Bifrost, Coinbase Cloud collaborate to offer cross-chain liquid staking on Kusama
Cross-chain liquidity provider Bitfrost is collaborating with Coinbase Cloud to offer its liquidity staking service on the Kusama network, according to a Sept. 6 announcement.
Bifrost Built using a cross-consensus messaging (XCM) system that allows for easier transfer of staked asset liquidity across the Polkadot ecosystem.
This collaboration sees Bifrost in action coinbase clouds staking infrastructure provides stable network performance with Kusama validators. Kusama users can stake KSM and receive corresponding liquid vKSM.
Thibault Perréard, Bifrost’s head of business strategy, said the collaboration will provide the level of support and expertise needed to scale the business.
The statement added:
This collaboration will bring an additional layer of quality, credibility and publicity across Bifrost and Liquid Staking, increasing user engagement and building a trusted network of Liquid Staking DeFi communities.
Bifrost will extend its cross-chain liquidity solution to other parachains such as Polkadot, Moonriver and Moonbeam in the next release.
Liquid staking on the rise
Lido Finance has been at the forefront of fluid staking trends since December 2020. 13 million ETH Lido deposited on the Beacon chain accounts for 31% of all staked Ethereum.
Coinbase follows Lido closely. 15% market share. The cryptocurrency exchange recently launched a liquid staking token cbETH. Users who stake ETH through the platform will receive cbETH representing the ETH staked, accruing interest over time.
As expected for the Merge mount, users are locking more ETH across staking pools. On September 1st, 94,000 of his new ETH was staked within 24 hours.
On September 1st, 94,000 new ETH were staked in a single day. This is his biggest one-day stake since May this year. Currently, the number of staked Ethereum consensus layer contract addresses has grown to 13.522 million, accounting for 11.3%. https://t.co/cZZpQpOkK9
— Wu Blockchain (@WuBlockchain) September 5, 2022
