Polkadot (DOT) parachain Bifrost has officially launched BNC staking with the completion of the mainnet Collator upgrade on March 22. Users can now participate in BNC staking by registering a delegator and stake BNC to collators and earn rewards on Bifrost Dapp. The opening of Collator access marks a significant step to achieve parachain autonomy and shared security.
Bifrost Announces BNC Staking
Bifrost, Polkadot parachain for liquidity staking, has announced in a tweet the launch of Collator mainnet access and BNC staking.
“Our #Collator is officially live on Mainnet Now register a delegator and stake $BNC to collators & earn rewards at bifrost.app/collator This launching marks an important step in our roadmap — our block collection is now decentralized!”
As per Bifrost Roadmap, the launch is divided into a test stage and a formal stage. In the test phase, from February 24-March 11, the Bifrost team conducted tests to check the safety and stability of the Collator module. In the formal stage, each round of 600 blocks in the Collator’s operation cycle takes around 2 hours. With the completion of each round, a reward is paid.
Anyone seeking to become a mainnet collator of Bifrost will need to stake at least 5000 BNCs to participate in the block.
Trending Stories
At present, only 16 active validator seats, or active Collator slots, have been opened for developers to join. The number will gradually increase every 7 days to 32 and a maximum of 64 seats, as the network on the chain becomes stable.
Collator BNC Staking and Reward Distribution
In accordance with the design of the Bifrost economic model, there is no inflation mechanism for BNCs. Moreover, 5% of the total BNC in circulation will be reserved for Collator incentive construction. The incentive amount in the first year is 800,000 BNCs, with Collator and Delegator earnings being 10%, which is 80,000 BNC, and 90%, which is 720, 000 BNC, respectively.
“Collator will decentralize the packaging of transactions on the Bifrost chain to achieve block collection by consensus with the validator on the relay chain.”
- Breaking: El Salvador Buys 80 Bitcoin (BTC), Here’s How Prices Reacted
- U.S. DoJ Slaps Charges Against Promoters of Baller Ape Club NFT In Rug Pull Scam
- Canada-based Ledn Challenges FTX’s Bid of BlockFi Acquisition With Better Proposal
- Just In: Basel Committee Proposes Cap For Banks’ Bitcoin Holding
- Dogecoin (DOGE), Shiba Inu (SHIB) Show Strength, Here’s Why
- Breaking: Singapore Financial Regulator Reprimands Three Arrows Capital
- Ethereum Exchange Supply Spikes, ETH At A Risk of Correcting to $700 And Below
- Bitcoin Prices Can Reach This Level By End Of 2022; Reveals Deutsche Bank
- NFT Marketplace OpenSea Flags Data Breach, Here’s What Was Leaked
- EU Passes A Bill to Trace the Flow of Bitcoin & Crypto Assets In Regulatory Tightening Measures
- Polygon Price Analysis: V-top Reversal may Direct MATIC to $0.31 Support
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?
- Sandbox Price Analysis: Crashing SAND Prices Warns 25% Downfall
- Solana Price Analysis: $36 Breakdown Teases SOL Price to Revisit $26
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?
