Introduction
We think that Readable, Writable, and Ownable are the three main features of Web3. Among them, “Ownable” is the most subversive feature of Web3 compared with Web2.
In the Web3 world, holding a private key can completely own your assets, and because the address is anonymous, the protocol does not need to know who you are to provide you with various services such as financial, social, collection, etc. As Web3 develops, the address gradually evolves into your identity in the Web3 world, which records everything that happens to you in the Web3 world.
To enable the value of identity to be deposited, Bifrost has launched the Rainbow Boost On-Chain Incentive program, which will record and tag specific actions that occur on the Bifrost chain for user addresses, accumulate the value of addresses on the Bifrost chain, provide reference for address loyalty and on-chain identity (DID) data, and build community consensus.
Rainbow Boost & Raindrop
Rainbow Boost is a system for tagging, crediting, and incentivizing the behavior of addresses on the Bifrost chain, and Raindrop is an entry rewarded to an address for meeting certain behaviors during the Rainbow Boost program. To ensure the validity of Raindrop issuance, Rainbow Boost will be open on a periodic basis for specific behaviors, and Raindrop will be issued or deducted for different behaviors to achieve a quantitative record of address behaviors.
The more Raindrop you have, the more active, loyal and engaged you are, and the more privileges you will receive in the Bifrost community, Bifrost will offer Token, NFT airdrop, whitelist priority, bonus and other incentives to the top Raindrop holders from time to time. Bifrost plans to use Raindrop as the value base of on-chain data for future cooperation with on-chain identity (DID) projects.
The long-term value of Raindrop
The core spirit of blockchain is decentralization against monopoly interests and exploitative economies, and a closed shareholder equity system is not what we want. We want to give ownership of the network to users who participate in the network through fair rules based on verifiable on-chain behavior. Because the more deeply involved users are in the network, the more value they tend to create for the network.
Bifrost Being a decentralized protocol, Raindrop can also be understood as a quantification of the encouraged on-chain behaviors. Users who consistently generate these behaviors will earn more Raindrops, and correspondingly more equity. These entitlements will eventually be reflected in the right to govern Bifrost, meaning that Bifrost will capture those who are willing to provide long-term value as its owners.
The First Rainbow Boost
The first Rainbow Boost will be launched on May 16 at 10am HKT. As time flies, this marks the first anniversary of the first Kusama Crowdloan, which began in 2021, Bifrost will be conducting a Raindrop airdrop for all addresses participating in the Kusama Crowdloan, a five-parachain project of Karura, Moonriver, Shiden, Khala, and Bifrost. Also on the airdrop list are addresses that successfully completed the Karura BNC Boostratp as one of the first to support BNC transactions. A snapshot of the data has been completed with a total of 21,365 addresses and details of the airdrop can be found in the Bifrost Dapp at https://bifrost.app/dashboard/boost
In conjunction with the staking liquidity protocol SLP & the first Rainbow Boost launch, Bifrost will launch a vKSM minting incentive. During the Rainbow Boost, Bifrost will do co-marketing with Karura, Moonriver, Shiden, and Khala parachains to reward the first Raindrop holders with KAR, MOVR, SDN, PHA, and BNC Token. More rules will be announced soon.
What is Bifrost
Bifrost is a Web3 derivatives protocol that provides decentralized cross-chain liquidity for staked assets. Leveraging the cross-chain message (XCM) can provide cross-chain liquid staking services for multiple chains.
Bifrost has raised over USD 2M from top-tier venture capital firms by 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.
Website | Github | Telegram | Medium| Twitter | Discord | Forum
Bifrost Launches Rainbow Boost Program, First Raindrop Airdrops to Open Soon 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.
