Summary

This proposal aims to register Bifrost vBNC (liquid staking BNC) on Hydration:

1. Register vBNC Token.
2. Register vBNC in Omnipool.

Motivation

• Following the launch of Bifrost's New Tokenomics 2.0, the Bifrost staking module will soon migrate from Bifrost Polkadot to Bifrost Kusama. As a result, vBNC—the liquid staking version of BNC—will become a new vToken requiring liquidity in Hydration.
• Currently, 5,582,645 BNC are staked via vBNC (7% of total issuance), with a $1.22m TVL in Bifrost Kusama. This will generate additional Yield DCA demand for Hydration, allowing users to yield any Token via vBNC. Furthermore, the Bifrost treasury will be able to continuously acquire Staking rewards through vBNC's Yield DCA, incentivizing the omnipool.
• We are all eagerly anticipating earning HDX through yields from vBNC, aren't we? :)

Liquidity Provision

Bifrost will propose to provide $80,000 as initial liquidity, incentivize is expected to be around 1-2% APR with a target liquidity of $500,000, in a three-month trial.

Technical details

Token information:

• Asset name: Voucher BNC
• Asset symbol: vBNC
• Asset Multilocation:

Multilocation: { parents:1, interior: X2(Parachain(2030), GeneralKey(0x0101)}

Decimals: 12

Links & References

• Website : https://bifrost.io/
• Documentation : https://docs.bifrost.finance/
• Github Page : https://github.com/bifrost-io
• Communities : Discord ; Twitter