Singapore, Singapore, January 10, 2025, Chainwire
Bifrost introduced that vDOT, Polkadot's largest liquid staking token (LST), has been listed as a collateral asset on the Hydration Cash Market. Inside 15 hours of opening deposits and borrowing, vDOT reached the provision cap of 220,000 and exceeded $2.2 million in Complete (EPA:) Worth Locked (TVL) pushed by DOT leveraging demand.
Integrating vDOT into the cash market permits new methods for Polkadot's DeFi contributors: by staking (DOT), contributors obtain vDOT, which can be utilized as collateral to borrow further DOT. This course of permits the cycle to be repeated to discover methods to maximise returns. With this introduction, Bifrost unlocks the alternatives of what’s doable in Polkadot DeFi, creating synergies and flywheels for the ecosystem. Customers have the chance to earn double returns, borrow in opposition to their staked tokens with out sacrificing liquidity, and leverage their positions to attain greater returns. This synergy additionally improves the liquidity of the DOT market, drives consumer adoption, and illustrates the DeFi composability of the Polkadot ecosystem, making vDOT a key asset inside the Polkadot ecosystem.
For extra info, customers can go to app.bifrost.io or observe Bifrost on X.
About vDOT
Bifrost vDOT, brief for “voucher DOT,” is a fee-based liquid staking token (LST) issued by the Bifrost Staking Liquidity Protocol. vDOT represents DOT staked on the Polkadot relay chain and accumulates staking rewards, mirrored by a rise in its worth moderately than its amount.
As the most important DOT LST on Polkadot, vDOT boasts a complete worth locked of over $50 million, permitting customers to maximise their capital effectivity whereas having fun with staking rewards.
About Bifrost
Bifrost is a liquid staking software appropriate for all blockchains, utilizing decentralized cross-chain interoperability to permit customers to earn staking rewards and DeFi yields with flexibility, liquidity and excessive safety throughout a number of chains.
ContactMarvelmarvel@bifrost.io
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