On Friday, Jan. 20 2023, Bifrost announced its support for Mangata X on Kusama crowdloan. Mangata X is a comprehensive DEX with innovative Trade & Earn functionalities which has the capability to bootstrap deep liquidity.
In this integration, Bifrost will cooperate with Mangata X to help their Crowdloan participants access liquid derivatives of staked $KSM, creating innovative solutions for users participating in the Kusama Crowdloan and competitive opportunities under the multi-chain development pattern.
Bifrost’s advantage is to mint fully decentralized liquid derivatives based on the Kusama parachain. Support for the Mangata X Crowdloan will help Bifrost unlock a new opportunity within the Mangata X community to introduce the Slot Auction Liquidity Protocol (SALP) and encourage more users to participate in the Mangata X Crowdloan.
Bifrost uses a combination of Polkadot multi-signature + Kusama Parachain for the SALP. This innovative Crowdloan liquidity solution will allow users to increase capital utilization during the 48-week Crowdloan lock-up period and make choices about their risk appetite. Mangata X will assist Bifrost, provide technical support in the Crowdloan docking process, and promote the long-term cooperation between Bifrost and Mangata X.
Bifrost SALP now supports Mangata X Crowdloan. We welcome developers and users to contribute to Mangata X Crowdloan and use the derivatives assets. Contribute to the Mangata X Crowdloan here: https://bifrost.app/vcrowdloan?tab=ksm
Mangata X Crowdloan Rules
The crowdloan has a prize pool of 30 million $MGX, which will be split up among all crowdloan participants. The minimum reward is 5,000 $MGX per $KSM contributed. There are two different bonus options that users can choose:
- Participating in the Bifrost SALP will give users a 30% bonus over the base reward (6,500 $MGX per $KSM contributed).
- Crowdloaners participating with a referral link from previous Mangata X users will receive a 25% bonus.
More details about the crowdloan can be found in Mangata’s official announcement: https://mangata-finance.medium.com/mangata-x-crowdloan-announcement-69fa6b9a8395
$vsKSM - $KSM Farming Pool
On Jan. 19 2023, Mangata launched $vsKSM - $KSM farming pool, providing attractive rewards for users who contribute to Mangata Crowdloan through Bifrost SALP. After obtaining vsKSM and vsBond, contributors can provide liquidity with $vsKSM and $KSM to obtain more MGX reward.
$vsKSM - $KSM pool is here: https://app.mangata.finance/
About Mangata X
Mangata is on a mission to become the #1 DEX on Polkadot, offering traders and liquidity providers the best platform to access unique tokens and earn rewards.
Mangata believes everyone should have the opportunity to participate in the decentralized economy and benefit from the power of blockchain technology. That’s why we’re creating a user-friendly platform that makes it easy for users to trade, provide liquidity, and earn from multiple passive income streams through double staking rewards, even if they’re new to crypto.
Mangata will offer access to the widest array of Polkadot tokens, better prices for traders by mitigating MEV, and the ability to trade without gas.
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About Bifrost
Bifrost is a web3 derivatives protocol that provides decentralized cross-chain liquidity for staked assets. By leveraging on the cross-consensus message (XCM) it 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 multi-chain staking ratio, and improves the ecosystems application 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 the likes of 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.
