Bifrost announced its support for the Phala Crowdloan, Web3.0 Privacy-Enhanced Permissionless Computing Protocol. 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 Phala 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 Phala crowdloan, including derivative farming, liquidity mining, swaps and cross-chain token swaps. Support for the Phala crowdloan event will help Bifrost unlock a new opportunity with the Phala community to introduce the Slot Auction Liquidity Protocol (SALP), and encourage more users to participate in the Phala crowdloan.
Phala Network tackles the issue of trust in the computation cloud.
By organizing a decentralized network of computation nodes around the world, it offers high performance service without relying on any cloud vendor. Phala’s workers run their programs in Secure Enclaves, a privacy technology already embedded into modern processors, which enables versatile and confidential execution. Together, Phala creates the infrastructure for a powerful, secure, and scalable trustless computing cloud.
As a member parachain of the Polkadot cross-chain ecosystem, Phala will be able to provide computing power to other blockchain applications while protecting the data layer, enabling possibilities like privacy-protected DeFi trading positions and transaction history, co-computing DID confidential data, developing light-node cross-chain bridges, and more.
On-chain services currently being developed on Phala Network include Web3 Analytics: high-performance smart contracts from Phala enable highly concurrent mass data analytics with privacy, paving the way for an alternative to Google Analytics that inherently respects individual confidentiality.
Bifrost uses a combination of Polkadot multi-signature + Kusama Parachain for the SALP, to provide a more complete experience for the Phala 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. Phala will assist Bifrost, provide technical support in the crowdloan docking process, and promote the long-term cooperation between Bifrost and Phala.
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 Phala Crowdloan had already launched on https://bifrost.app/vcrowdloan, welcome to try it.
Phala Crowdloan
- Auction cap: 8 mln DOT
- The total reward budget：100,000,000 PHA (10% of PHA’s total supply)
- Basic reward: DOT: PHA= 1:12
- Extra reward: 5%，only for Old Gangster.
- The Old Gangster Bonus: Contributors from the previous Khala Kusama auction will have a 5% extra reward, on top of the basic rewards. So will the Phala crowdloan contributors who have over 300 PHA on Khala address before block height #902400.
Click and check if you’re in the OG bonus list https://bit.ly/32zFT68
- Rewards Vesting: When Phala wins a slot and runs as parachain successfully, 15% of the total rewards (including basic and extra rewards) will be vested to contributors’ addresses immediately. The remaining 85% will be vested weekly over 96 weeks.
If Phala fails to win a slot between #6 — #11, Phala will drop out of the auction but initiate a public referendum to upgrade Khala Network into Phala Network on Kusama directly. We will join the auction when there is a better opportunity in the future.
About Phala Network
Phala Network tackles the issue of trust in the computation cloud. By organizing a decentralized network of computation nodes around the world, it offers high performance service without relying on any cloud vendor. Phala’s workers run their programs in Secure Enclaves, a privacy technology already embedded into modern processors, which enables versatile and confidential execution. Together, Phala creates the infrastructure for a powerful, secure, and scalable trustless computing cloud.
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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.
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Bifrost SALP Supports the Phala Polkadot 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.
