Bifrost Polkadot Parachain Goes Live: Roadmap, Cross-Chain Integration of Polkadot and Kusama Ecosystems
Successful bid on Polkadot Parachain
On June 5, 2022, Bifrost went live with Polkadot Parachain. As announced before the auction, Bifrost participated in the 16th, 17th, 18th, and 19th auctions for the Polkadot Parachain slots and has successfully won the 18th slot with a two-year (96-week) slot lease. By generating vTokens to free up locked DOTs in Crowdloan, users participating in the Bifrost slot auction enjoy maximum liquidity.
In July 2021, Bifrost successfully bid for one of the first Kusama slots, officially deploying the SALP protocol on the chain, going live, and integrating the cross-consensus message format XCM to support the needs of subsequent projects in a decentralized manner for the first time. SALP protocol went live and integrated the cross-consensus message format XCM, supporting the demand for slot bidding for subsequent projects in a decentralized way for the first time. At the same time, it opened the HRMP channel with other parachains to open cross-chain interaction and further expand its business.
In the first two quarters of 2022, Bifrost upgraded and launched SALP 2.0, going live with Convert functionality to help users and organizations continue to participate in auctions, increase asset freedom, and unlock unlimited liquidity. In May of the same year, the SLP protocol went live, and vKSM was officially launched on the trading platform. Bifrost hopes to activate 80% of the PoS public chain’s capital utilization through the SLP protocol while enhancing consensus security and promoting the activity of Staking’s governance Token.
Bifrost will contribute to a cross-chain StakeFi ecosystem through the SLP and SALP protocols, actively bidding for Polkadot slots and contributing to more liquidity release solutions.
Crowdloan Full Review
The success of this auction was due to the investors who participated and contributed to the liquidity protocol created by Bifrost and the scientifically developed strategy for the entire process. Let’s review the complete process of this crowdloan auction.
Bifrost officially opened the reservation on April 7. DOT holders could subscribe to the email address and enter the Polkadot address through the Bifrost Polkadot Crowdloan website to make a reservation in advance. About 270+ addresses were participating in the Bifrost reservation campaign. Reservations were highly rewarded with a base bonus, an early bird bonus (20% extra BNC per DOT for voting during the official auction), and a channel bonus (0.1 additional BNC per DOT for vote via SALP). The Last Winner campaign was launched during the official Polkadot Parachain auction, and the high rewards in the prize pool motivated many people.
Bifrost officially opened the Polkadot Crowdloan Auction on April 22nd, with 3,600,000 BNCs (4.5% of total BNCs) expected to be offered in the Polkadot slot auction for Bifrost locked DOT addresses through multiple incentives such as base bidding and Last Winner. Based on Bifrost’s economic model, a total of 11,000,000 BNC will be reserved for Polkadot slot bidding. The remaining 7,400,000 BNC will be used for soft-cap adjustment incentives and future renewals of parachain slots.
The active participation in the auction and the high amount of DOT raised well for Bifrost’s success. Among the success highlights are the following: the total DOT raised was 403,658.1592 DOT, the number of Polkadot.js participating addresses, and the number of Bifrost SALP participating addresses were 746 and 274, respectively.
The Last Winner event finally competed for 5 winning addresses, of which the total number of BNC issued reached 33459.49, with an average of 6691.898 BNC per address. It is worth mentioning that the arrival time of the 300,000 soft top is at 8:38 a.m. on April 26, 2022, only 4 days after the auction officially started.
As mentioned above, the SALP and SLP protocols have brought liquidity release solutions to users and the industry after they were launched and achieved outstanding results. After the SALP business successfully helped Bifrost win the slot, it also helped 31 ecological partners to participate in the auction, of which 22 were successful. SALP currently has a total TVL of around $27,000,000, with liquidity reaching $665,731.1073. The SLP protocol currently has a total pledged volume of 70,834.5640 KSM and a TVL as high as $5,547,600.
The SALP and SLP protocols deliver high yield and high liquidity, enriching user portfolios and reducing the risk of lock-in in the staking economy. At the same time, the liquidity farming incentive supports users to sit on their earnings and provides high subsidies for investment participation. What Bifrost is doing revitalizes the investment behavior while following the trend and development of StakeFi, and continues to innovate around slot auctions.
Bifrost Latest Roadmap
It has been less than a year since Bifrost won the fifth parachain slot in the Kusama Network on July 20, 2021, and less than two months since it won the 18th parachain slot in Polkadot. Bifrost has never stopped on its technological development and innovation path, and all phases of its latest roadmap have been completed, with the full roadmap and milestones successfully reached below.
Phase 1 Launching (In progress)
- Go online Polkadot Parachain (2022 Q2)
- Successfully bid on the 18th slot
- Finish session key configuration, generate boot nodes, update docker images
- Connect to Polkadot and successfully produce blocks as a parachain
- Deployment of Sudo infrastructure and reservation of 1,000 BNC by Kusama parachain as parallel chain operating fee
2. Preparing Polkadot Parachain Basic Features (2022 Q2)
- Asset module transformation, cross-chain asset compatibility with Kusama parachain and Polkadot parachain
- Deployment of Council, Treasury, and other basic governance modules
- Bifrost mainnet removes Sudo and brings governance module online
3. Open up other Parachain HRMP cross-chain channels (2022 Q3)
- These include: Acala, Moonbeam, Astar, Phala, Composable, HydraDX, Interlay, Efinity, Centrifuge and Equilibrium
- Complete Bifrost Polkadot Parachain Asset Support and Interoperability
4. Bifrost Polkadot Parachain Deploys SALP, SLP Protocols (2022 Q3)
- The SALP-Lite protocol upgrade SALP 2.0 migrated from Kusama parachain to Polkadot parachain, realizing vsDOT minting full process decentralization
- SLP protocol online, support vDOT and expand other Polkadot eco-parachain derivatives
- Deploy Zenlink DEX, Farming Pool, Collator, and other business modules
Phase 2 Cross Chain
5. Bridge Kusama <> Polkadot cross-chain (2022 Q4)
- Enables Bifrost Kusama and Bifrost Polkadot parachains to register, cross-chain, and freely transfer assets such as BNC, KSM, DOT, vKSM, vDOT, vsKSM, vsDOT, vsBond in both directions
6. Migration of Kusama governance modules (Council, Democracy, Treasury) to Polkadot (2023 Q1)
- Enables bi-directional cross-chain interoperability between Bifrost Kusama and Bifrost Polkadot parachains, paving the way for migration of protocol and governance modules to Bifrost Polkadot parachain.
Phase 3 Integration
7. Cross-chain Governance of Kusama Parachain via Polkadot Parachain (2023 Q2)
- Consolidation of Bifrost Kusama Council, Treasury, Referendum, and other governance modules into the Bifrost Polkadot Parachain
- Cross-chain governance of Bifrost Kusama Parachain through cross-chain interoperability of Bifrost Polkadot Parachain
8. Kusama is not renewed and SALP and SLP protocols are taken offline (2023 Q2)
- Bifrost Polkadot parachain takes over Bifrost Kusama derivatives protocol. Users can realize the minting, redemption, and other operations of Kusama ecological derivatives such as vKSM and vsKSM through cross-chain
9. Bifrost Kusama Parachain Degenerates to Parallel Threads (2023 Q3)
- Bifrost will not continue to bid on the Kusama Parachain, and Bifrost Kusama will be degraded from a parachain to a parallel thread
- Bifrost Kusama Parallel Threads assets are secure, and users are free to transfer, redeem, or cross-chain to Bifrost Polkadot Parachain.
What is Bifrost
Bifrost is a web3 derivatives protocol that provides decentralized cross-chain liquidity for staked assets. By leveraging the cross-consensus message (XCM) it can supply 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 the multi-chain staking ratio, and improves the application of the ecosystem 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.