Press Release
Reward Climbs to 200%, Bifrost Launches Parachain Auction Sprint Program
Parachains are dedicated blockchains connected to and protected by Polkadot or Kusama relay chains. Parachains will benefit from the security, scalability and interoperability of this multi-chain architecture. With the implementation of parachain on Kusama, the promise of blockchain to become the infrastructure of Web3.0 is one step closer to reality.
After the first two slot auctions, Kusama has 3 of the first 5 parachain slots left. The auction has entered a fierce stage. So far, Bifrost has obtained 3,834 addresses from 10 countries, with a total of 24,592.2447 KSM contribution, of which 826.4564 KSM is reserved for Bifrost SALP’s first round of liquid asset reserves.
In order to accelerate the launch of the Bifrost parachain, enable BNC transfers, and open up the bonding liquidity of the subsequent Kusama parachain bidding project parties as soon as possible, Bifrost decided to double the parachain auction rewards. The detailed rules are as follows:
Limited time for double rewards
Bifrost Crowdloan will process the sprint stage and open double bidding rewards for all voting addresses until 8 am in UTC on July 8th. The reward will be increased from 1 KSM: 11+ BNC to 1 KSM: 22+ BNC. An increase of up to 200%+!
Total reward: 3,000,000 BNC
Limited time reward ratio: 1 KSM: 22+ BNC
Unlocking period: TGE 50%, the remaining part will be released linearly within 48 weeks
What about returns?
Bifrost will have a real market value after launching BNC Transfer on the mainnet. By enumerating and predicting the future market value, we can compare this incentive annualization from a more intuitive perspective:
It can be seen that the APY of incentives is expected to grow several times higher than the APY of Staking as the market cap of Bifrost increases.
Additional benefits for Kanaria bird owners-NFT collectibles
Bifrost and Kusama’s first NFT asset issuance agreement, RMRK, reached a cooperation and jointly launched an exclusive NFT for the slot auction.
If you vote for Bifrost Crowdloan at least 10 KSM (excluding centralized channels), and own or obtain a Kanaria bird NFT in the future, you will be able to use the Kanaria bird to claim a Bifrost Kanaira exclusive equipment with high rarity in RMRK (The same bird cannot be claimed a second time). For more details, please refer to: https://kanaria.rmrk.app/?ref=bifrost
How to deal with KSM market fluctuations?
If you are not a long-term holder of KSM, you may have such concerns. No need to worry, contribute through ksm.vtoken.io, you will get KSM’s shadow derivative vsKSM, you can cash out with a discount at any time, and you will have the opportunity to hedge the risk of KSM market fluctuations. This is Bifrost’s unique advantage compared to other auction projects!
Auction participation channels
In terms of Crowdloan, Bifrost facilitates users to participate in voting through multiple channels.
1. Bifrost official participation channel: vsKSM Mint Drop
The vsKSM Mint Drop participation page integrates Bifrost’s original parachain bonding liquidity protocol SALP. Participate in voting to obtain vsKSM and vsBond derivatives, which can be used to unlock liquidity during the bonding period.
Participating address: https://ksm.vtoken.io/
Check the minting tutorial here: https://www.youtube.com/watch?v=O1CTi9G2S60
2. Kusama official parachain Crowdloan
Bifrost will create Bifrost-Kusama-Crowdloan before 2021–6–15, and users can participate directly through the Kusama relay chain.
Participating address: https://polkadot.js.org/apps/#/parachains/crowdloan
3. Multi-participation channels
Bifrost has already reached Crowdloan support channel cooperation with many project parties, wallets and decentralized exchanges.
- Decentralized wallet: Bifrost cooperated with Fareless Wallet, Math Wallet, etc. to support Bifrost parachain auctions on the mobile side.
- Centralized exchange: Kraken / OKex / Kucoin / MXC / Gate will support Bifrost Parachain Crowdloan.
vsKSM Mint Drop has aggregated all participating channels: https://ksm.vtoken.io/
What is Bifrost?
Bifrost is the Polkadot Ecological DeFi basic protocol. It is committed to becoming an infrastructure for pledged 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 pledge rights such as staking and Crowdloan through vToken, realize the risk hedging of pledge 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.
Learn more about Bifrost
Website | Github | Telegram | Medium | Twitter | Discord
