SINGAPORE, Singapore, January 10th, 2025/Chainwire/–Bifrost has announced that vDOT, Polkadot‘s largest liquid staking token (LST), has been listed as a collateral asset on Hydration Money Market.
Within 15 hours of opening deposits and borrows, vDOT reached the supply cap of 220K and surpassed $2.2 million in Total Value Locked (TVL) pushed by DOT leveraging demand.
The integration of vDOT into Money Market allows for new strategies for Polkadot’s DeFi participants: By staking Polkadot (DOT), participants receive vDOT, which can be used as collateral to borrow additional DOT. This process allows for the possibility of repeating the cycle to explore strategies aimed at optimizing returns.
With this introduction, Bifrost is unlocking the opportunities of what’s possible in Polkadot DeFi, creating synergies and flywheels for the ecosystem.
Users are offered the opportunity to earn dual yields, borrow against their staked tokens without sacrificing liquidity, and leverage their positions for higher yields.
This synergy also enhances DOT market liquidity, drives user adoption, and exemplifies the DeFi composability of Polkadot ecosystem, making vDOT as a cornerstone asset within the Polkadot ecosystem.
For more information, users can visit
About v DOT
As Polkadot’s largest DOT LST, vDOT boasts a total locked value of over $50 Million, enabling users to maximize their capital efficiency while benefiting from staking rewards.
About Bifrost
Contact
Wonder
[email protected]
This story was distributed as a release by Chainwire under HackerNoon’s Business Blogging Program. Learn more about the program
/cdn.vox-cdn.com/uploads/chorus_asset/file/25826491/PXL_20250106_223233485.jpg)
