Bifrost SALP Supports Tinkernet Kusama Crowdloan
In June 2022, Bifrost announced its support for InvArch Tinkernet on Kusama Crowdloan. In this integration, Bifrost will cooperate with InvArch Tinkernet to help their Crowdloan participants access liquid derivatives of staked KSM, creating innovative solutions for users participating in the Kusama Crowdloan and competitive opportunities under the multichain development pattern.
The Tinkernet parachain is the canary network of the InvArch Network, designed as the IP asset & accelerated development staging grounds for the Kusama ecosystem. With the Tinkernet, novel & revolutionary technologies such as IP Sets, IP Files, IP Tokens, & IP Licenses will be realized for Web3.
- IP Sets (IPS) are NFT-based on-chain repositories featuring convertible variations of both individual NFTs & NFT collections.
- IP Files are NFT-based records of ownership unbound to a single parent collection, unlike regular NFTs.
- IP Tokens (IPT) are multiple unique classes of fungible tokens pegged to a single IPS.
- IP Licenses (IPL) are programmable on-chain licenses pegged to IP Sets, able to feature immutable smart contract-based agreements.
Bifrost’s advantage is to mint fully decentralized liquid derivatives based on the Kusama Parachain. Support for the InvArch Tinkernet Crowdloan will help Bifrost unlock a new opportunity with the InvArch Tinkernet community to introduce the Slot Auction Liquidity Protocol (SALP) and encourage more users to participate in the InvArch Tinkernet 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 48-week Crowdloan lock-up period and decide their risk appetite. InvArch Tinkernet will assist Bifrost, provide technical support in the Crowdloan docking process, and promote the long-term cooperation between Bifrost and InvArch Tinkernet.
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 the 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 InvArch Tinkernet Crowdloan. We welcome developers and users to contribute to InvArch Tinkernet Crowdloan and use the derivatives assets.
Contribute to InvArch Tinkernet Crowdloan: https://bifrost.app/vcrowdloan?tab=ksm
Tinkernet Tokenomics & Crowdloan Structure
- Initial Supply: 11,700,000 $TNKR (10% Annual Inflation)
- KSM Hard cap: 20,000 $KSM (87.75+ $TNKR per $KSM)
- InvArch Network: 8%
- Private Funding: 5%
- Crowdloan Rewards: 0–15%
- Crowdloan Reserves: 10–35%
- Inducement Bonus: 0–10%
- OCIF-SIPA Staking: 10%
- Liquidity Support: 10%
- Tinkernet Treasury: 20%
- Community Sale: 2%
- Ambassador Incentives: 5%
- XCA Incentives: 5%
More InvArch Tinkernet Crowdloan details can be found below: https://medium.com/@invarch/the-invarch-tinkernet-kusama-crowdloan-announcement-16a1e5a9ab48
About InvArch Tinkernet
The InvArch Tinkernet serves a trio of testing purposes: one for the developers who maintain the network, one for the developers who build on top of the network, and one for the end-users of dApps & applications in the ecosystem.
The InvArch team & its aspiring developers can test changes on the Tinkernet through forkless runtime upgrades before any possibility of deploying them directly on the InvArch Parachain. This way, Kusama can provide an experimental proving ground & a “first-to-market” experience that helps reinforce the security & “best-to-market” environment found on the Polkadot Network.
It also allows the Tinkernet to act as a proving ground to the broader community before seeking a full launch on the InvArch Network Parachain.
Learn more about the InvArch Tinkernet by visiting https://invarch.network/tinkernet
What is Bifrost
Bifrost is a web3 derivatives protocol that provides decentralized cross-chain liquidity for staked assets. By leveraging the cross-consensus message (XCM) it can supply 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 multi-chain 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 the likes of 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.