Featured Guide - How to Ride Bifrost Waves

Written by Dodow

Bifrost’s journey has been extensively covered in our recently published WagMedia Newsletter Featured Report, which you can find on X and Grillapp. The feature demonstrates the resilience and hard work that have gone into making Bifrost the top LST platform in the Polkadot ecosystem, and possibly even beyond.

As mentioned in the featured report, Bifrost’s Liquid Waves Campaign represents a shift in tokenomics that not only addresses sustainability but also provides an opportunity for the community.

The simple objective of the campaign is to accumulate WAVE points, which will be converted into bbBNC at the conclusion of the final season. The new bbBNC token is effectively a dividend certificate for a share of revenue generated by the Bifrost protocol under the updated tokenomics.

If you participated in Bifrost’s earlier Rainbow Campaigns, your Raindrops can be converted into WAVE Points. A “Convert” button will appear on the campaign page, with a conversion ratio of 100:1.

The following guide is aimed at those who would like to seize the opportunity to participate in the campaign, and are either new to Bifrost or have limited knowledge about it.

This guide can be broken into the following sections:

Event Registration
Getting Tokens Ready
Minting vTokens
Governance Bonus (not available for EVM users).
Additional Yield

Event Registration

The official campaign event page as well as the link to register is: https://wave.bifrost.io/. However, you may choose to use an invitation link from another participant as this earns both you and the inviter a bonus of 30 WAVE points each.

Once you land on the event page, you can connect either your Substrate or EVM address.

To receive the invite bonus, you need to bind the inviter’s address by joining the campaign. On the campaign page, select “Bind inviter” and follow the instructions, which include: connecting your X account, following Bifrost on X, before you can bind the inviter’s address.

You may also want to invite others to join, as there is the prospect of 10% extra WAVE points based on the volume of vTokens minted by your invitees. Please note, that the bound address cannot be changed and will be used for subsequent WAVE seasons to accumulate bonus points.

Getting Tokens Ready

This comes down to personal preference and the type of address you want to use to participate.

Based on accessibility with on-ramping via centralized exchanges or card payment services, DOT would likely be easiest to get started with. This would also assume that you would use a Substrate address for your registration.

Another sensible option would be to review which vTokens are eligible for WAVE points in the first WAVE season.

Source: https://bifrost.io/blog/liquid-wave-campaign-phase-i-experience-liquid-staking-magic-and-earn-wave-points

You don’t need to use Bifrost’s BNC token for gas fees. EVM users will naturally use the gas token of the supported chain, with GLMR and MANTA applicable for the first WAVE season. While Substrate users can pick from a selection of tokens for gas once they are on the main Bifrost platform.

Minting vTokens

LST Camp is the first WAVE season of the Campaign. It is focused on vTokens (i.e., Bifrost’s Liquid Staking Tokens). The primary task involves minting vTokens to help accumulate WAVE points. Each mint option has a maximum limit.

You may also notice a mixed APY on the mint options, as a BNC reward pool has been established, offering further incentives to accumulate more WAVE points.

When clicking on the mint options on the campaign page, Substrate users will be directed to the main Bifrost platform at https://app.bifrost.io/vstaking.

EVM users will be directed to Omni LS at https://omni.ls/.

Governance Bonus

Perhaps the most compelling innovation, driven by the killer application of Polkadot OpenGov, is Bifrost's ability to use its LSTs in on-chain governance—an achievement that is quite revolutionary in Web3.

To get a 10% bonus of WAVE points you need to participate in OpenGov using vDOT. Please note, this is not available for EVM users.

By clicking to vote on the events screen, Substrate users will be directed to the main Bifrost platform at https://app.bifrost.io/vstaking/vDOT?tab=governance.

Once on the governance page, you can browse through and select an active referenda. Then, select the amount of vDOT you wish to use, assuming you have minted some to vote with. You can choose to boost the weight (aka conviction) of your vote, but note the larger the boost, the longer your vDOT will be locked for.

vDOT utilized for governance cannot be used on other dApps until the vote concludes and the tokens are released.

Additional Yield

Remember, there is almost always an opportunity to earn extra yields with the vTokens you generate. The options recommended on the campaign page will likely be the most optimal.

Other yield options are available on the main Bifrost platform, which might appeal to newer users or those who don’t want to worry about the hassle of obtaining tokens for gas fees when chain hopping.

If you want to earn even more BNC, there’s still time to participate in our Bifrost treasury partner bounty. Or, if you just want to create, hop on over to the Wag Discord.