Bifrost SALP Supports the OriginTrail Polkadot Crowdloan
In May 2022, Bifrost announced its support for the OriginTrail Crowdloan on Polkadot, the world’s first Decentralized Knowledge Graph️. This project organizes humanity’s most essential assets and makes them discoverable, verifiable, and valuable. OriginTrail is a scalable and highly efficient network that employs a multi-chain approach running on Ethereum, Gnosis chain, and Polygon with pending integration on Polkadot.
In this integration, Bifrost will cooperate with OriginTrail to help their 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.
The OriginTrail Parachain is the next-generation L1 blockchain designed to integrate with the OriginTrail Decentralized Knowledge Graph tightly. By harnessing the power of the OriginTrail DKG, it extends discoverability and verifiability and brings a greater value for interconnected Web3 assets to Polkadot. As an OriginTrail-tailored blockchain, it is optimized for maximum performance and usability. It also leverages the robust trust model and inherent interoperability of Polkadot, enabling smooth integration with other Polkadot ecosystem projects.
Bifrost’s advantage is to mint fully decentralized liquid derivatives based on the Kusama Parachain. Support for the OriginTrail Crowdloan will help Bifrost unlock a new opportunity with the OriginTrail community to introduce the Slot Auction Liquidity Protocol (SALP) and encourage more users to participate in the OriginTrail 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 96-week Crowdloan lock-up period and make choices about their risk appetite. OriginTrail will assist Bifrost, provide technical support in the Crowdloan docking process, and promote long-term cooperation between Bifrost and OriginTrail.
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 an 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 OriginTrail Crowdloan and welcomes developers and users to contribute OriginTrail Crowdloan and use the derivatives assets.
Contribute to the OriginTrail Crowdloan: https://bifrost.app/vcrowdloan
OriginTrail Crowdloan Rules
OriginTrail Parachain crowdloan is now open, and supporters can earn rewards in Polkadot parachain auction process starting in slot #17.
Supporters are eligible for:
- 20 OTP reward for 1 DOT staked basic award
- 5% early bird bonus (limited)
- 5% referral bonus (1% for each referral)
- 15% strategic bonus (achieve 1 of 3 conditions).
Special bonus from Bifrost SALP
- Basic: 0.02 BNC
- Referrer: 0.02 BNC
- Referee: 0.02 BNC
The maximum total amount of DOT that can be staked for OriginTrail Parachain parachain bid is set at 5.000.000 DOT. More information and terms you can find at parachain.origintrail.io
About OriginTrail
The Internet is rapidly changing the way we own things, which creates unprecedented opportunities along the way. Suppose the Internet of the first and the second generation gave us the ability to exchange information. In that case, the third-generation Internet allows us to manage our real-world and digitally native assets independently.
Using the same knowledge graph technology Google used to organize information and blockchain tech powering Bitcoin, OriginTrail organizes humanity’s most critical Web3 assets, making them discoverable, verifiable, and valuable.
The tech brings anything we own into the next-generation Internet — an NFT, a car, even a rare bottle of whisky… all these assets waiting to be supercharged. Therefore, we all can benefit from the next generation Internet economy.
About Bifrost
Bifrost is a Web3 derivatives protocol that provides decentralized cross-chain liquidity for staked assets. Leveraging the cross-consensus message (XCM) can provide 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 multichain 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 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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