Bifrost SALP Supports the Crust Crowdloan
Bifrost has announced its support for the Crust Crowdloan, Web3.0 storage for the Metaverse. Bifrost provides liquidity to locked assets between multiple chains and establishes a liquidity bridge between heterogeneous chains.
During this Polkadot crowdloan event, Bifrost will cooperate with Crust to help crowdloan participants access the liquid derivatives of staked $DOT and create innovative solutions for users participating in the Polkadot crowdloan and competitive opportunities under the multi-chain development pattern.
Bifrost’s advantage is to mint fully decentralized liquid derivatives based on the Kusama Parachain and provide rich derivatives use cases for contributors participating in the Crust crowdloan, including derivative farming, liquidity mining, swaps, and cross-chain token swaps. Support for the Crust crowdloan event will help Bifrost unlock a new opportunity with the Crust community to introduce the Slot Auction Liquidity Protocol (SALP) and encourage more users to participate in the Crust crowdloan.
Bifrost uses a combination of Polkadot multi-signature + Kusama Parachain for the SALP, to provide a complete experience for the Crust crowdloan. This innovative crowdloan liquidity solution will allow users to increase capital utilization during the 96-week crowdloan lock-up period and make choices about their risk appetite. Crust will assist Bifrost, provide technical support in the crowdloan docking process, and promote long-term cooperation between Bifrost and Crust.
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 onchain logic under the Bifrost SALP pallet, the same as the Bifrost SALP mechanism on Kusama. Learn more about how SALP will evolve to complete decentralization
Bifrost SALP for the Crust Crowdloan had already launched on https://bifrost.app/vcrowdloan. You are welcome to explore it.
Crust schedules to launch the Crowdloan for the second batch of parachain auctions on Polkadot, covering 5 auctions to raise 5,000,000 DOT. Crust’s parachain ID is 2008.
Rewards for Contributors
1 DOT will be rewarded with 0.2 CRU
Crust intends to bid for all 8 lease periods, and once succeeded, contributed DOTs will be locked for the duration of the parachain lease (24 months). Contributors will receive a reward of 0.2 CRU per DOT, and there are 1,000,000 CRU allocated to reward crowdloan contributors. 30% of rewards will be available to claim immediately. The remaining part will be released 10% each lease period.
In addition to the base reward, earn up to 30% early bird bonus + total 10,000 CRU lucky draw for randomly selected （1 Dot get 1 lottery ticket）
Early bird (for Bifrost users)
Before 20th Jan. 2022: extra 30% CRU（1 Dot:0.26 CRU)
After 20th Jan. 2022: extra 20% CRU （1 Dot:0.24 CRU)
Regardless of whether Crust wins the slot auction or not, we will have the lucky draw rewards for all contributors.
About Crust Network
Crust Network is essentially an IPFS incentive layer protocol and a substrate-based blockchain that builds a decentralized storage network of the Web3.0 ecosystem. Supported by DCF (Decentralized Cloud Foundation), it is designed to build a decentralized cloud ecosystem that values data privacy and ownership. The Crust mainnet was launched on September 1, 2021, and now has 7000+IPFS nodes and 2000+Pb storage capacity.
What is Bifrost?
Bifrost is the Polkadot Ecological DeFi basic protocol. It is committed to becoming an infrastructure for staked 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 the 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 stake rights such as staking and Crowdloan through vToken, realize the risk hedging of stake 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.