Author: Tyrone

Summary

Following the migration of Bifrost's parachain_staking and vBNC from Bifrost Kusama to Bifrost Polkadot, the xcvBNC asset still exists on Moonriver, but its staking functionality has been disabled. ( xcvBNC and vBNC assets are still exist, users can manually migrate it to Bifrost Polkadot. Read the full guidance at here.)

This proposal aims to add Bifrost vBNC (liquid staking BNC) on Moonbeam for the following reasons:

Since BNC staking has migrated from Bifrost Kusama to Bifrost Polkadot, xcvBNC minting via omni.ls on Moonriver should be replaced by Moonbeam.
vBNC will be a key element in Bifrost's upcoming Tokenomics 2.0 upgrade, and xcvBNC liquidity will be deployed in Moonbeam DEXes.

Techanical Details

encoded_calldata: 0x690000010200b91f060201010000000000000000000000000000000000000000000000000000000000004c426966726f737420566f756368657220424e4318786376424e430c000100000000000000000000000000000001

Check the full testing report at here.

Risk Declaration

There are two components organizing the liquid staking services on Moonbeam:

SLP - The liquid staking module on Bifrost
SLPx - Cross-chain message & asset passing via XCM, call SLP module on Bifrost and pass minted vToken to Moonbeam.

SLP Security Evaluation:

https://docs.bifrost.io/resources/audit-report#bifrost-security-evaluation

SLPx Audit Report:

https://docs.bifrost.io/resources/audit-report#common-prefix-audit-report-slpx

Liquid Staking and BNC

Although there is no threat of multisig or single-entity control over vToken upgrades, Bifrost governance maintains root access of liquid staking and BNC.

Bifrost implements the same OpenGov structure as Polkadot and Moonbeam. Any root call must go through specific tracks, making governance attacks economically unfeasible under rational conditions. Check more details at here.

Links & References

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