Bifrost SALP Supports the SubDAO Crowdloan
In November 2021, Bifrost has announced its support for the SubDAO crowdloan, the Polkadot-based DAO management platform. 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 SubDAO 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 derivative use cases for contributors participating in the SubDAO crowdloan, including derivative farming, liquidity mining, swaps and cross-chain token swaps. Support for the SubDAO crowdloan event will help Bifrost unlock a new opportunity with the SubDAO community to introduce the Slot Auction Liquidity Protocol (SALP) and encourage more users to participate in the SubDAO crowdloan.
As the infrastructure of Polkadot, SubDAO is committed to providing an entrance for connecting Web2.0 with Web3.0 world, and providing tools and services such as blockchain-based electronic agreement signing, DAO socialization, and asset management for any decentralized organization.
Bifrost uses a combination of Polkadot multi-signature + Kusama Parachain for the SALP, to provide a complete experience for the SubDAO 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. SubDAO will assist Bifrost, provide technical support in the crowdloan docking process, and promote long-term cooperation between Bifrost and SubDAO.
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 1. Bifrost SALP for the SubDAO Crowdloan had already launched on Bifrost 1, welcome to try it.
SubDAO Crowdloan Rules
- Total Crowdloan Rewards: 30% of the total supply (300,000,000 GOV)
- Basic Reward: 20% of the total supply(200,000,000 GOV), Users who contribute each DOT will get 20 GOV as the reward (20 GOV/DOT). 10,000,000 DOT will be raised as expected.
- Other Reward: 10% of the total supply (100,000,000 GOV)
Early Bird Bonus
SubDAO will reward an additional 5% bonus to the first 1000 DOT pledged users based on the prize they won in total as an Early Bird Bonus.
All referrers need to obtain the invitation link and exclusive referral code on the SubDAO official crowdloan page. If the user is successfully invited using the recommendation code, both he and his referee will receive a 5% reward of the referee.
Strong Supporter Bonus
Users who vote to contribute 100 DOT or more will receive an additional bonus, and the total amount is up to 10%;
When the total pledged DOT in the auction reaches a specific number, all auction supporters will gain a bonus.
When the parachain slot auction is completed at Starfish Network, and Starfish Network operates successfully as Parachain, the GOV rewards will be immediately released by 34% and sent to supporter’s addresses. Other 66% rewards will be linearly released to every supporter’s addresses in 96 weeks. More specific details: SubDAO Crowdloan Plan for Polkadot Parachain Slot Auction | by SubDAO Network | Nov, 2021 | Medium 3
SubDAO is a DAO infrastructure based on Polkadot. It allows any decentralized organization to create and manage DAOs swiftly. We are committed to serving as a Web3.0 entry by providing blockchain-based digital agreement signing, DAO social networking, asset management, and other tools and services.
SubDAO has completed multi-million dollars financing from dozens of institutions, including Huobi Ventures, OKEx Blockdream Fund, CMS, Hypersphere, and investment by Messari founder Ryan Selkis. The founding team of SubDAO is composed of the former Technical Team leader of the IBM Group and many well-known early developers from Polkadot.
Bifrost is the Polkadot Ecological DeFi basic protocol and is committed to becoming an infrastructure for pledged assets to provide liquidity. Bifrost launched liquid 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.
vTokens can optimize transactions in multiple scenarios such as DeFi, DApp, DEX, CEX, and realize the transfer channel of pledge rights such as staking and Crowdloan through vTokens, realize the risk hedging of pledge assets, and expand scenarios such as vTokens as collateral for lending, its staking reward part of the interest can be offset to achieve low-interest loans.