How to contribute liquidity in BNC/kUSD Bootstrap pool

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Bifrost — One Stake, Endless Opportunities.

3 min readOct 21, 2021

Introduction:

On October 19th, a 48-hour BNC/kUSD Bootstrap swap pool was launched in Karura when the block number #782000 was reached. This Bootstrap needs to reach the set standard target: 20,000 BNC or 200,000 kUSD liquidity. As of now, the liquidity target has been over 500%+ completed, the addresses holding kUSD/BNC can still continue to participate. At the end of Bootstrap, the BNC/kUSD trading pair will be launched and the liquidity incentives of 200k BNC & 25k KAR will be activated.

At the same time, the incentive plan will also provide generous mining rewards:

BNC reward

Reward Eligibility: Provide liquidity for BNC/kUSD at Karura Swap
Award period: 3 months
Reward: 200,000 BNC

KAR reward

Reward Eligibility: Provide liquidity for BNC/kUSD at Karura Swap
Award period: 3 months
Reward: 25,000 KAR

*After Bootstrap ends, you can claim your LP and participate in reward mining.

Preliminary preparation:

BNC or kUSD (both Tokens can add liquidity, kUSD can be obtained through Karura Swap, or mint kUSD: Mint kUSD — Karura Apps 1)
KAR or KSM (used to pay parachain fees)

Tutorial

How to contribute BNC/kUSD

Step 1: Go to https://bifrost.app/ 4, select “Wallet”, and jump right into the BNC Cross-chain.

Step 2: Press “cross-out” and input the number of BNC that you want to transact to Karura.

Step 3: Confirm the transction and go to Karura Platform 3
, scroll down and check out your BNC balance.

Step 4: Go to Swap and get right into the kUSD-BNC Bootstrap.

Step 5: Choose the Token you want to contribute (kUSD,BNC or both of them), input number and tap Bootstrap.

Step 6: Sign and finish the liquidity contributing.

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.