Bifrost SALP Supports Snow Kusama Crowdloan
In August 2022, Bifrost announced its support for SNOW on Kusama Crowdloan. SNOW is bidding to become a community-oriented and crowdloan-funded parachain, serving as a canary network for ICE. Just like Kusama is the canary network of Polkadot, SNOW comes packed with a set of top tier features:
- Full EVM and eWASM-compatible
- BTP cross-chain interoperability optimized
- Backed by a vibrant L1 community
This will position SNOW as a potential flagship chain within the Kusama ecosystem. Showcasing industry-leading cross-chain applications — all powered by ICON’s BTP.
In this integration, Bifrost will cooperate with SNOW 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 multichain development pattern.
Bifrost’s advantage is to mint fully decentralized liquid derivatives based on the Kusama parachain. Support for the SNOW Crowdloan will help Bifrost unlock a new opportunity with the SNOW community to introduce the Slot Auction Liquidity Protocol (SALP) and encourage more users to participate in the SNOW 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. SNOW will assist Bifrost, provide technical support in the Crowdloan docking process, and promote the long-term cooperation between Bifrost and SNOW.
The integration is in the first phase, and a final version will be released once Bifrost onboards as a Polkadot Parachain. The multisig will be represented by the onchain logic under the Bifrost SALP pallet, the same as the Bifrost SALP mechanism on Kusama. Learn more about how SALP will evolve to full decentralization.
Bifrost SALP now supports SNOW Crowdloan. We welcome developers and users to contribute to SNOW Crowdloan and use the derivatives assets. Contribute to the SNOW Crowdloan here: https://bifrost.app/vcrowdloan?tab=ksm
SNOW Crowdloan Rules
We’ll be encouraging all members of the Kusama and ICON ecosystem to contribute to SNOW’s crowdloan auction. The minimum contribution is 0.1 $KSM and crowdloan supporters will receive their entire reward, without any vesting schedule, shortly after the SNOW parachain goes live. Crowdloan supporters will receive a base reward of 4,000 $ICZ per delegated $KSM. Early supporters can receive up to 4,000 extra $ICZ per delegated $KSM (this early bird reward decreases linearly with time). Please note that all ongoing reward allocations will stop as soon as SNOW secures a parachain slot. Any $KSM tokens that are contributed after the SNOW parachain slot is secured, will not be eligible for SNOW token rewards
SNOW aims to become a community-oriented and crowdloan-funded Kusama parachain that serves as a canary network for ICE, showcasing industry-leading cross-chain applications — all powered by ICON’s BTP. SNOW Network is a long-term incentivized network for cutting-edge development backed by the ICZ token. It comes packed with a set of top tier features such as EVM and eWASM-compatibility, BTP cross-chain interoperability optimization and the backing of a vibrant L1 community. On SNOW, you can innovate without having to make guesses on tokenomics and game theory. Among other things, SNOW will use a parachain crowdloan to obtain its initial parachain slot on Kusama.
ICE will be a ‘more mature’ version of the SNOW Network, as it aims to become a community-oriented and crowdloan-funded Polkadot parachain, showcasing industry-leading cross-chain applications — all powered by ICON’s BTP. ICE Network will be backed by the ICY token and comes packed with a set of top tier features such as EVM and eWASM-compatibility, BTP cross-chain interoperability optimization and the backing of a vibrant L1 community. By building on ICE, you’ll be able to connect to Binance Smart Chain, NEAR Protocol, Algorand, and more.