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How to liquid stake MOVR & GLMR with Bifrost ?
2022 / 11 / 25 09:31

Currently, Bifrost launched MOVR staking (Moonriver Token) and GLMR staking (Moonbeam Token) with liquid way yesterday. Users can put MOVR and GLMR into Bifrost, and then stake and mint them into vMOVR and vGLMR.

vMOVR/vGLMR holders do not need to manually claim the Staking reward, the Staking reward will be automatically distributed to the redemption pool and reflected in the form of an exchange rate increase. In addition, you can also participate in LP Framing with vMOVR/vGLMR. The LP Farming pools of vMOVR and vGLMR will be respectively launched on November 28th and December 5th . At that time, minted vMOVR and vGLMR can be added to the liquidity pool to earn LP Farming income.

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LP Farming Pool launch time

  • November 28 at 1pm in UTC: vMOVR-MOVR LP Farming
  • December 5 at 1pm in UTC: vGLMR-GLMR LP Farming

If you have already started GLMR and MOVR staking before vMOVR/vGLMR goes online, you need to unstake first, and after the waiting period (MOVR: 48 hours, GLMR: 7 days) is over, use the unstaked MOVR/GLMR to mint vMOVR/vGLMR.

This article will take you through how to start GLMR & MOVR staking through Bifrost Dapp for staking asset liquidity.

Stake/Mint Tutorial

  1. Log in to Bifrost Dapp and enter vMOVR

Note: vMOVR is mint on the Bifrost Kusama network, and vGLMR is mint on Bifrost Polkadot. Click on the upper right corner to switch networks. This tutorial will take vMOVR as an example, and vGLMR is also applicable.

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  1. Click on Cross in in the minting screen to jump to the Moonriver network and cross in MOVR

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  1. In the Cross Chain Assets section, select Moonriver MOVR — withdraw

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  1. Select Chain — Bifrost, then paste in the address of the Bifrost you want the MOVR staking to cross in and enter the MOVR amount

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  1. After confirming and completing the signature, return to the Bifrost Dapp and enter the number of minting vMOVRs, then click Mint

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  1. After successful minting, you will be able to see your MOVR staking and income status, as well as the number of liquid staked assets vMOVR on the top.

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  1. At 9pm on November 28 in UTC, add liquidity to vMOVR-MOVR LP farming via bifrost.app/swap?tab=liquidity

vMOVR & vGLMR are the first parachain staking derivatives to be launched by Bifrost. After vDOT & vKSM, it is also another staking derivative based on XCM minting. XCM-based cross-chain communication will also give vMOVR & vGLMR the opportunity to circulate on any parachain and be integrated with any DeFi application in the Dotsama ecosystem, which will provide a wide range of scenarios for vMOVR & vGLMR to be used.

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