What separates Bifrost from other Parachains is its focus on being a protocol for staking liquidity. Staking usually encourages the locking of funds for a certain period of time. While this helps with price stability, it does mean that liquid tokens for trading and transactions decrease.
Furthermore, price slippage can occur as smaller market orders have more significant impacts on the current price.
Bifrost helps solve these problems with its vToken and cross-chain method. Bifrost’s protocol allows it to connect with several different public PoS chains so that users can automatically compound without any lockup period. And the vToken is mapped to whatever asset you deposited (vETH, vEOS, etc.), which is how you accrue interest.
With DeFi growing and liquidity being one of the biggest factors to a healthy ecosystem, here’s how to get started with your own Bifrost node with only 10 USD and 10 minutes!
How to run your Bifrost node on Ankr
Setting up your Bifrost wallet
- Go to the Bifrost explorer
- On the left-hand side, select Accounts and then Add account
- Complete the fields with your name and password
4. Click the Save button
5. Click Create and backup account on the following prompt
Note: While a backup file is automatically generated, we recommend saving a manual backup of your mnemonic seed.
Receiving your first tokens
- Find your wallet address by clicking on your account name in the explorer.
- A window on the righthand side of your screen should appear. Copy your address from there.
- Go to the Bifrost faucet telegram group: https://t.me/bifrost_faucet
- Send “ /want + Bifrost wallet address” in the chat.
- You should see tokens in your account within the next few minutes.
Deploying your Bifrost node on Ankr
That wasn’t so hard, was it? Don’t worry, the next steps are even easier!
1. Head to app.ankr.com to deploy and click the Deploy A Node button.
2. Search or scroll down to find the Bifrost card, hover over it and press Deploy button next to label Validator Node or Full Node.
3. Now you are taken to the configuration page. The hardware configuration is already set at the optimal system requirements, but you are allowed to increase the specifications if you wish to do so by using Advanced button.
4. The platform also recommends a cluster, which is usually the one that has the most freely available resources. In this particular case, the recommended cluster is the London cluster, but another cluster may be recommended depending on your location.
5. Input Node Name in this format: <“your node name” | “first 10 digit of your address”>.
6. Select your preferred payment option (ANKR ERC-20, ANKR Native or USDT or credit card). If you choose to pay with cryptocurrency you need to deposit funds on the generated address.
7. After the deployment is completed, you can find the details and current status of your node on the Information tab, where you will also find your Session Key.
8. Follow https://wiki.bifrost.finance/en/help/validator-tutorial.html to input your Session Key to run the Bifrost Validator.
Bifrost is the DeFi project for PoS tokens, that include staking and liquidity both. It allows you to get vToken for operations and delivering liquidity, plus you got staking rewards all the time your DOT, KSM,EOS or other token backed by the smart-contract.
Ankr makes infrastructure for deploying any blockchain node easy, accessible, affordable and instantly distributed across the globe.
Useful Bifrost links
- Website: https://bifrost.finance/
- Github: https://github.com/bifrost-finance
- Telegram: https://t.me/bifrost_finance
- Medium: https://medium.com/@bifrost_finance
- Twitter: https://twitter.com/bifrost_finance
Follow Ankr on social media
- Website: https://www.ankr.com/
- Twitter: https://twitter.com/ankr
- Telegram announcements: https://t.me/anrknetworkann
- Telegram chat: https://t.me/ankrnetwork
- Telegram Node Support: https://t.me/AnkrNodeSupport
- LinkedIn: https://www.linkedin.com/company/ankr/
- Discord support channel: https://discord.gg/kFETwMD
- Instagram: https://www.instagram.com/ankr_cloud/