Tuesday, October 4, 2022
HomeTechnologyBifrost, a Polkadot (DOT) parachain, officially starts BNC staking

Bifrost, a Polkadot (DOT) parachain, officially starts BNC staking

Bifrost, a Polkadot (DOT) parachain, has officially launched BNC staking with the completion of the mainnet Collator update on March 22. Users may now participate in BNC staking by registering as a delegator and staking BNC to collators to gain incentives on the Bifrost Dapp. The introduction of Collator access is a crucial step toward parachain autonomy and shared security.

According to the Bifrost Roadmap, the launch is separated into two stages: test and official. During the testing phase, which lasted from February 24 to March 11, the Bifrost team performed tests to ensure the Collator module’s safety and stability. In the formal stage, each round of 600 blocks in the Collator’s operation cycle takes around 2 hours. A prize is awarded at the end of each round.

To participate in the block, anybody interested in becoming a Bifrost mainnet collator must stake at least 5000 BNCs.

At the moment, only 16 active validator seats, or active Collator slots, are available for developers to join. As the chain’s network becomes more reliable, the number will steadily rise every 7 days to 32 and a maximum of 64 seats.

According to the design of the Bifrost economic model, there is no inflation mechanism for BNCs. Furthermore, 5% of the BNC in circulation will be set aside for Collator incentive building. The incentive amount in the first year is 800,000 BNCs, with Collator and Delegator profits of 10%, which is 80,000 BNCs, and 90%, which is 720, 000 BNCs, respectively.

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Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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