In July 2021, after successfully bidding for one of the first Kusama slots, Bifrost then deployed the SALP protocol on the chain, went live and integrated the cross-chain message XCM, supporting the demand for slot bidding for subsequent projects in a decentralized manner for the first time. At the same time, the HRMP channel was opened with other parachains to open cross-chain interaction and further expand its business.
As more and more Polkadot and Kusama ecological projects take part in the slots auction, the auction gradually enters into normalization. Many projects are also deployed across parachains through multiple chains, so that the cost of slots auction is gradually reduced.
Objectively, the slots are not fundamentally different from each other, so Bifrost will choose the right time to build a cross-chain StakeFi ecosystem through SLP and SALP protocols and capture the value from it before bidding for Polkadot slots depending on the development of the project. In the middle of this month, Bifrost is expected to open a formal auction for the Polkadot Crowdloan.
Crowdloan Reserve
Bifrost will open reservations today, April 7, and DOT holders can reserve in advance by subscribing to the Bifrost Polkadot Crowdloan website and entering their Polkadot address. As with the Kusama slot auction, users will be able to contribute for the Bifrost Crowdloan via both SALP and Polkadot js. Reserve website: https://crowdloan.bifrost.app/
The following are crowdloan reward rules:
- Basic reward: TBC
- Early bird reward: vote during the official auction and receive an additional 20% BNC per DOT
- Invitation reward: each person who invites and the one invited will receive an additional 15% BNC reward for each DOT
- Channel reward: participate in voting through SALP and get an additional 0.1 BNC per DOT
The Last Winner
Following the Asgard Hero competition during Kusama slot auction, Bifrost will also launch a new participation activity, The Last Winner, during the official auction of Polkadot parachain. The initial prize pool for the Last Winner is 5000 BNC, and the last participant before the end of each countdown will receive all rewards in the prize pool.
In addition to the initial prize pool, Bifrost will add an additional 5% to the prize pool based on the number of BNC rewards received by the contributor, and the more DOTs contributed by the contributor, the larger the prize pool.
Bifrost will announce the official auction time by email before the end of the reservation according to the progress of slot auction. Partners can make an reserve for this auction as soon as possible. Welcome to Bifrost Polkadot Crowdloan for the first time. In the future, after successfully bidding for Polkadot parachain slots, Bifrost will migrate from Kusama to Polkadot to develop the ecology and explore cross-chain applications with more Polkadot parachains.
What is Bifrost
Bifrost is a web3 derivatives protocol that provides decentralized cross-chain liquidity for staked assets. By leveraging on the cross-chain 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.
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Bifrost Polkadot Crowdloan Reserve go live now 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.
