Bifrost SALP Supports Imbue Network Kusama Crowdloan
In June 2022, Bifrost announced its support for the Imbue Crowdloan on Kusama. Imbue Network is a decentralized crowdfunding DAO built on the Polkadot blockchain platform. It is an idea incubator open to the entire world and endeavors to submit and vote on ideas worth funding from the communities that believe in them the most.
Bifrost will cooperate with Imbue 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.
Imbue brings real-world impact to people’s lives, disassembling the widespread criticism that web 3.0 lacks utility. By leveraging the power of the Polkadot ecosystem and the Substrate Framework, anyone can initiate a proposal along with how much funding they feel they need. Initiators then define deliverables as milestones and split up the total amount of the financing between their milestones (e.g., 10% for the first milestone, 30% for the second milestone, 40% for the third milestone, etc.).
Bifrost’s advantage is to mint fully decentralized liquid derivatives based on the Kusama Parachain. Support for the Imbue Crowdloan will help Bifrost unlock a new opportunity with the Imbue community to introduce the Slot Auction Liquidity Protocol (SALP) and encourage more users to participate in the Imbue 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 decide their risk appetite. Imbue will assist Bifrost, provide technical support in the Crowdloan docking process, and promote long-term cooperation between Bifrost and Imbue.
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 Imbue Crowdloan. We welcome developers and users to contribute to Imbue Crowdloan and use the derivatives assets.
Contribute to Imbue Crowdloan: https://bifrost.app/vcrowdloan?tab=ksm
Imbue Network Crowdloan Rules
- Reward: 1 KSM : 50 IMBU
- Main reward: Whitelist to the $IMBU presale
- Hard cap: 15,000 KSM
More details: https://gist.github.com/samelamin/8b9ce44fc85cc91c910290a9c001f645#file-sale-csv
About Imbue Network
Imbue Network is a decentralized crowdfunding DAO built on the Polkadot blockchain platform. It is an idea incubator open to the entire world that endeavors to submit and vote on ideas worth funding from the communities that believe in them the most.
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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.
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