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Polkadot‘s Largest LST - vDOT, Reached $2.2M Supply Cap On Hydration MM Within 15 Hoursby@chainwire

Polkadot‘s Largest LST - vDOT, Reached $2.2M Supply Cap On Hydration MM Within 15 Hours

by Chainwire
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Chainwire

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The world's leading crypto & blockchain press release distribution platform.

January 10th, 2025
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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.
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@chainwire

The world's leading crypto & blockchain press release distribution platform.

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STORY’S CREDIBILITY

Press Release

Press Release

This is a PR written by or for the company mentioned within it. The writer has a vested interest in the company and products mentioned within.

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.

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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 app.bifrost.io or follow Bifrost on X.

About v DOT

Bifrost’s vDOT, short for "voucher DOT," is a reward-bearing liquid staking token (LST) issued by the Bifrost Staking Liquidity Protocol. vDOT represents staked DOT on the Polkadot Relay Chain and accrues staking rewards, reflected as an increase in its value rather than its quantity.


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

Bifrost is a liquid staking appchain tailored for all blockchains, utilizing decentralized cross-chain interoperability to empower users to earn staking rewards and DeFi yields with flexibility, liquidity, and high security across multiple chains.

Contact

Wonder

wonder@bifrost.io

This story was distributed as a release by Chainwire under HackerNoon’s Business Blogging Program. Learn more about the program here





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