Recently, Gavin released the steps and preparations for launching the Kusama parachain on Github, and Kusama’s slot auction has arrivedFinal preparations. As the underlying DeFi protocol of the Polkadot ecosystem, Bifrost has made full preparations for the Kusama slot auction and is ready to go.
At the same time, Bifrost has submitted the SALP (Slot Auction Liquidity Protocol) Grant application document. With the help of the SALP agreement, Bifrost will generate derivativesvsToken (vsDOT/vsKSM) and vsBondA way to release the liquidity of DOT/KSM locked in the slot auction. SALP via PolkadotCross-chain protocol XCMPThe creation of derivatives is completely decentralized, allowing users toSecurity, no trust barriers, release liquidityParticipate in Crowdloan to support your favorite parachain projects at a lower opportunity cost. For parachain project parties, SALP can also be used as a special feature in the bidding strategy to improve the success rate of parachain slot auctions.
With the Kusama slot auction approaching, Bifrost's SLP business and SALP business have been explored step by step and entered the stage of implementation. In addition, by simulating the Crowdloan auction on the Rococo test network and successfully launching the test parachain, Bifrost has already completed the accessKusama relay chainsecondary title
01 Casting vs KSM Participate in the auction
In this Bifrost Kusama slot auction, the casting of vsKSM will be launched for the first time, and the KSM that participates in the vsKSM casting will be used in the Bifrost Kusama parachain slot auction, and users will getvsKSM that releases liquiditywith richBNC Slots Auction Rewards, the vsKSM Mint Drop page is now online, you can visit https://ksm.vtoken.io to learn about it in advance, and at the same time, you can also passemail subscriptionimage description
Real-time display of vsKSM and BNC rewards
vsKSM Mint Drop will be mainly divided into two phases:Appointment stage
Appointment stage
The reservation stage will be officially opened at 19:00 on May 14th, and will last until the Kusama card slot officially starts bidding. During this period, you can fill in the invitation code of others and complete the minting of 0.01 KSM to get the priority minting rights and personal exclusive invitations code.
Priority minting rights: Coin minting can be started 24 hours in advance before the official coin minting starts
official stage
official stage
Will be opened after the pre-order period ends, continuing4-8 weeks, during this period, priority coinage and official coinage will be started successively, and multiple BNC rewards will be obtained at the same time. In this stage, others can be invited but no new invitation codes will be generated. All KSM participating in minting vsKSM Mint Drop will be used for participationBifrost Kusamasecondary title
02 Coin Rewards
In the official stage, the minting channel is open, and you will be able to participate in the minting through the activity page of the Bifrost official website and get the1 KSM : X BNC Rewards(X will be announced at the beginning of the official phase, the ratio is at least greater than 1 KSM : 10 BNC), which contains
1. instant reward: You can get it when you mint coins, regardless of whether the slot auction is successful or not
2. invitation bonus: Fill in the correct invitation code to get a 5% bonus of instant rewards
3. reward for successimage description
vsKSM Mint Drop Reward Composition
Since the participation entry on the event page has a built-inSALP protocol, KSM minted to getEqual amount of derivatives vsKSM and vsBond, used to release slot bidding liquidity, and will also receive corresponding BNC as a reward. The transaction and exchange functions of BNC, vsKSM and vsBOND will besecondary title
03 Invitation Rewards
When someone passes yourInvitation codeWhen you participate in minting, you will receive invitation rewards.
You will get the other party's final settlement reward5% extra bonus, you can check the invitee's address, minting amount and time information on the event page. Let more friends use it by spreading your invitation code. In general, the appointment phase is established in advanceThe more binding,acquiredThe richer the BNC reward commissionhave to be aware of is:
have to be aware of is:
All rewards will be counted and recorded in real time during the minting process, and will be sent to your account after the auction results are announcedMinting address.
In the reservation stage, to obtain the invitation code, you must first fill in the invitation code of others. Once the reservation is successful, the invitation code cannot be changed. Bifrost will first be distributed through partners, communities, and KOLsThe first batch of invitation codessecondary title
04 How to participate in appointment activities?
Bifrost will jointly issue the first batch of genesis invitation codes with the media, partners and KOL. Genesis invitation code will be in the appointmentAnnouncement when the event officially opens, but please note that you need to log in through the Polkadot js plugin before filling in the invitation codePersonal DOT/KSM address, each address can only fill in one invitation code.
Activity entrance: https://ksm.vtoken.io
The operation steps are as follows:
1. Fill in the invitation code
2. Mint 0.01 KSM
3. Click to make an appointment
4. Appointment successful
Available after successful reservationPersonal exclusive invitation codesecondary title
05 Official cooperation entrance
05 Summary
05 Summary
SALP protocolIt is a major innovation of Bifrost, which solves the problem that many partners want to participate in Crowdloan but are worried about losing opportunity costs. This time vsKSM Mint Drop putKSM Slots Auction and SALPcombined, bothKeep Bifrost Slots Bidding Rewards, and canRelease KSM liquidityWhat is Bifrost?
What is Bifrost?
Bifrost (Rainbow Bridge) isPolkadot Ecological DeFi Basic Protocol, aiming to bepledged assetsProvide liquidity infrastructure and launch derivatives for Staking and Polkadot parachain slots (Crowdloan)vToken. At present, it has obtained NGC, SNZ, DFG, CMS and other institutionsmulti-million dollar financingand the Web3 Foundation Grant, who is alsoSubstrate Builders Program、Web3 Bootcampmember.
vTokens are available atDeFi、DApp、DEX、CEXOptimize transactions in multiple scenarios, through vTokenStaking、CrowdloanSuch as the transfer channel of pledged rights and interests, realizes the risk hedging of pledged assets, and expands scenarios such as when vToken is used as collateral for lending, its Staking income can offset part of the interest, realizinglow interest loan。
