Bifrost announced its support for the Crust Crowdloan, Web3.0 storage for metaverse. Bifrost is committed to providing liquidity to locked assets between multiple chains and establishing a liquidity bridge between heterogeneous chains.
During this Polkadot crowdloan event, Bifrost will cooperate with Crust to help crowdloan participants access liquid derivatives of staked $DOT, creating innovative solutions for users participating in the Polkadot crowdloan and competitive opportunities under the multi-chain development pattern.
Bifrost’s advantage is to mint fully decentralized liquid derivatives based on the Kusama Parachain, and provide rich derivatives use cases for contributors participating in the Crust crowdloan, including derivative farming, liquidity mining, swaps and cross-chain token swaps. Support for the Crust crowdloan event will help Bifrost unlock a new opportunity with the Crust community to introduce the Slot Auction Liquidity Protocol (SALP), and encourage more users to participate in the Crust crowdloan.
Bifrost uses a combination of Polkadot multi-signature + Kusama Parachain for the SALP, to provide a more complete experience for the Crust crowdloan. This innovative crowdloan liquidity solution will give users the opportunity to increase capital utilization during the 96-week crowdloan lock-up period and make choices about their own risk appetite. Crust will assist Bifrost, provide technical support in the crowdloan docking process, and promote the long-term cooperation between Bifrost and Crust.
The integration is in the first phase, and a final version will be released once Bifrost onboards as a Polkadot Parachain. The multisig will be represented by onchain logic under the Bifrost SALP pallet, which will be the same as the Bifrost SALP mechanism on Kusama. Learn more about how SALP will evolve to full decentralization
Bifrost SALP for the Crust Crowdloan had already launched on https://bifrost.app/vcrowdloan, welcome to try it.
Crust Crowdloan
Crust plans to launch the Crowdloan for the second batch of parachain auctions on Polkadot, which will cover 5 auctions with a goal of raising 5,000,000 DOT. Crust’s parachain ID is 2008.
Rewards for Contributors
1 DOT will be rewarded with 0.2 CRU
Crust plans to bid for all 8 lease periods, and once succeeded, contributed DOTs will be locked for the duration of the parachain lease (24 months). Contributors will receive a reward of 0.2 CRU per DOT, and there are 1,000,000 CRU allocated to reward crowdloan contributors. 30% of rewards will be available to claim immediately, the remaining will be released 10% each lease period.
In addition to the base reward, earn up to 30% early bird bonus + total 10,000 CRU lucky draw for randomly selected （1 Dot get 1 lottery ticket）
Early bird (for Bifrost users)
Before 20th Jan. 2022: extra 30% CRU（1 Dot:0.26 CRU)
After 20th Jan. 2022: extra 20% CRU （1 Dot:0.24 CRU)
Regardless of whether Crust win the slot auction or not, we will have the lucky draw rewards for all contributors.
About Crust Network
Crust Network is essentially an IPFS incentive layer protocol and a substrate-based blockchain that builds a decentralized storage network of Web3.0 ecosystem. It is designed to build a decentralized cloud ecosystem that values data privacy and ownership.Crust Network is essentially an IPFS incentive layer protocol and a substrate-based blockchain that builds a decentralized storage network of Web3.0 ecosystem. Funded by DCF (Decentralized Cloud Foundation), it is designed to build a decentralized cloud ecosystem that values data privacy and ownership. The Crust mainnet was launched on September 1, 2021, and now has 7000+IPFS nodes and 2000+Pb storage capacity.
Website | Twitter| Facebook | Telegram| Discord | Subreddit
What is Bifrost?
Bifrost is the Polkadot Ecological DeFi basic protocol. It is committed to becoming an infrastructure for staked assets to provide liquidity. Bifrost launched derivatives vToken for Staking and Polkadot Parachain Slot (Crowdloan). It has obtained $2.15M in fund-raising from NGC, SNZ, DFG, CMS, and other institutions and Web3 Foundation Grant. It is also a member of the Substrate Builders Program and Web3 Bootcamp.
vToken can optimize transactions in multiple scenarios such as DeFi, DApp, DEX, CEX, and realize the transfer channel of stake rights such as staking and Crowdloan through vToken, realize the risk hedging of stake assets, and expand scenarios such as vToken as collateral for lending, its staking reward part of the interest can be offset to achieve low-interest loans.
Website | Github | Telegram | Medium| Twitter | Discord | Forum
Bifrost SALP Supports the Crust Crowdloan was originally published in Bifrost — DeFi for PoS. Staking and Liquidity. on Medium, where people are continuing the conversation by highlighting and responding to this story.
