NOTE: This is crossposted at Kusama Polkassembly
According to Statemine’s latest progress, unidirectional cross-chain (Statemine => Bifrost) may be a feasible way in the short term. Bifrost hopes to prioritize establishing a unidirectional HRMP channel with Stamine to bring more assets such as USDT and other external assets into parachain ecology.
Kusama needs more external assets to meet the needs of users. For Bifrost, completing the cross-chain with Statemine will push us to achieve the following application scenarios:
Issue vToken to external POS chain
In the future, more public chains may choose to issue their native tokens on Statemine, and Bifrost will make liquid derivatives for the native tokens of external PoS chains, such as vSOL, vAVAX, etc.
vsToken bond market
vsToken liquidity derivatives have contract properties. With sufficient assets, users will demand derivatives such as borrowing, leverage, and bonds. In the future, the combination of vsToken + vsBond will have a particular exercise period, and users can realize bond trading.
Add more trading pairs to Zenlink DEX
Bifrost parachain has integrated Zenlink DEX Pallet. Assets will create more trading pairs in Zenlink, and use Bifrost and other parachain HRMP channels to complete multi-chain routing to connect the liquidity between different layer-1.
Due to the issue, it is not yet possible to reserve transfer assets back to Statemine. There are several pull requests related, including 806, 4470, 833, trying to resolve this. However, it seems to be not finalized yet, so that we may start with Statemine → Bifrost unidirectional channel first.
Also, notice that proposal raised by Acala already. Perhaps we can make multiple channels initialized open requests in a batch call.