Bifrost SALP supports Subsocial Kusama Crowdloan
We are pleased to announce that Bifrost supports Subsocial in the third batch of the Kusama slot auctions through the SALP protocol and releases its contributors’ bonding liquidity.
Bifrost x Subsocial
Subsocial is aiming to disrupt existing social media platforms by offering solutions to their endemic issues. These include global censorship, lack of customization, unfair monetization, inconvenience of use, and monopoly on network effects.
One of the critical features of Subsocial is the Serverless Public Timeline. Developers can run all web applications on IPFS by removing the need for centralized server hosts. Customizable moderation allows users to set rules for their space and ensures resistance to censorship. The platform offers built-in dynamic community management roles with explicit permissions.
Bifrost has common sense with Subsocial to enhance the transfer of information and value. The Polkadot ecosystem has its natural advantages to help Subsocial eliminate the network monopoly by parachains on-chain governance. Therefore, Bifrost has partnered with Subsocial to fast-track the democracy for Subsocial SALP, supporting its liquid crowdloan launching.
By using the [SALP protocol](https://wiki.bifrost.finance/start/salp), the contributor will be able to generate derivatives vKSM & vsBond (Subsocial), hedge against the 48-week KSM bonding period.
In addition, vsKSM & vsBond (Subsocial) holders can join Subsocial’s derivative mining and receive Bifrost’s native token $BNC as a reward. It is on top of the $SUB rewards that users receive as part of the Subsocial crowdloan rewards. Once users contributed for Subsocial, the vsKSM & vsBond (Subsocial) can be manually unlocked, which means they will be tradable for swapping between KSM and other assets effortlessly.
Subsocial Crowdloan Rewards
Once tokens are distributed, 20% of crowdloan rewards will be available immediately. The remaining 80% will vest throughout the parachain slot lease (up to 48 weeks).
Subsocial is a set of Substrate pallets with a Web UI that allows anyone to launch their decentralized social network or community. Subsocial is not a decentralized social network, like Twitter or Facebook, but rather Subsocial is a platform for building social networks. Subsocial will be the underlying architecture on the top of which the future social networks are building.
The prefix Sub refers to two things:
- Subsocial will be the base layer supporting all of the social networks built on top of it
2. Subsocial is built on the Substrate technology
Bifrost is the Polkadot Ecological DeFi basic protocol and is committed to becoming an infrastructure for pledged assets to provide liquidity. Bifrost launched liquid 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 the Substrate Builders Program and Web3 Bootcamp.
vTokens 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 vTokens, realize the risk hedging of pledge assets, and expand scenarios such as vTokens as collateral for lending, its staking reward part of the interest can be offset to achieve low-interest loans.