A Review of the Bifrost Slot Auction Highlights
Foreword
At 8:17 am UTC on July 20, the auction for the first batch of Kusama parachain slots has come to an end, with Bifrost successfully bidding for the 5th slot in the first batch of Kusama parachain with 142,430.9241 KSMs, higher than the number of KSMs bid for the first two slots. Of these, 136,816.2021 KSMs were successfully voted into the Kusama Crowdloan, with the remaining 5,614.7220 KSMs to be injected into Bifrost SALP’s embedded Bancor liquidity pool as base liquidity for vsKSM, providing mint users with derivative liquidity for vsKSM in the early days of staking.
Next, Bifrost will soon be working on the deployment of the modules once we are connected to the parachain, completing the code audit of the SWAP module and the issuance of BNC rewards and vsToken liquidity derivatives. The article ends with a list of Bifrost’s near-future plans following a successful slot auction. This article will take you through the Bifrost Kusama parachain auction from start to finish.
Eve of Chaos
“We are building bleeding — edge, experimental technology, which means there are no promises about what Kusama will do or how it will work — expect a lot of chaos (and a little fun).” — Gavin Wood
SALP
After vToken successfully provided ETH 2.0 Staking liquidity through SLP protocol, Bifrost released the first Slot Auction Liquidity Protocol on April 21. Up to now, some project parties of Polkadot ecology have already communicated about the cooperation of SALP to provide liquidity, and Bifrost will empower other ecological projects to bid for slots through SALP in the future.
Reservation Period
On May 12, 34 days before the official Kusama Parachain auction, the vsKSM Mint Drop reservation campaign fired the first shot at the Bifrost slot auction. Approximately ⅓ of Kusama addresses participated in the Bifrost reservation campaign, with 43,720 addresses and 445.41 vsKSMs minted. CHUNGE, POCKET, and CL6217 are the top three invitation codes that are filled in the most, and they were used 1,792, 1,482, and 779 times in the reservation activity respectively.
The minting and inviting rewards for the reservation period are also known as guaranteed rewards. A total of 9,732.0701 BNCs will be awarded during the reservation period, including 8,908.2 BNCs for the reservation mint and 823.87 BNCs for the friends invite. The guaranteed and success rewards will be awarded to the address of your KSM minting address once the Bifrost Dapp supports the check function. vsKSM and vsBond will may need to be claimed manually on the Dapp. After the BNC rewards are issued, you can check your balance by logging into the Bifrost Dapp import address. Bifrost Dapp: https://apps.vtoken.io
From May 12 to June 10, nearly a month of Bifrost KSM slot bidding was reserved. From the mint https://ksm.vtoken.io webpage, the number of page views during the reservation campaign reached 196,096. A total of 63,000 people viewed the campaign, with 61,000 new users, or 96.83%. Many participantors also created personal invitation codes or videos on Youtube, Twitter and Telegram to introduce and invite more friends to participate.
Chaos In Progress
On June 10th, Bifrost hosted the online Press conference DeFi New Paradigm — and Bifrost Kusama Parahain Auction Launch. At the event, we invited MathWallet, Zenlink, Patract and PolkaWorld, who are also partners in the Polkadot ecosystem, to a roundtable discussion on the future of combinability in the Polkadot ecosystem. In addition, Qinwen Wang, Head of the Web3 Foundation China Community and member of the Polkadot Network Board, and Yin Cao, Managing Director of the Digital Renaissance Foundation, presented their views on the Polkadot smart contract and the Kusama slot auction competition.
At the end of the launch, Bifrost co-founder Lurpis announced the detailed rules for the Bifrost Kusama slot auction and the opening of the official whitelist bidding. After 24 hours of opening, over 2,000 vsKSMs were successfully minted. At the same time, Bifrost also airdropped a total of 50,000 BNCs to all addresses that participated in the reservation period.
Official Period
At 2 pm UTC on June 14, Bifrost Kusama Crowdloan went live (Parachain ID 2001). bidding began on Bifrost using the main (non-Canary Network) network. In addition, a number of platforms have opened voting channels for Kusama slot bidding, and Bifrost has partnered with Euromoney, Kraken, Fearless, Nutbox, Gate, MXC, as well as TokenPocket, imToken and MathWallet, which support vsKSM Mint Drop, before and after We have also partnered with In addition, RMRK has partnered with NFT protocol RMRK also facilitate Bifrost Parachain Bidding by Distributing Limited NFTs.
Bifrost received a total of 142,430.9241 KSMs in this campaign, of which 112,303.1704 KSMs were voted for from vsKSM Mint Drop, for a total of 45,969 addresses. The same number of vsKSMs and vsBonds were also successfully generated. The number of KSMs voted directly to Kusama Crowdloan was 18,754.1283 KSMs, for a total of 938 addresses; the number of KSMs voted from OKEx was 1,600.3356, for a total of 282 addresses; the number of KSMs voted by Nutbox was 5,028, for a total of 10 addresses; and the number of Kraken votes was 2304.4076. Kraken voted for 2,304.4076 KSMs; Fearless voted for 785.13 KSMs, for a total of 108 addresses; MEXC voted for 1,591 KSMs; and Gate.io voted for 64.7525 KSMs, for a total of 43 addresses.
A total of approximately 47,350 (including reserved addresses) addresses voted in the auction, with an average of 3.008 KSMs minted per address.
200% Rewards Boost up & Asgard Heroes
During the auction sprint program, Bifrost has launched a number of incentives activities to motivate more participants to vote for KSM. On June 30, the rewards were increased to 200%. The campaign was open to all voting addresses with double rewards, from 1 KSM : 11+ BNC to 1 KSM : 22+ BNC, and the invitation bonus was increased to 5.5%. From the start of the campaign to the end of the auction on July 8, a total of 25,306 KSMs were voted for Bifrost.
On July 6, Bifrost announced the Leading Incentive Program. The campaign is designed to incentivize minters to help Bifrost close the KSM voting gap with the next candidate. When Bifrost is in the first-place candidate and has a certain amount of lead over the second-place candidate, all backers who participate in the Bifrost slot bidding will receive an additional bonus bonus. A total of 22,707 KSMs have been voted for Bifrost since the program was announced.
On July 8, the bidding went into overdrive. Based on the Leading Incentive Program, Bifrost has added a new way to play Asgard Hero Rewards. Mint addresses that help Bifrost reach its lead goal will become Asgard Heroes. As of the last round of hero voting, the top five hero addresses and titles are:
By the time the candles went out, the campaign had generated a total of 47,600 KSMs votes for Bifrost.
NFT Kanaria Trait
During the Bifrost bidding period for KSM slots, anyone participating in the Bifrost Crowdloan with at least 10 KSM will be able to claim a special Kanaria trait (sub NFT) using the same encrypted address that can be equipped on a Kanaria bird, which will make this Kanaria bird even rarer and more special.
Currently, more than 10 KSMs votes have been submitted to the NFT protocol RMRK, which will design the look and skills for Kanaria birds and traits. Once the design is complete, eligible users will be able to claim it, and the rules will be released when the Kanaria trait goes live.
Over the course of the campaign, the Bifrost Mint campaign page received 280,159 total views and 90,000+ unique visitors. Daily activity averaged at 1K visitors and reached 25,000 in the last 30 days. The top six geographic regions for views were Asia, North America, Europe and South America, with more than half of the views coming from Asia (68.89%).
Expecting Chaos
With the conclusion of this very significant Kusama slot auction, Bifrost will also continue to move forward with its goals. The next steps to be taken include the following.
- About Reward Issue: The BNC reward details will be tallied and a balance check portal will be provided in the Bifrost Dapp. In the next week, BNC rewards will be distributed to all community partners who voted for Bifrost in the slot auction.
- Parachain Deployment Related: First, we need to complete the deployment of parachain, so that Bifrost chain, as the parachain of Kusama, can start to stable out blocks, and then complete the code audit of SALP and deploy it on the parachain, after completion, SALP will be able to empower more bidding projects in the subsequent bidding activities and release KSM liquidity. In addition, in order to allow vsKSM and vsBond holders to enjoy liquidity as soon as possible, we will also complete the code audit and deployment of the SWAP module.
- Governance: We will gather POA board members to enable all features of Bifrost Parachain through an on-chain public voting, including removing sudo (super admin) for fully decentralized network upgrades, and enabling BNC transfers.
- Ecological Cooperation: On July 25, Bifrost co-founder Lurpis will participate in Infinite Future — 2021 4th World Blockchain Conference Hangzhou, hosted by 8btc, one of crypto medias, to communicate with moderator Xiaojie and other projects within the Polkadot ecosystem at a roundtable on Polkadot topics. In September, Bifrost will exhibit as a sponsor at 2021 Shanghai Blockchain International Week 7th Blockchain Global Summit. From September 14 to September 15, Bifrost will be exhibit and sharing at the W Hotel on the in Shanghai.
The success of the Kusama slot auction is a milestone for Bifrost. Through this auction, Biforst gained the opportunity to be the first to enter the Polkadot ecosystem and fully realize the combinability of derivatives. In addition, the bidding process validates the great advantages of the SALP business and completes the first step in the application of SALP business on the ground. In the future, Bifrost will give full play to its first-mover advantage as a parachain to promote the application and ecological development of derivatives.
What is Bifrost?
Bifrost is the Polkadot Ecological DeFi basic protocol. It is committed to becoming an infrastructure for pledged 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 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 pledge rights such as staking and Crowdloan through vToken, realize the risk hedging of pledge 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.
