Bifrost SALP Supports the Pichiu Kusama Crowdloan
Bifrost has announced its support for the Pichiu (Kylin’s Canary) Crowdloan, Polkadot’s advanced decentralized data feeding protocol. Bifrost is committed to providing liquidity to locked assets between multiple chains and establishing a liquidity bridge between heterogeneous chains.
During this Kusama crowdloan event, Bifrost will cooperate with Pichiu to help crowdloan participants access liquid derivatives of staked $KSM. It will create innovative solutions for users participating in the Kusama 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 Pichiu crowdloan, including derivative farming, liquidity mining, swaps, and cross-chain token swaps. Support for the Pichiu crowdloan event will help Bifrost unlock a new opportunity with the Pichiu community to introduce the Slot Auction Liquidity Protocol (SALP) and encourage more users to participate in the Pichiu crowdloan.
Pichiu is where some of the most innovative data feeds will be born and tested. It cannot be overstated how synergetically Pichiu will work with Kylin Nertwork within the DeData ecosystem. We cannot wait to get to the first product-level implementation of Kylin Network via Pichiu!
Bifrost implemented a cross-chain between Kusama Parachain and Relay-chain for the SALP, to provide a complete experience for the Pichiu crowdloan. This innovative crowdloan liquidity solution will give users the opportunity to increase capital utilization during the 48-week crowdloan lock-up period and make choices about their risk appetite. Pichiu will assist Bifrost, provide technical support in the crowdloan docking process, and promote long-term cooperation between Bifrost and Pichiu. Learn more about how SALP will evolve to full decentralization
Bifrost SALP for the Pichiu Crowdloan has already launched on https://bifrost.app/vcrowdloan. You are welcome to try it.
A successful Pichiu Crowdloan is the last step for Kylin’s Canary Testnet to go live!
Kylin itself is now very close to completing the querying functionality of the data warehouse (i.e., v0) — we believe it makes sense now to launch a canary network and test out the integrations with our many partners, both Polkadot based and others. We can only do that in the very near term via Kusama.
One of the major priorities of this path is to utilize the Kusama bridge to ETH to integrate our Solidity-based partners and offer our community the ability to provide data to them. We feel that it will be of fundamental strategic importance as we have many partners sitting out in the ether (pun intended). We want to integrate them and test out integrations as much as possible. Ultimately, in terms of absolute implementation paths, the traffic is currently on Kusama, so it makes sense to have a presence there.
Tokenomics for the Crowdloan:
- 30% Parachain crowdloan fund
- 10% PLO Reserve (Used for future auctions)
- 9% Community rewards
- 5% Lock drop rewards
- 6% Holders reward
- 20% Marketing fund. (Used for promotions and educational content)
- 10% Liquidity fund (Liquidity for KSM swaps)
- 10% Developer fund. (Used for infrastructure costs and validator rewards)
Lock Drop Rewards
- Total lock drop rewards amount to 5%.
- 0.5% $PCHU will airdrop to $KYL holders who lock their $KYL per month. This will last 10 months.
- Total rewards 6%
- 1% $PCHU will airdrop to $KYL holders immediately and the remaining tokens will be distributed each month (0.5% per month).
Snapshot details will be shared shortly after winning our slot, so stay tuned.
- Based on holder rewards of 6%, 6m / 173m equates to 0.034 $PCHU per KYL.
- The values will be different for lock drop rewards as it's 5% instead of 6%
Pichiu is a name derived from the Chinese mythical hybrid creature considered a mighty protector to Feng Shui practitioners. It resembles a winged lion or dragon. It is also the canary network for Kylin, where we will test some of the most compelling use cases of DeData!
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 has launched derivatives vToken for Staking and Polkadot Parachain Slot (Crowdloan). It has obtained $2.15M fundraising from NGC, SNZ, DFG, CMS, Web3 Foundation Grant, and other institutions. Bifrost is also a member of the Substrate Builders Program and a 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. Moreover, it can recognize the risk hedging of stake assets and expand scenarios such as vToken as collateral for lending. Its staking reward part can be offset to achieve low-interest loans.