In April 2022, Bifrost announced its support for the Polkadex crowdloan, a fully decentralized peer-to-peer orderbook-based cryptocurrency exchange for the DeFi ecosystem built on Substrate 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 Polkadex 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.
Polkadex have now opted to set up a two-chain system to combine the advantages of having a parachain with the flexibility of the Polkadex network. In this set-up, the Polkadex network will have all Polkadex products on top of it, as well as Thea, which means it will be connected to Ethereum (and other blockchains further down the line).
The Polkadex parachain will connect Polkadex to the Polkadot network and all its parachains and their respective assets. The two networks will be joined by a Substrate to Substrate bridge (Parity technology) in the backend. Meanwhile, frontend users will not see any friction and the two networks will work as one seamless system.
Bifrost’s advantage is to mint fully decentralized liquid derivatives based on the Kusama Parachain. Support for the Polkadex crowdloan event will help Bifrost unlock a new opportunity with the Polkadex community to introduce the Slot Auction Liquidity Protocol (SALP), and encourage more users to participate in the Polkadex crowdloan.
Bifrost uses a combination of Polkadot multi-signature + Kusama Parachain for the SALP. 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. Polkadex will assist Bifrost, provide technical support in the crowdloan docking process, and promote the long-term cooperation between Bifrost and Polkadex.
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 now supports Polkadex Crowdloan, welcome developers and users to contribute Polkadex Crowdloan and use the derivatives assets.
Contribute for Polkadex Crowdloan: https://bifrost.app/vcrowdloan?tab=dot
Polkadex Crowdloan Rules
- ParaID: 2040
- DOT Cap: 1M
- Crowdloan rewards: 2M PDEX (10% of the total supply)
- Base reward: 2+ PDEX
- Additional: Polkadex special utility NFTs to Top-1000 contributors, with exciting benefits, including a 20%-50% discount on Polkadex Orderbook trading fees.
- Vesting: 25%: Immediate unlock & 75%: Linear unlock over 96 weeks.
- Lease: 8–15 (96 Weeks)
About Polkadex
The long-term vision for Polkadex is to interoperate with all blockchain ecosystems to bring assets to trade and create the next generation of regulated decentralized exchange without compromising user experience.
Polkadex brings liquidity via the Parachain in the Polkadot and Ethereum ecosystem via the Thea protocol.
It allows listing tokens from all the other parachains, ethereum, and potentially all the other parachains that will come in the future. Polkadex traders can use this liquidity for trading activities like Spot Trading (for now), Margin, Futures, Derivatives, etc. ( in the coming future).
The matured version of Polkadex will look like NYSE with crypto for trading, and Polkadex be the go-to exchange for people to trade public company shares, crypto, and fiat-fiat. At the same time, without compromising user experience and regulatory compliance.
About Bifrost
Bifrost is a web3 derivatives protocol that provides decentralized cross-chain liquidity for staked assets. By leveraging on the cross-consensus message (XCM) it can provide cross-chain liquid staking services for multiple chains.
Bifrost’s mission is to provide standardized cross-chain interest-bearing derivatives for Polkadot relay chains, parachains, and heterogeneous chains bridged with Polkadot. Furthermore, by aggregating over 80% of PoS consensus chains’ staking liquidity through cross-chain derivatives, our protocol lowers users’ staking threshold, increases multi-chain staking ratio, and improves the ecosystems application interest base, by creating a three-way positive cycle for the StakeFi ecosystem by empowering users, multi-chains, and ecosystem applications.
Bifrost has raised over USD 2M from top-tier venture capital firms by the likes of NGC, SNZ, DFG, CMS and other institutions. In addition to being an early receiver of a Web3 Foundation Grant, Bifrost is also a member of the Substrate Builders Program and the Web3 Bootcamp.
Bifrost SALP Supports the Polkadex 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.
