Bifrost will support Picasso Kusama Crowdloan through SALP Protocol
We are pleased that Bifrost will be supporting Picasso in the third batch of the Kusama slot auctions through the SALP protocol and releasing its contributors’ bonding liquidity.
Bifrost x Picasso
Composable Finance is creating a cross-chain VM that enables communication and transfers between the Ethereum, Polkadot, and Cosmos ecosystem, with finality rooted to a parachain. Composable Finance is committed to reducing the barriers faced by DeFi creators and users through the use of its products.
Picasso is the Canary Network of Composable Finance, it enables developers to participate in an instantly-available, broad DeFi ecosystem on Kusama. Picasso provides developers access to a maintained parachain that they can build pallets on, avoiding the arduous process of obtaining and maintaining their own parachain.
Picasso will participate in the third batch of Kusama slot auctions as one of the strongest contenders. In an effort to assist in the Picasso Crowdloan, Bifrost will partner with Picasso to offer its SALP protocol. Using the SALP protocol, users will be able to join derivatives mining with vsKSM. This is on top of the $PICA rewards that users receive as part of the Picasso Crowdloan rewards. Once Picasso wins the auction, the vsKSM will be tradable for swap between KSM and other assets effortlessly.
Picasso Crowdloan Rewards
In case of obtaining parachain slot, PICA rewards will be distributed pro rata to their share of the total KSM contributed.
Referral Program: 20% bonus on PICA earnings if reffered participants contribute at least 100 KSM.
The Crowdloan stakers will earn 50% of their PICA upon TGE, with the remainder being released linearly within 48 weeks.
More Picasso and PICA details please refer the article: https://composablefi.medium.com/the-launch-of-the-picasso-crowdloan-vault-strategy-update-dee65ed00a0d
Our overarching goal is for Picasso to include pallets for all DeFi primitives, as well as those for the secondary and tertiary functionalities that enable DeFi to be valuable to users, and interoperable, so that liquidity fragmentation is solved in the space. The end result is an entire ecosystem of DeFi on our parachain, streamlining and improving functionality when compared to the present DeFi landscape.
Through our model, developers will have the opportunity to leverage all of our pallets in custom manners for seamless dApp construction. This unleashes an unprecedented opportunity for an instantly accessible DeFi ecosystem with cutting-edge developer tools within the Kusama network.
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 launched derivatives 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 Substrate Builders Program and 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, realize the risk hedging of stake assets, and expand scenarios such as vToken as collateral for lending, its staking reward part of the interest can be offset to achieve low-interest loans.