Bifrost joins the Patract Open Platform and will integrate Wasm contract functionality
Since Patract officially established the Wasm Contract Open Platform in March 2021, more than 10 high-quality projects have become our founding members, such as Acala, Litentry, Plasm, etc. The goal of the Platform is to combine high-quality projects, media and investment institutions in the Polkadot ecosystem to form a professional and powerful Wasm contract technology alliance, promoting the development of the Wasm contract ecosystem by discussing public technical topics and innovation directions.
Recently, we are very honored to partner with the Polkadot Ecological DeFi basic protocol — Bifrost to support Bifrost’s integration of Wasm contract functions. In this cooperation, Bifrost will use the Ask! contract language and development tools developed by Patract to deploy Wasm contracts to further explore the potential opportunities of asset derivatives in the digital currency market.
Quotes from Bifrost
“The Ask! contract programming language developed by Patract for the Polkadot ecosystem and a series of Wasm contract development tools are very practical for blockchain developers. As a parachain developed based on Substrate that synthesizes derivatives for staking assets, Bifrost is also planning to launch the Wasm contract function with our special advantages, which will provide richer and more flexible application scenarios for many assets and derivatives on the Bifrost parachain (BNC, vToken, vsToken, vsBond, etc.), the professional tools and technical support provided by Patract gives Bifrost friendly support and help in Wasm smart contracts.” — — Lurpis, Co Founder of Bifrost
Quotes from Patract
“Bifrost focuses on solving the problem of the liquidity of pledged assets. Through the issuance of asset derivatives, users can exchange PoS currencies into vTokens at any time based on the Bifrost parachain through the agreement, effectively realizing risk hedging and maximizing returns. Bifrost can not only rely on its own advantages, but also use the characteristics of Wasm contract functions to more efficiently and conveniently adapt all pledged assets on the Bifrost chain, so that Bifrost can obtain sufficient liquidity under the cross-chain characteristics of assets, and build a strong and powerful cross-chain DeFi platform. ” — — Lipeng Yue, Founder of Patract
Patract is providing solutions for the development of Parachains and DApps in the Wasm smart contract ecosystem of Polkadot. We help the community to design and develop on-chain contract modules and Runtime support, and provide DApp developers with full-stack tools and services support, covering development, testing, debugging, deployment, monitoring, data provider and front-end development stages.
What is Bifrost
Bifrost is the Polkadot Ecological DeFi basic protocol. It is committed to becoming an infrastructure for pledged assets to provide liquidity. Bifrost launched derivatives vToken for Staking and Polkadot Parachain Slot (Crowdloan). It has obtained $2.15M in fund-raising from NGC, SNZ, DFG, CMS and other institutions and Web3 Foundation Grant. It is also a member of the Substrate Builders Program and Web3 Bootcamp.
vToken can optimize transactions in multiple scenarios such as DeFi, DApp, DEX, CEX, and realize the transfer channel of pledge rights such as staking and Crowdloan through vToken, realize the risk hedging of pledge assets, and expand scenarios such as vToken as collateral for lending, its staking reward part of the interest can be offset to achieve low-interest loans.