Bifrost SALP will Support Kusama Crowdloan for OAK Network!
In March 2022, Bifrost announced its support for OAK Network. The OAK team will be launching a Kusama crowdloan for their canary network Turing (TUR) this month. OAK Network is an automation blockchain for recurring payments across multiple DeFi protocols.
During this Kusama crowdloan event, Bifrost will support OAK and the Turing Network to give crowdloan participants access to liquid derivatives of staked $KSM (for example, vsKSM) a bonus 2BNC per KSM contributed when using the Bifrost functionality. It, in turn, will give extremely competitive opportunities to Bifrost users to participate in the Kusama Crowdloan and contribute to the development of the OAK Network in the ecosystem.
The Bifrost mission is to inject liquidity to every asset locked between multiple chains and build a liquidity bridge across numerous, diverse chains.
OAK Network will operate as a Web 3.0 hub for automated DeFi and payments while enabling innovative automation functionality for parachains. The OAK team is creating bespoke on-chain automation beneficial for the Polkadot and Kusama ecosystem by unlocking event-driven transactions.
Bifrost’s unique advantage lies in its capability to mint fully decentralized liquid derivatives — like vsKSM — on the Kusama Parachain.
The support for the Turing Network crowdloan event will introduce Bifrost’s unique Slot Auction Liquidity Protocol (SALP) to the OAK community, encouraging more users to participate in their crowdloan and fundraising process.
Bifrost uses a combination of Polkadot and Kusama Parachain multi-signatures to support their SALP technology. It allows users to maximize their capital utilization during the crowdloan asset lock-up period and better manage their risk appetite when supporting different projects.
OAK Network and Bifrost will assist each other with technical support in the crowdloan docking process and promote each other’s brands across both our community channels.
Bifrost SALP for the Turing Network Crowdloan will be launched on March 20th. Developers and users are welcome to try it.
Vote for Turing Network Kusama crowdloan at the Bifrost dapp.
Turing Network Crowdloan Rules
OAK’s canary network Turing Network (TUR) will go live in Kusama parachain auctions. KSM holders will be able to contribute KSM from March 20th. Supporters will be able to use their Polkadot.js wallet to contribute to the Turing crowdloan via the Turing Crowdloan Web App, where they will have access to the Bifrost platform.
Advanced users are welcome to contribute via Bifrost SALP on the Turing website. Each $KSM will receive 2 BNC incentives!
The Bifrost community will have access to a liquid KSM offering for every KSM contribution. Turing Network supporters will receive up to 16% of the total TUR token supply of 1 billion.
Check more details for Turing Crowdloan!
About OAK Network
OAK (On-chain Autonomous Kernel) Network is a blockchain automation hub for DeFi and payments built on Parity Substrate with a first-of-its-kind event-driven execution model. This model enables transactions to be triggered by event signals such as time, price, and smart contract state changes. Significantly, this differs from traditional architectures utilized by Ethereum, Bitcoin, and other popular chains where multiple transactions require repeated private key signing. With this novel design, OAK can empower any connected blockchain with autonomous functionality, unleashing our partners’ endless potential.
About Bifrost
Bifrost is the leading DeFi basic protocol living on the Polkadot ecosystem.
Our mission is to become the go-to infrastructure to provide liquidity on staked assets. We’ve launched two flagship derivatives — vToken for staking and Polkadot Parachain slot (Crowdloan).
The vToken can optimize transactions in multiple decentralized applications such as DeFi protocols and exchanges (dApp, DEXes, CEXes) and realize the value transfer from stake rights such as staking. Using Crowdloan through vToken also hedges risk from staked assets.
The vToken can also expand liquidity when used as collateral for lending, as its staking reward becomes part of the interest and can be offset to achieve low-interest loans.
Bifrost raised $2.15M from top-tier venture capital firms like NGC, SNZ, DFG, CMS, the Web3 Foundation Grant, and other institutions. It’s also a member of the Substrate Builders Program and Web3 Bootcamp.
Learn more about Bifrost or join our incredible community of over 100,000 members strong!
