Singapore – November 17, 2022 – Moonbeam, the top destination for multi-chain applications on Polkadot, has announced an XCM connection between Moonbeam and Bifrost by the opening of HRMP channels bringing the Bifrost native token, BNC, to Moonbeam. Bifrost’s token can now be used as xcBNC, an XC-20 representation of BNC, across the Moonbeam ecosystem, and the GLMR token is now available on Bifrost.
Bifrost exists as a parachain on both Kusama and Polkadot as Bifrost Kusama and Bifrost Polkadot. Both parachains are DeFi protocols that provide staking derivatives and liquidity to bonding assets. Bifrost powers vTokens (Staking Derivatives Voucher Token), which allow users to exchange PoS tokens for vTokens and obtain liquidity and staking rewards through Bifrost protocol
The underlying technology that enables the XC-20 standard, XCM (Cross-Consensus Messaging) is uniquely made possible by the Polkadot architecture. XCM is a language that enables asset transfers from Bifrost, and other parachains to Moonbeam represented as standard ERC-20s.
This format provides flexible interoperability within the Polkadot ecosystem and beyond – a key building block of the cross-chain connected future. Moreover, XCM allows one parachain to perform remote calls on the other, a key element that will power the GLMR liquid staking solution that Bifrost provides through XCM. The recent activation of the XCM SDK makes it easier than ever for developers to use these features in the design of cross-chain applications on Moonbeam.
Moonbeam continues to support the building of cross-chain applications that provide a better user experience and superior interoperability than historical multi-chain approaches. XCM and XC-20s are tools that support Moonbeam community goals by providing technology for accessing the functionality of remote blockchains.
About the Moonbeam Network
Moonbeam is a smart contract platform for building cross-chain connected applications that can access users, assets, and services on any chain. By uniting functionality from Ethereum, Cosmos, Polkadot, and more into a single platform, Moonbeam solves today’s fragmented user experience — unlocking true interoperability and paving the way for the next generation of applications. The Moonbeam platform uses integrated cross-chain messaging to allow developers to create smart contracts that access services across many remote blockchains. This approach, plus Moonbeam’s developer-friendly EVM platform, vast tool support, and modern Substrate architecture, creates the ideal development environment for building connected applications.
Bifrost is a web3 derivatives protocol that provides decentralized cross-chain liquidity for staked assets. By leveraging on the cross-consensus message (XCM), it can provide cross-chain liquid staking services for multiple chains.
Bifrost’s mission is to provide standardized cross-chain interest-bearing derivatives for Polkadot relay chains, parachains, and heterogeneous chains bridged with Polkadot. Furthermore, by aggregating over 80% of PoS consensus chains’ staking liquidity through cross-chain derivatives, our protocol lowers users’ staking threshold, increases multi-chain staking ratio, and improves the ecosystems application interest base by creating a three-way positive cycle for the StakeFi ecosystem by empowering users, multi-chains, and ecosystem applications.
Bifrost has raised over USD 2M from top-tier venture capital firms by the likes of NGC, SNZ, DFG, CMS and other institutions. In addition to being an early receiver of a Web3 Foundation Grant, Bifrost is also a member of the Substrate Builders Program and the Web3 Bootcamp.