Bifrost SALP Supports the Nodle Crowdloan
Bifrost announced its support for the Nodle crowdloan, A crowdsourced decentralized IoT network. Bifrost is committed to providing liquidity to locked assets between multiple chains and establishing a liquidity bridge between heterogeneous chains.
During this Polkadot crowdloan event, Bifrost will cooperate with Nodle to help crowdloan participants access liquid derivatives of staked DOT, creating 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 Nodle crowdloan, including derivative farming, liquidity mining, swaps and cross-chain token swaps. Support for the Nodle crowdloan event will help Bifrost unlock a new opportunity with the Nodle community to introduce the Slot Auction Liquidity Protocol (SALP), and encourage more users to participate in the Nodle crowdloan.
Nodle is a crowdsourced decentralized IoT network built on Polkadot providing secure, low-cost connectivity, and data liquidity to connect billions of IoT devices worldwide. Nodle is the IoT chain of Polkadot.
Bifrost uses a combination of Polkadot multi-signature + Kusama Parachain for the SALP, to provide a more complete experience for the Nodle crowdloan. 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. Nodle will assist Bifrost, provide technical support in the crowdloan docking process, and promote the long-term cooperation between Bifrost and Nodle.
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, which will be the same as the Bifrost SALP mechanism on Kusama. [Learn more about how SALP will evolve to full decentralization](https://medium.com/bifrost-finance/salp-the-first-slot-auction-liquidity-protocol-will-support-polkadot-slot-auctions-c48d9ed7e641)
Bifrost SALP for the Nodle Crowdloan had already launched on https://bifrost.app/vcrowdloan, welcome to try it.
SALP mining on Nodle Crowdloan
Bifrost will support Nodle Crowdloan with a 9 days duration, 20,000 BNC Farming pool in 16th, Dec. All contributors though SALP will be able to deposit vsDOT & vsBond-Nodle into the pool and join BNC farming. More details will come up soon. Take a look on our previous farming: https://twitter.com/bifrost_finance/status/1443500577850216450?s=20
Up to 850M NODL tokens will be distributed to the crowdloan participants, and a minimum of 20 NODL tokens per DOT will be awarded
The tokens will vest over the duration of the parachain lease
- 30% will be unlocked immediately when the Nodle parachain launches.
- 70% will vest over the duration of the lease (96 weeks) on a per block basis
There are extra rewards for early contributors, and referrals:
- Get 10% extra rewards if you contribute in the first two weeks.
- Share a 10% reward when you refer your friends.
An exclusive matrix inspired “Decentralized” NFT based on a secret artist’s work will be rewarded to the 10,000 highest contributors that commit their DOTS to the crowdloan.
About Nodle Network
Nodle is a decentralized IoT (Internet of Things) network on Polkadot providing secure, low-cost connectivity, and data liquidity to connect billions of IoT devices worldwide. The Nodle network is powered by millions of Bluetooth-enabled smartphones that earn Nodle Cash (NODL). Nodle’s powerful IoT stack allows multiple uses including connecting and securing physical assets, tracking lost or valuable items, capturing sensor data, and authenticating security certificates. Nodle provides insights for consumer electronics manufacturers, enterprises, smart cities, the finance industry and more. Since its creation in 2017, Nodle has become one of the world’s largest wireless networks by number of base stations.
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.