li>Bifrost mainnet #1 referendum passed, started BNC Transfer.Bifrost and Karura opened HRMP channel and opened the first cross-chain use case between Kusama parachains.</li>
</ul>
2021 Q4
<ul>
 <li>Launch of SALP Farming module in the referendum, vsKSM &amp; vsBond Farming Pool on Bifrost Dapp, 5,200+ vsKSM pledges in the first day.</li>
 <li>vsBond Marketplace goes live and vsBond pending order trading is launched.</li>
 <li>Polkadot SALP launched, supporting Acala, Moonbeam, Manta, and other projects for auction.</li>
 <li>Partnership with Anyswap to enable two-way cross-chaining of vETH between Ether and Moonbeam, with a total of about 4,000 vETH performing cross-chaining.</li>
 <li>Bifrost parachain deeply integrated with Zenlink DEX and launched multiple trading pairs, accumulating about $200 million TVL on the Bifrost chain.</li>
 <li>vETH started a long-term Farming campaign on Zenlink dex — Moonriver, surpassing $21 million in liquidity in two weeks of launch and ranking #1 on the Zenlink liquidity chart.Bifrost Parachain Status</li>
</ul>
<h2 id="header-4">Bifrost Parachain Status</h2>
<h2 id="header-5"></h2><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/05a3bb553d1048e6ba1d99697513693d.png">

Since Bifrost went live on the Kusama Parachain on July 20, 2021, Bifrost Parachain has produced and verified 1,062,400 blocks; performed 259,684 on-chain operations 230,108 transfers; and ranked second in Kusama in terms of the number of BNC addresses held on the chain at 78,132. The number of addresses held by BNC on the chain is 78,132, ranking second in Kusama.
With the removal of Sudo, access to the Bifrost mainnet upgrades was transferred to a democratic referendum. Since the governance module went live, 42 democratic referendums have been executed, including 11 mainnet upgrades, 5 Zenlink upgrades, and 26 community proposals. The Board will open the democratic campaign function in 2022.
<h2 id="header-6">Community Ecology</h2>
Bifrost Twitter posted 524 tweets during the year, with 1,728,800 page views, more than 66,060 cumulative net followers, and 35,746 total mentions.
Discord, one of Bifrost’s central active communities, also gathered many Bifrost lovers in 2021. The Bifrost Discord community added 14,941 members during the year, most of whom enjoyed collecting on the vCrowdloan, farming, vETH, and Asgard subchannels to discuss product and event-related topics. Discord Stage for two sessions.Community Call has been held twice on the Discord Stage as a bridge between early Bifrost and community users, allowing community users to get answers to their questions more directly from project speakers.
Bifrost Telegram, where are approximately 40,000 people in 8 localized communities: English, Chinese, Japanese, Korean, French, Russian, Italian, and Vietnamese. In September this year, the Bifrost WeChat community gradually migrated to Telegram and Discord, and 2,380 users have joined the Bifrost Telegram Chinese community through the link.
During the year, Bifrost exported 129 English articles through Medium, 37 in the weekly category and the rest mainly in the slot auction activity category and SALP or main website upgrade class, with over 80,717 reads and a cumulative natural growth of 2,200 followers on Medium.
In early September, Bifrost created the Forum. The Forum is divided into 3 main sections, Governance, Midgard, and Chinese. 822 users registered for the Forum, 543 posts were made and 72,625 views were recorded, including 31512 by logged-in users, 33,985 by anonymous users, and 13,593 by web crawlers. vsBond and vsBond Market were the vsBond, and vsBond Market is the top two trending searches and are actively followed by forum members.
The Bifrost Crowdcast operation started in October this year, with 11 live broadcasts being held. On average, there are about 3 AMAs per month, with the theme of Community calls and joint live broadcasts by SALP partners. 537 people booked in advance, from Europe and the US, and South East Asia.
<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/ae2ba98f44874bfdbd37755eba011f0a.png">
The following images showcase Bifrost partners (Parachain Partners, DEX, Explore, Wallet, and Others)<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/e99d513a7ea04e1384b2764d0baec771.jpeg">

<h2 id="header-7">Event &amp; News</h2>
Looking back at 2021, Bifrost has participated in 81 online marketing events. Of these, 76 were media AMAs, and Bifrost hosted 5 AMAs and launches, covering topics including and not limited to Kusama slot auctions, SALP launch and application, and vETH liquidity mining. In addition, Bifrost also participated in 10 offline events, including Wave Summit, Polkadot &amp; Friends Meetup, and Wanxiang Summit.
In addition, blockchain media such as The Block, Cointelegraph, Daily Planet, CryptoSlate, Vernacular Blockchain, PolkaWorld, and Blockchain Research have posted Bifrost articles, with a cumulative total of 18 original articles. For more Bifrost annual market review, please see Bifrost Highlights 2021: <a href="https://bit.ly/3pGkVv6" rel="noopener noreferrer nofollow">https://bit.ly/3pGkVv6</a>
<h2 id="header-8">Next Year</h2>
Web 3.0, or as might be termed the “post-Snowden” web, is a reimagination of the sorts of things that we already use the Web for
 — Gavin Wood
Gavin Wood defines Web 3.0 as a set of inclusive protocols that provide the building blocks for application makers. Gavin also refers to Web 3.0 as the “post-Snowden” Web, which redefines the rules of information interaction between any two vectors. As a Web 3.0 network minimizes the frictional cost of value flow, its journey over the next 10–15 years is not only just beginning, but we are only in the 1990–1995 era compared to the Internet’s progress.
Just as the unknowns and riches of the New World have attracted every explorer in the Age of Sail, the endless possibilities of Web3.0 attract crypto-hackers today. Fortunately, the Bifrost fleet is already on its way to Web 3.0. In the first quarter of the new year, we will build on our current progress and complete.
<ul>
 <li>Launch of Bifrost Collator, opening BNC Staking mechanism</li>
 <li>Cross-chain Statemine, introducing BTC, ETH, USDT assets</li>
 <li>Launch of Farming 2.0, support for multi-asset Staking</li>
 <li>vsToken bond income marketplace goes live</li>
 <li>Bifrost Grant incubates eco-projects</li>
 <li>Released Bifrost DAO Beta</li>
 <li>Brand positioning and website upgrade</li>
</ul>
The full-year roadmap can be found on the Bifrost Trello Launchpad. It’s a long voyage, but it’s coming. 2022, let’s go: <a href="https://trello.com/b/6AhHWicZ/bifrost-roadmap-2022" rel="noopener noreferrer nofollow">https://trello.com/b/6AhHWicZ/bifrost-roadmap-2022</a>

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