Polkadot (DOT) Parachain Bifrost Launches BNC Staking

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Polkadot (DOT) Parachain Bifrost Launches BNC Staking

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.

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.”

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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