Bifrost SALP now supports Geminis Network’s Polkadot Crowdloan!
It’s only the start of March 2022, and we’re proud to announce Bifrost’s SALP now supports the Geminis Network Crowdloan — a multichain smart contract platform bridging the application and developer ecosystem between Ethereum and Polkadot.
At Bifrost, our mission is to become the go-to infrastructure to provide liquidity on staked assets across multiple chains and establish a liquidity bridge between them.
During this Polkadot Crowdloan event, Bifrost is partnering up with Geminis Network to help Crowdloan participants access liquid derivatives of staked $DOT (vsDOT)— creating innovative solutions and competitive opportunities throughout the multichain ecosystem.
The Geminis Network is the first Polkadot parachain supported by the advanced technical stack of ParaState, a multichain smart contract platform bridging the application and developer ecosystem between Substrate-based blockchains like Polkadot, and Ethereum.
Bifrost’s advantage revolves around the capability of minting fully decentralized liquid derivatives based on the Kusama Parachain. In this content, the support for the Geminis Crowdloan will help Bifrost unlock new opportunities to introduce the Geminis community to the Slot Auction Liquidity Protocol (SALP), and encourage more users to participate in the Geminis Network Crowdloan.
In order to enable the SALP support, Bifrost uses a combination of Polkadot multi-signature and Kusama Parachain. This innovative Crowdloan liquidity solution will give users the opportunity to increase capital utilization during the 96-week Crowdloan lock-up period and make choices about their own risk appetite.
Geminis Network will assist Bifrost by providing technical support in the Crowdloan docking process, and promoting our long-term partnership between Bifrost and Geminis across their various communities.
Parachains are Layer-1 blockchains that run in parallel on Polkadot, connected to the Polkadot Relay Chain to share in the security, scalability, interoperability and governance of Polkadot. Geminis takes Ethereum compatible DApps support to the next level on Substrate chains through WasmEdge. Developers can develop and execute high-speed smart contracts with built-in Ethereum compatibility (EVM & EWASM) and interoperability in Solidity, Vyper, and next-level programming languages like Rust, C++, and Golang.
Geminis Network will take part in its first Polkadot Slot Auction number #11 from March 3 to 10, 2022. Geminis Network is using Polkadot’s crowdloan mechanism to back its bid for a parachain slot lease. Participants are required to lock up a portion of DOT for the duration of the slot lease, and in exchange will earn rewards in the Geminis native token GEM.
Geminis will award the Polkadot parachain crowdloan supporters with its native token, and also collect a portion of gas fees as a license fee payable to the ParaState DAO treasury. ParaState is a decentralized autonomous organization (DAO) funded by license fees (as a percentage of gas fees) generated by transactions on other networks using ParaState technology.
The SALP integration process is currently in the first phase, of which the 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, which will be the same as the Bifrost SALP mechanism on Kusama. Learn more about how SALP will evolve to full decentralization.
Bifrost SALP now is supporting Geminis crowdloan! If you’re a developer, set yourself a reminder to try it out! https://bifrost.app/vcrowdloan?tab=dot
Geminis Network Crowdloan Rules
By participating in the Crowdloan, supporters of the parachain auction will earn $10GEM for each $DOT staked. If Geminis wins the auction, additional $DOT rewards will be allocated as follows:
- Rewards — If the Geminis Network wins, every $DOT that supports Geminis Network in the Parachain slot auction will earn a minimum of $10GEM tokens.
- Extra rewards — 0.04 BNC for every DOT voted for Geminis through Bifrost SALP.
- Reward cap — 15% of $GEM token total supply, which amounts to 31,500,000.
- Reward distribution — 20% unlock when slot is won and Geminis parachain launches 80% distributed weekly over 96 weeks.
About Geminis Network
Geminis Network is the first parachain committed to a fair launch and supported by the ParaState advanced technical stack.
Geminis enables the next level of Ethereum chain support through WasmEdge. As a developer using WasmEdge and Geminis Network, you can develop and execute high-speed smart contracts with built-in Ethereum compatibility (EVM and EWASM) as well as interoperability in Solidity, Vyper, and next-level programming languages like Rust, C ++, and Golang.
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 is able to 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 a 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 of the likes of 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!