In June 2022, Bifrost announced its support for Amplitude on Kusama Crowdloan. Amplitude is going to launch as a canary network of its sister blockchain, Pendulum. It will act as a testing ground for applications and network parameters for Pendulum. Unlike a traditional testnet, users can interact on the Amplitude chain with real financial consequences.
In this integration, Bifrost will cooperate with Amplitude to help their Crowdloan participants access liquid derivatives of staked KSM, creating innovative solutions for users participating in the Kusama Crowdloan and competitive opportunities under the multichain development pattern.
The Amplitude team & its aspiring developers can test changes on Amplitude through forkless runtime upgrades before any possibility of deploying them directly on the Amplitude Parachain. This way, Kusama can provide an experimental proving ground and a “first-to-market” experience that helps reinforce the security and “best-to-market” environment found on the Polkadot Network. This also allows Amplitude to act as a proving ground to the broader community before seeking a full launch on the Pendulum Polkadot parachain.
Bifrost’s advantage is to mint fully decentralized liquid derivatives based on the Kusama parachain. Support for the Amplitude Crowdloan will help Bifrost unlock a new opportunity with the Amplitude community to introduce the Slot Auction Liquidity Protocol (SALP) and encourage more users to participate in the Amplitude Crowdloan.
Bifrost uses a combination of Polkadot multi-signature + Kusama Parachain for the SALP. This innovative Crowdloan liquidity solution will allow users to increase capital utilization during the 48-week Crowdloan lock-up period and make choices about their risk appetite. Amplitude will assist Bifrost, provide technical support in the Crowdloan docking process, and promote the long-term cooperation between Bifrost and Amplitude.
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 the onchain logic under the Bifrost SALP pallet, the same as the Bifrost SALP mechanism on Kusama. Learn more about how SALP will evolve to full decentralization.
Bifrost SALP now supports Amplitude Crowdloan. We welcome developers and users to contribute to Amplitude Crowdloan and use the derivatives assets. Contribute to the Amplitude Crowdloan here: https://bifrost.app/vcrowdloan?tab=ksm
Amplitude Crowdloan Rules
Amplitude Crowdloan allows users to raise the required KSM to secure a parachain slot on Kusama and to distribute AMPE tokens to the earliest supporters in the community. KSM contributed to a successful crowdloan will be locked for the duration of the parachain lease for 48 weeks.
Contributors to Amplitude successful crowdloan will receive AMPE tokens over the course of 48 weeks according to our vesting schedule. The contributed KSM will be unlocked trustlessly and automatically after 48 weeks and returned to contributors.
Crowdloan Details
- Lease period: 48 weeks
- Vesting:
- 25% released upon TGE (token generation event)
- 75% released linearly over 48 weeks
- Eligibility: Users must agree to Terms and conditions, No KYC required
- Bonus Structure:
- Up to 13% bonus
- 10% for joining the waitlist and contributing via your own referral link
- 3% for completing Amplifier Campaign to boost your referral link
- Friend Referrals
- Up to 13% bonus (split 6.5% between referrer and referee)
- Split 10% (5% each) on each contribution by your referrals
- Split 13% (6.5% each) on each contribution by your referrals if you complete the Amplifier Campaign.
- Contributing: You can contribute via our website once the crowdloan is live
- KSM Lockup Period: 48 weeks
- Token Received: AMPE
More Amplitude Crowdloan details: https://medium.com/pendulum-chain/claim-your-amplitude-kusama-crowdloan-waitlist-spot-today-d0070c32e415
About Amplitude
Pioneering the internet of fiat. Amplitude is the sister network of Pendulum on Kusama. It will act as a testing ground for Pendulum applications and network parameters and be powered by the AMPE token. Developed by Satoshipay.
About Pendulum
Building the missing link between fiat and DeFi through a fiat-optimized smart contract blockchain based on Polkadot’s Substrate. Allowing traditional finance fiat services to integrate with DeFi applications such as specialized forex AMMs, lending protocols, or yield farming opportunities. Developed by SatoshiPay.
Keep your eyes on the Pendulum!
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Bifrost SALP Supports Amplitude Kusama 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.
