Recently, an interesting thing happened in the Polkadot ecosystem. Two projects that were originally unrelated suddenly announced that they would work together!
These two projects, one is Bifrost, which specializes in cross-chain, and the other is Mimir, which specializes in multi-signature. The former is a top liquidity protocol that is good at allowing various tokens to freely shuttle between different chains, while the latter is a leader in the field of multi-signature, able to play with various multi-signature schemes to protect the security of user assets. Before this, they each took charge of their own work in the Polkadot ecosystem and lived a very comfortable life.
However, as time went by, Bifrost and Mimir continued to delve deeper into their respective fields and communicate extensively with all parties involved in the ecosystem, and gradually found a "blind spot" in Polkadot, that is, a strong demand and expectation of multi-signature users in the cross-chain DeFi field.
It turns out that although these multi-signature parties have amulets like Mimir, their asset security is guaranteed, but they still feel a little unsatisfactory when participating in cross-chain DeFi, and they can't have fun like ordinary users. These pain points reflect that there are still some gaps and shortcomings in the Polkadot ecosystem in meeting the cross-chain DeFi needs of multi-signature users. For Bifrost and Mimir, this just means a "blue ocean" worth cultivating.
Cross-chain + multi-signature, Polkadot ecosystem ushered in a heavyweight upgrade
First, if multi-signature users want to participate in cross-chain DeFi, such as staking to earn some income, they often have to transfer assets from multi-signature accounts to ordinary accounts, which is time-consuming and labor-intensive, and the security of assets is also compromised. In addition, although multi-signature wallets are safe, they have relatively simple functions and limited application scenarios. This is not the idea of Bifrost and Mimir. They hope that multi-signature users can also participate in cross-chain DeFi freely like ordinary users, and enjoy the security and flexibility brought by multi-signature.
Therefore, the two companies hit it off and connected Bifrost's cross-chain capabilities with Mimir's multi-signature gameplay. Now Mimir users can play DeFi directly on Bifrost, which not only saves the step of asset transfer, but also ensures account security with multi-signature protection, which is a win-win situation!
From creating a multi-signature account in Mimir to staking, trading, and cross-chain transfers on Bifrost, it’s all done in one go! The staking income is even more considerable than that of Polkadot natively. The key is that the income earned is automatically reinvested for you, so it’s hard not to make money. The security level of multi-signature has also been raised to a new height. High-end solutions such as variable multi-signature and nested multi-signature are easy to use in Mimir, and they can be smoothly connected with other applications. These are real benefits for multi-signature users!
This combination combines the advantages of Bifrost and Mimir. The combination of cross-chain and multi-signature makes multi-signature users on Polkadot even more powerful! Bifrost's powerful cross-chain capabilities allow multi-signature users' assets to move freely between major chains and participate in various DeFi gameplays; while Mimir's advanced multi-signature solution comprehensively upgrades the experience of multi-signature users from multiple dimensions such as account security and playability.
In short, cross-chain + multi-signature can be regarded as a heavyweight upgrade of the Polkadot ecosystem. The cooperation between Bifrost and Mimir will greatly expand the application scenarios of multi-signature and allow more users to appreciate the charm of multi-signature. At the same time, it will also strongly promote the prosperity and development of the Polkadot multi-chain ecosystem, making the DeFi pie bigger and more evenly divided.
How do I use the Bifrost App with Mimir?
1. Log in to Mimir website (https://app.mimir.global).
2. Click "Apps" in the left menu bar to enter the application page, then select "Bifrost App" in the upper right corner of the page and click "Enter" to enter.
3. Click "Trade" in the menu bar and select the token you want to trade.
4. Click "Trade", Mimir will pop up a confirmation window, just click "Confirm". As for other operations, there is no difference with the Bifrost App.
Just be careful, when connecting an account, make sure it is consistent with the account selected in Mimir. In addition, before performing a cross-chain operation, please confirm whether the target address exists on the target chain, otherwise the assets may be lost.
Bifrost and Mimir basic introduction
1. About Bifrost
Bifrost is a Web 3.0 infrastructure that provides cross-chain liquidity for staking. It provides decentralized, cross-chain Liquid Staking services for multiple chains through the Cross-Chain Communication Protocol (XCMP).
· Cross-chain interoperability: Bifrost always adheres to the principle of "interoperability" when designing the SLP protocol. On the one hand, the innovative Reward-Bearing dividend distribution model makes vToken easier to be integrated into the DeFi protocol; on the other hand, the unique "full-chain architecture" enables the SLP protocol to have excellent cross-chain integrability, which can fully tap the potential of the multi-chain ecology and create more superimposed benefits for users.
· Security and Decentralization: The Bifrost protocol runs in a completely decentralized manner, without custody risks. At the same time, in order to enhance the security of the parachain and incentivize appropriate validator behavior, Bifrost adopts Polkadot's Slash mechanism and Nominated Proof of Stake (NPoS) rules in a local solution called "Slash Risk Prevention and Control Mechanism".
Flexible staking strategies: Bifrost provides users with flexible and diverse staking strategy options, including fixed-term staking, flexible staking, etc., to meet different risk preferences and return expectations. At the same time, Bifrost has also launched an innovative leveraged staking tool, Loop Stake, through which users can leverage DOT, KSM and other Polkadot ecosystem assets with one click through Bifrost.dapp.
Liquidity pledge innovation: Bifrost's liquidity pledge model breaks through the shackles of traditional pledge. Users can redeem pledged assets at any time to participate in DeFi and achieve multiple income superposition. At the same time, Bifrost aggregates multiple PoS chains, uniformly casts and manages vTokens, improves the liquidity and capital efficiency of pledged derivatives, and brings users more flexible asset management and income strategies.
2. About Mimir
Mimir is an enterprise-grade multisig account management tool in the Polkadot and Ethereum ecosystem.
Support for multiple account types: Mimir not only supports standard multi-signature, but also introduces nested multi-signature and plug-in wallets. Nested multi-signature allows for hierarchical permissions within multi-signature accounts, and plug-in wallets can flexibly add various sub-wallets. This multi-level account system greatly improves the flexibility of multi-signature.
Transaction tracking: Mimir realizes real-time intercommunication of transactions between different accounts within nested multi-signatures. Account members can keep track of on-chain trends at any time, participate in multi-signature transactions efficiently, and improve multi-signature collaboration efficiency.
Third-party application integration: Mimir seamlessly connects to third-party DApps, allowing multi-signature accounts to directly participate in various DeFi activities. This greatly broadens the application scenarios of multi-signatures, especially for institutional users to manage and increase the value of large assets.
User-friendly: Mimir uses a simple and intuitive UI design to optimize the complex multi-signature operation process. Even ordinary users can easily get started and enjoy safe and convenient multi-signature services. At the same time, a detailed guide document is also provided so that users can get help quickly when they encounter problems.
