Bifrost announced its support for the SORA Network crowdloan. SORA is both a supranational world economic system that decentralizes the concept of a central bank as well as a network in the Polkadot ecosystem. Bifrost is committed to providing liquidity to locked assets between multiple chains and establishing a liquidity bridge between heterogeneous chains.
During this Kusama crowdloan event, Bifrost will cooperate with SORA to help 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, and provide rich derivatives use cases for contributors participating in the SORA Network crowdloan, including derivative farming, liquidity mining, swaps and cross-chain token swaps. Support for the SORA crowdloan event will help Bifrost unlock a new opportunity with the SORA community to introduce the Slot Auction Liquidity Protocol (SALP), and encourage more users to participate in the SORA crowdloan.
SORA is a community dedicated to creating a supranational multiverse economic system with built-in tools for decentralized finance. The SORA Network implements a new model of parachain architecture on Polkadot and Kusama, with the capability to bridge external blockchains (like Ethereum) to the Polkadot ecosystem. Connecting to Kusama and Polkadot via parachains will make SORA available to a broad and highly engaged community, further powering its development. The SORA Kusama Parachain will use XOR as its native token and be governed independently of the existing SORA Network, giving it endless possibilities to evolve over time.
Bifrost implemented a cross-chain between Kusama Parachain and Relay-chain for the SALP, to provide a more complete experience for the SORA crowdloan. This innovative crowdloan liquidity solution will give users the opportunity to increase capital utilization during the 48-week crowdloan lock-up period and make choices about their own risk appetite. SORA will assist Bifrost, provide technical support in the crowdloan docking process, and promote the long-term cooperation between Bifrost and SORA. Learn more about how SALP will evolve to full decentralization. Bifrost SALP for the SORA Crowdloan has already launched on https://bifrost.app/vcrowdloan, welcome to try it.
SORA Network Crowdloan
Parachain auctions are held to determine which blockchains will connect to Kusama and Polkadot parachain slots. Crowdloans allow blockchain developers to crowdsource the DOT or KSM used to purchase the slots.
Anyone can participate in the SORA crowdloan with a minimum contribution of 0.1 KSM, using polkadot.js.org, the built-in staking function in Fearless Wallet, or partner ecosystems such as Bifrost.
The SORA community voted to allocate vested VAL, PSWAP, and XSTUSD tokens as well as unvested XOR tokens as rewards for crowdloan contributors, including contributors via Bifrost (note that an RMRK NFT and the Ceres ecosystem token DEO will also be allocated, but these special rewards are reserved for certain top/early contributors using polkadot.js.org or Fearless Wallet).
Note that there is no risk of losing your KSM: if the auction is not successful, it will be returned immediately, whereas if it is successful, it will be returned after a vesting period along with your SORA rewards.
About SORA Network
SORA is a new economic order: a bold new model for the creation of value, both in cryptocurrency ecosystems and the economy of goods and services. It is based on the realization that for cryptoeconomic systems and decentralized communities to compete with traditional, centralized economies and societies, they must be based on a rational economic model.
Based on the empirical research of Richard Werner and others, SORA implemented a token bonding curve to autonomously manage the issuance of the XOR token in a rational way. SORA is democratic and decentralized: robust governance institutions (the SORA Parliament) will allow users to guide its future function development, as well as the allocation of XOR to crowdsourced projects and initiatives. The committed, technically skilled SORA community excels at building tools for decentralized applications that use digital assets, such as atomic token swaps; bridging tokens to other blockchains; and creating programmatic rules involving digital assets.
Examples are Polkaswap, a non-custodial cross-chain AMM DEX which is significantly more efficient and easier to use than competing exchanges, and Fearless Wallet, a non-custodial, decentralized, open-source mobile wallet designed for the Kusama and Polkadot ecosystems that supports staking and other advanced features within a user-friendly UI. Through cooperation with other tech innovators, SORA aspires to link the many worlds of the multiverse through a single, rational and democratic forum for value creation and exchange.
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 has launched derivatives vToken for Staking and Polkadot Parachain Slot (Crowdloan). It has obtained $2.15M fundraising from NGC, SNZ, DFG, CMS, Web3 Foundation Grant, and other institutions. Bifrost is also a member of the Substrate Builders Program and a 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. Moreover, it can recognize the risk hedging of stake assets and expand scenarios such as vToken as collateral for lending. Its staking reward part can be offset to achieve low-interest loans.