Crab Parachain recently released a cross-chain connection with Bifrost using XCM. The platforms will soon launch the BNC token and CRAB token on the networks now that HRMP channels are live.
Once users deposit Binance Coin on the Crab network, the tokens can be accessed and utilized across the ecosystem. They can also be used in Bifrost’s single-platform decentralized finance functionalities.
The XCM integration established between Bifrost and Crab Parachain was conducted via remote on-chain governance, and Crab Parachain has achieved remote governance using the Darwinia Message Bridge.
On the other hand, the collaboration with Subsquare is also helping CRAB holders to participate in on-chain activities. In addition, it offers an outlet for learning and discussion. Token holders can now use Subsquare or Polkadot to vote on network activities and plans.
Crab Parachain also released an official post to inform users about the development. In the post, the network mentioned that Crab token holders could directly join the governance framework on the network.
As a Web3 derivative protocol, Bifrost offers decentralized cross-chain liquidity. Using XCM, the protocol can offer cross-chain liquid staking solutions across multiple chains. Bifrost’s current objective is to enable standardized cross-chain interest-bearing derivatives for Polkadot.io parachains, heterogeneous chains, and relay chains.
The network has raised more than 2 million dollars from venture capital firms like CMS, SNZ, NGC, DFG, and other projects. Besides being an early Web3 Foundation Grant winner, the protocol is also one of the Web3 Bootcamp and Substrate Builders Program members.
On the other hand, Crab acts as a canary network that operates similar to the Kusama network. The network is connected to Kusama, EVM-compatible, and substrate-based. With Crab 1232 runtime upgrade on the way, the partnership will also gain immense value.