Bifrost launches Polkadot Crowdloan on April 22
Bifrost has been through a lot of practice in the related protocols and business after being linked into the Kusama relay chain as a parallel link. Among them, the SALP business has achieved great success after its launch. At present, SALP has successfully helped Bifrost bid for slots and supported 31 ecological partners in participating in the auction, 22 of which were successful. The number of addresses participating in Crowdloan through SALP business has reached 6,963, with 174,882 KSM and 1,786,900 DOT locked, with a total value of about $59,757,476. The derivatives generated through SALP have generated $2,843,079 in trading volume, which indicates that SALP has had a significant impact on the release of slot liquidity.
XCM (HRMP) has been fully validated in the Kusama ecosystem, and Polkadot, which is in the XCM restriction phase, will gradually open up XCM cross-chain interoperability. Bifrost has completed most of the protocol validation in Kusama and will also participate in the Polkadot slot auction to complete the upgrade from Kusama parachain to Polkadot parachain.
Kusama is a relay network with four times faster block out and governance than Polkadot, and the Kusama Parachain allows for more rapid iterations and more innovative feature integration. At the same time, Polkadot has more robust consensus security and fully audited underlying code. The completion of the upgrade of the Kusama Parachain to the Polkadot Parachain is a significant milestone for Bifrost. The Bifrost Kusama Parachain has completed cross-chain in both directions with Statemine, Karura, Moonriver, and Khala networks first and has achieved capital accumulation from 0 to $125M. Now is an opportune time to upgrade the Polkadot Parachain further to enhance Bifrost’s consensus security and asset scale.
Bifrost is a Web3 infrastructure that provides cross-chain liquidity for Staking, offering decentralized, cross-chain liquid staking services for multiple chains through cross-chain message (XCM). It will bid to become both Kusama and Polkadot parachains and bridge the two parachain networks through the Kusama and Polkadot cross-chain bridges. Unlike most Polkadot projects, Bifrost does not set up a Canary network to ensure the maximum scale of derivatives liquidity and the consistency of community consensus and interests. The governance of the Bifrost Kusama parachain will be accomplished through cross-chain interoperability on the Bifrost Polkadot parachain.
Based on the progress of the Polkadot and Kusama cross-chain bridge, Bifrost unilaterally expects to complete the initial opening of Polkadot and Kusama assets by mid-June. At the same time, Polkadot Parachain 16–19 lease term is expected to go live on June 4, 2022, which is in line with Bifrost’s earliest upgrade to Polkadot Parachain and timing expectations. Therefore, Bifrost will participate in the 16th, 17th, 18th, and 19th auctions for the Polkadot Parachain slots with a two-year lease (96 weeks), enabling the SALP protocol to facilitate the Bifrost Parachain auction. vsDOT will also create a liquidity pool shortly to release locked DOT liquidity for users who contribute to the Bifrost slot auction.
Basic bidding rules
- Early Bird Bonus: 1 DOT: 12 BNC (+20%)
- Early bird period: 4/22 10am ~ 4/30 10am (UTC)
- Base Bonus: 1 DOT: 10 BNC
- SALP Extra Bonus : 0.1 BNC/DOT
- Soft Cap: 300,000 DOT (no BNC rewards for exceeding the soft cap)
- Total Auction Bonus: 3,600,000 BNC
- Unlocking method: linear release in blocks within 96 weeks
Last Winner Rules
- Initial Prize Pool: 5,000 BNC
- Prize pool injection: an additional 5% of the BNC reward earned for participation (matched by the Bifrost Foundation, no participant reward taken)
- Launch Date: 4/22 10 am UTC
- Refresh countdown: 3 min (30 blocks, countdown refreshes every time an address successfully participates)
- Participation threshold: 5 DOT / 10 DOT / 20 DOT (every 6 hours without ending, the participation threshold doubles)
- Winning method: the last participant at the end of the countdown gets all BNC in the prize pool
Note: The BNC rewards received by the last winner will be issued simultaneously as the regular mint rewards. Unlock time is released linearly according to the block time 96 weeks.
How to participate
What is 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.