- Bifrost launches SLPx pallet for seamless one-click liquid staking across multiple blockchains.
- Users can directly mint, redeem, and swap vTokens on Moonbeam/Moonriver/Astar without cumbersome cross-chain operations.
Unleashing the Future of Staking: Bifrost’s SLPx Pallet Revolutionizes Cross-Chain Operations
Bifrost has recently announced the launch of its SLPx pallet, which utilizes Polkadot‘s advanced cross-consensus messaging format, XCM. This new feature dramatically simplifies the once-complex world of liquid staking. By integrating with the SLPx pallet, users can now effortlessly execute staking processes on any chain, negating the traditional challenges of cross-chain transfers and staking.
Bifrost SLPx Pallet is Live! 🎉
By leveraging @Polkadot's native cross-consensus messaging format (#XCM), the #SLPx pallet will crucially lower the barrier of liquid staking for users.
By reducing the whole process to one click from any chain, it abstracts away the… pic.twitter.com/33J87mL0Wj
— Bifrost – Omnichain LSD (@BifrostFinance) October 12, 2023
The Unique Features of SLPx Pallet
SLPx, an extension pallet to the original SLP module by Bifrost, offers a plethora of functionalities. Users can now:
- Mint vTokens directly on other chains such as Moonbeam, Moonriver, and Astar.
- Redeem vToken on these remote chains.
- Perform vToken/Token swaps on remote chains, leveraging liquidity from the Bifrost chain.
This process is so seamless that the entire staking mechanism appears local to the user, abstracting the intricate cross-chain interactions taking place in the background. For instance, vDOT/DOT exchanges on all supported chains share the same liquidity pool from Bifrost. This ensures minimal price impacts and an enhanced trading experience, redefining the concept of
“unified liquidity.”
Benefits to The Ecosystem and Beyond
The introduction of the SLPx pallet provides a plethora of benefits not just for users but also for the entire blockchain ecosystem:
- Users – The minting, redemption, and swapping of vTokens are simplified, removing the need for any complex cross-chain operations.
- Applications on Moonbeam/Moonriver/Astar – Integration with SLPx offers added value. Lending protocols can transform users’ collateralized DOT into vDOT effortlessly, enabling users to gain staking rewards without extra steps. Additionally, the unified liquidity feature means lower liquidation discounts.
- Ecosystem Growth – SLPx brings in LSD assets from various chains, letting users access full-chain services from multiple chains without leaving their native platform.
- Bifrost – With SLPx’s remote invocation feature, Bifrost is one step closer to realizing its Omni-LSD vision.
A Deep Dive into SLPx’s Technical Brilliance
SLPx’s functionality bifurcates into two parts: the local pallet on the Bifrost chain and the remote pallet/contract deployed on supported chains. This technical innovation hinges on XCM V3, a cross-chain instruction format. It allows intricate operations like multi-hop executions, wherein a source chain can command another chain to initiate a new XCM message, enabling the entire staking process to be seamless and user-friendly.
Bifrost’s forward-thinking approach continues with its plans to expand the SLPx deployment to other chains, including Acala, Karura, Filecoin, and Shiden. The company has completed the code auditing for the SLPx pallet, ensuring its robustness and reliability for users.
With the Omni LS dApp front-end application, users can further delve into a wide array of functionalities, including remote minting and redemption, enhancing their staking experience across chains.
