Upgrade to Runtime 0.8.3 is complete, and the basic modules governance and treasury are now open

Following the v0.8.2 upgrade on August 21, the new v0.8.3 upgrade is now available for v0.8.3, which brings basic module features such as Governance and Treasury online and prepares the ground for the removal of the Sudo (Super Administrator) module, while vsKSM and vsBOND have been distributed and can be accessed and used in the following ways.

Runtime Upgrade

This POA governance Runtime update through sudo provides the following features:

Democracy, Council, Treasury, Bounty, and Tech.comm are the sub-modules that make up the whole governance module. BNC holders can participate in governance at this time, but they cannot run for the Council at this time.

Handling Fee Module (KSM)

The fee payment mechanism supported by the module is KSM. When utilizing Bifrost mainnet, the user will be charged BNC as a handling fee by default; if BNC is insufficient, a predetermined percentage of KSM will be taken.

The Next Step
Bifrost will provide cross-chain capabilities through XCM and xToken in the upcoming Runtime update. Bifrost SALP will be able to leverage XCM ump transact to perform decentralized slot bidding after the voting on Proposal 129#. (Crowdloan Contribution).

About Bifrost

Bifrost is the Polkadot Ecological DeFi fundamental protocol and it is dedicated to establishing a liquidity infrastructure for staked assets. Bifrost released the vToken for Staking and Polkadot Parachain Slot variants (Crowdloan). It has raised $2.15 million from the NGC, SNZ, DFG, CMS, and other institutions, as well as a Web3 Foundation Grant. It’s also a part of the Web3 Bootcamp and the Substrate Builders Program.

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