BNC airdrop will be divided into multiple rounds, mint vETH can share a total of 500,000 BNC rewards. Each round of minting is limited on a first-come, first-served basis. Whenever the minting quota is reached or the countdown ends, BNC rewards will be settled and prepare for the next round.
This Mintdrop will be divided into three rounds of airdrops, with 5,000 ETH minted per round and a total limit of 15,000 ETH, with a deadline of 72 hours per round. If all the vETH in a round is minted, the round will end. Suppose the vETH limit is not minted at the end of 72 hours. In that case, the BNC rewards will be divided according to the vETH minting volume of the participants in the round (BNC total reward of the round/All participants mint volume of the round*Individual mint volume of the round).
The time interval between each round is 30 minutes. The start of each round will be announced before they officially begin, meaning you’ll have time to prepare.
vETH is a 1:1 derivative of Ethereum so minting one ETH into vETH means you will get an equal amount as your initial sum. If you’ve minted vETH from your wallet during that round, your wallet will be included in the snapshot and therefore be eligible for the airdrop. Your airdrop will be paid out in BNC, corresponding to the amount of vETH you were holding in your wallet at the time of the snapshot taken in that round.
Whilst you’re holding your vETH, you will be receiving Ethereum 2.0 staking rewards as well as being able to utilize your vETH in other Defi products such as Uniswap, Loopring, etc to provide liquidity and earn interesting. The AMM (Automatic market maker) peg for Ethereum/ vEthereum is ultimately decided by the open market and at times the pools may become unbalanced. However, it is important to note that your vETH will be redeemable 1:1 for Ethereum via the Bifrost protocol once Ethereum 2.0 fully rolls out.
Minting 1 ETH will get 1 vETH, if the minting time is before the end of the countdown of the round or before the minting is full, the participant will be recorded as a successful airdrop participant of the round and get the corresponding BNC reward. Holding vETH provides access to ETH 2.0 Staking gains (currently 11% annualized return on ETH principal), while vETH can be traded on DEX such as Uniswap, Loopring, etc. The current liquidity depth is $2 million. vETH generates price fluctuations based on market sentiment, but when When ETH 2.0 opens for redemption, 1 vETH can be rigidly redeemed at 1 ETH via Bifrost.
The total supply of Bifrost’s native token BNC is 80 million, 45% of which will be used for ecosystem Incentives; including Parachain slot auctions, vToken minting incentives. 10% has been reserved. This reserved portion will be used as a budget, for slot auctions, Mintdrop, and other community events. The budget allocation is subject to change and can be adjusted according to Parachain slot auction strategy. Bifrost received a new round of several million USD angel financing, several leading institutions such as NGC, SNZ, DFG, PAKA, CMS Holding, Altonomy, LongHash Ventures and etc. participated in the investment.
3 days before the launch of the Ether 2.0 beacon chain on November 27, 2020, Bifrost launched the Staking derivative vETH for ETH 2.0. vETH will be launched in four stages:
vETH is in the second phase, based on the Ethernet ecosystem, it has already realized the functions of trading, Staking revenue generation and issuance, etc. The contract is audited by CertiK. After the Bifrost mainnet goes online, vETH will enter the third stage and will become a dual-protocol asset compatible with ERC20 and Substrate, which can be used in Ether and circulated in various parallel chains at the same time.
At present, vETH can be minted in imToken, TokenPocket, MathWallet, AToken, ONTO, and other wallets. After nearly a month of liquidity building, vETH has already begun to have a liquidity scale in the Ethernet layer 1 and layer 2 networks, while the stable discount rate of vETH also shows the market’s support after the first Mint Drop, vETH minted 10,000 ETH in 24 hours, and these accumulations will be used as a pavement for ETH to enter Polkadot’s ecology as cross-chain assets in the future, further expanding cross-chain asset reserve.