The PoS staking track is ushering in a new milestone!
Recently, Polkadot announced that it will expand the number of verification nodes to 500 to further enhance the decentralization of the network. As the largest DOT liquidity pledge protocol in the Polkadot ecosystem, Bifrost actively responded through the innovative VBL (Verification Node Enhanced List) mechanism, hoping to continue to write glory in this expansion feast. The introduction of the VBL mechanism will surely help Polkadot continue to ensure the security of the network while improving decentralization.
Currently, more than 9.1 million DOTs have been staked on Bifrost through SLP (Staking Liquidity Protocol), which is a considerable amount. Through the VBL mechanism that will be launched soon, Bifrost will select the best from the vast staking pool. At that time, according to the application status of the nodes and the voting results of the Bifrost community, 3 VBL seats will be officially opened at block height#5081389(about 17 days later). Those high-performance verification nodes that stand out will be awarded the SLP protocol staking ticket rights and take up the key role at the critical moment of Polkadot expansion.
At the same time, Bifrost also announced a new verification node election mechanism. This innovative solution is another important piece of the puzzle in Bifrost's decentralization process. It not only safeguards Bifrost's own security consensus, but is also expected to set a new benchmark for the entire PoS network. After all, as a leading project in the PoS staking ecosystem, Bifrost's every move has attracted much attention. We will wait and see what kind of ripple effect this innovation will have on the industry.
As a veteran player who has been working in the PoS world for many years, I can say that Bifrost's move has made me extremely excited. This not only means that Bifrost has taken another solid step on the road to decentralized governance, but also symbolizes that the entire PoS staking industry has reached a new historical juncture.
1. Analysis of the new election mechanism: community empowerment, dual-track parallel, and regular review
The new election rules launched by Bifrost are mainly composed of three parts: the Verification Node Election Channel (VET), the Verification Node Whitelist (VWL) and the Verification Node Enhanced List (VBL). The most eye-catching one is VET, an on-chain governance channel specially opened for the election of verification nodes. VET can be called the "stabilizing force" of Bifrost community autonomy. It has established a transparent and efficient democratic decision-making mechanism to ensure the democratic and fair generation process of the two lists of VWL and VBL.
It has to be said that the new node election rules are refreshing, especially the following three points are worth noting:
1. Decentralization of power, highlighting the right of the community to speak. In the past, the power to select validator nodes was basically in the hands of a few council members. Now, the entire Bifrost community has become the "only protagonist" of the election. If you want to be selected as a validator node, you must pass the VET referendum, not even one vote less. This fully demonstrates Bifrost's unremitting pursuit and firm determination for decentralized governance.
2. Two tracks in parallel, taking into account both security and value-added. VWL and VBL correspond to two types of verification nodes: VWL focuses on the stability and security of the nodes, and automatically screens through rigorous scoring rules; VBL is aimed at those nodes that are proactive and willing to provide value-added services, giving high-quality verifiers the opportunity to show their skills. This "two-pronged" election model not only ensures the security of the network, but also brings additional value to the SLP protocol, which can be said to kill two birds with one stone.
3. Regular audits to ensure sustainable performance. It is not enough to just select them. Bifrost has very high requirements for verification nodes. VWL will implement dynamic management and adjust the list in real time according to the performance of the nodes. And VBL has to reapply for qualifications every 6 months to prove that it is still in good shape. This normalized audit mechanism is like a good prescription for both symptomatic and root cause treatment, which will inject continuous power into the long-term stability of the Bifrost network.
Having said so much, what benefits does Bifrost's new rules bring to pledge users? I think the most direct beneficiaries are vToken holders. The SLP protocol is entrusted to high-quality verification nodes, which will definitely improve the security factor and yield of pledged assets. And the "backbone nodes" of VBL with superior service capabilities are powerful boosters of vToken, and are expected to show their prowess in providing liquidity and expanding users.
It can be foreseen that under the support of the new rules, vDOT and other Bifrost-owned vTokens will be more competitive in the market and attract more and more staking users. As an innovative attempt of a leading project, Bifrost has established a new paradigm for PoS community autonomy. This experience is worth learning from and learning by more PoS networks. As the Bifrost ecosystem becomes more prosperous, other high-quality verification nodes will also join in, forming a virtuous circle.
2. Strengthening node competition, vToken holders will become the biggest winners
As the number one staking protocol in the Polkadot ecosystem, Bifrost has always put user interests first. On the premise of ensuring network security, Bifrost is always thinking about how to create more value for stakers. The introduction of the new election rules is another vivid practice based on this purpose.
So, what positive changes will the new rules bring to staking returns? I think it can be viewed from two aspects.
1. VWL's selection mechanism is more scientific and rigorous. It comprehensively considers the verification nodes from multiple dimensions such as security, reputation, and decentralization, and replaces the single ranking of pledged amount with voting rights allocation. This is like a comprehensive quality test. Only those high-quality nodes with both "virtue and ability" can stand out and win the entrustment qualification. The nodes selected in this way will surely bring considerable long-term returns to the pledgers with stable and excellent performance.
2. The setting of VBL has injected a shot of adrenaline into the SLP protocol. Through competitive recruitment, those verification nodes with outstanding service capabilities and creativity will be able to join the Bifrost ecosystem. Imagine what kind of sparks will be created when these like-minded "fresh forces" gather together? They may improve the market liquidity of vToken, actively carry out user education, or deeply integrate vToken with DeFi scenarios... In short, each of them will show their magical powers and create more benefits for vToken holders. Over time, the strong combination of Bifrost and high-quality nodes will surely promote the full release of the potential of the SLP protocol.
For Bifrost, the verification nodes are nothing less than a group of like-minded "super comrades". Everyone works together to contribute to the ecological construction. The new election rules will undoubtedly further deepen the "strategic cooperation" relationship between Bifrost and the nodes: Bifrost paves the way for the growth of high-quality nodes, and high-quality nodes give back with excellent performance, jointly creating a vToken ecosystem with strong node capabilities and high user trust.
As the "community of destiny" between Bifrost and the verification nodes grows stronger, the ultimate beneficiaries are still the majority of stakers. Because every bit of progress in the Bifrost ecosystem will be transformed into the core competitiveness of the pledged products. vTokens such as vDOT will surely give back to users with higher returns, stronger security, and more scenario value, making every bit of pledge more than worth it.
3. New paradigm for validator node election, a new starting point for the development of PoS staking ecosystem
In my opinion, the innovative verification node election mechanism launched by Bifrost is an important exploration of the PoS network infrastructure. This is not only a milestone in Bifrost's own decentralized construction, but also sets a new benchmark for the development of the entire PoS staking ecosystem. It will trigger more projects to reflect on and optimize the verification node election mechanism, and promote the maturity of the entire industry.
Currently, with the rise of the PoS staking craze, more and more users are beginning to pay attention to core indicators such as the security and yield of verification nodes. The paradigm of "community decision-making, dual-track election, and regular review" pioneered by Bifrost VET undoubtedly represents the future development direction of PoS staking. This mechanism achieves a good balance between multiple goals such as decentralization, security, and yield through community voting, multi-dimensional assessment, and dynamic adjustment. It can be called a universal solution and is worthy of reference and learning by more PoS projects.
Looking at the entire PoS staking track, the development status of different projects is still uneven. Some projects are ingenious in the design of staking derivatives, while others are still a bit rough in the selection of verification nodes. As more and more users begin to "vote with their feet", the competition in the staking market is becoming increasingly fierce. In this process, those leading projects that can take the lead in establishing a set of scientific and complete infrastructure specifications will undoubtedly seize the initiative in the track. Their every move will play an important leading and exemplary role in the standardized development of the industry.
Standing at this critical juncture, the step taken by Bifrost is undoubtedly of symbolic significance. Through innovative exploration of the SLP protocol staking infrastructure, Bifrost will further consolidate its leading position as the No. 1 staking protocol in the Polkadot ecosystem. This two-way gathering of users and nodes will inevitably form a strong positive feedback, driving the Bifrost staking ecosystem to achieve self-reinforcement and sustainable development.
View detailed application process:
https://bifrost-finance.medium.com/vet-validator-election-track-based-on-bifrost-opengov-for-the-multichain-b20a65cb9583
Lao Mao (Twitter): https://x.com/readonlm
Bifrost related links:
Website：https://bifrost.finance
Twitter：https://twitter.com/Bifrost
Dapp：https://app.bifrost.io
