Bifrost Supports the Composable Crowdloan，Polkadot SALP farming starts for the first time
Bifrost announced its support for the Composable Crowdloan, the Face of DeFi’s Future. Bifrost is committed to providing liquidity to locked assets between multiple chains and establishing a liquidity bridge between heterogeneous chains.
During this Polkadot crowdloan event, Bifrost will cooperate with Composable to help crowdloan participants access liquid derivatives of staked $DOT, creating innovative solutions for users participating in the Polkadot 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 Composable crowdloan, including derivative farming, liquidity mining, swaps and cross-chain token swaps. Support for the Composable crowdloan event will help Bifrost unlock a new opportunity with the Composable community to introduce the Slot Auction Liquidity Protocol (SALP), and encourage more users to participate in the Composable crowdloan.
Composable is focused on a cross-chain, cross-layer liquidity layer for sharded applications. Composable takes this notion a step further by also realizing that between each ecosystem, there is a sharding of functionality itself; for instance, every ecosystem has its own lending protocol. Composable’s vision is thus to abstract away inter-ecosystem decision making and maximize users’ and developers’ outcomes based on their unique goals.
Bifrost uses a combination of Polkadot multi-signature + Kusama Parachain for the SALP, to provide a more complete experience for the Composable crowdloan. This innovative crowdloan liquidity solution will give users the opportunity to increase capital utilization during the 96-week crowdloan lock-up period and make choices about their own risk appetite. Composable will assist Bifrost, provide technical support in the crowdloan docking process, and promote the long-term cooperation between Bifrost and Composable.
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 onchain logic under the Bifrost SALP pallet, which will be the same as the Bifrost SALP mechanism on Kusama. Learn more about how SALP will evolve to full decentralization. Bifrost SALP for the Composable Crowdloan had already launched on Bifrost Dapp , welcome to try it.
Bifrost will support Composable Crowdloan with a 9 days duration, 20,000 BNC Farming pool at 14:30, 17th Dec, UTC. All contributors though SALP will be able to deposit vsDOT & vsBond-Composable into the pool and join BNC farming. More details will come up soon.
Take a look on our previous farming: https://twitter.com/bifrost_finance/status/1443500577850216450?s=2
Total Crowdloan Rewards
- 12,000,000 LAYR (12% of Total Supply)
- 5% bonus to those who staked in the first 24 hours, by 12/15/21 at 9PM EST
- 10% bonus to stakers in the first three days of opening the crowdloan
- 25% vesting on TGE
- 75% vesting linearly over following 2 years
About Composable Network
Composable’s vision is to create a protocol that allows for communication cross-ecosystem. The result is a Port Control Protocol like system for blockchains. The architecture is as follows:
- The Composable Cross-Chain Virtual Machine (the Composable XCVM) allows for cross-ecosystem communication.
- Communication layer/Innovation Availability layer (IAL):
- Polkadot-IBC cross-chain communication and asset transfers
- L2-L2 communication and transfers through our parachain
- Finality layer:
- Our parachain offering is Picasso on Kusama, and name to be determined on Polkadot.
- The Composable Routing Layer: Incentivized pathway selection to allow for users to perform actions, in an ecosystem agnostic manner.
- The Composable Liquidity layer: Mosaic — To ensure the facilitation of transfers, such that there is enough liquidity on destination layers, Mosaic is fit with multiple tools to ensure transfers occur, such as a dispute and security protocol.
The end result is multifaceted. Users can perform cross-chain actions, and the overarching blockchain ecosystem is repositioned as a network of agnostic liquidity and available yield. Throughout this experience, Composable allows users to tailor their experience to maximize for a desired parameter while minimizing ecosystem-specific decision making.
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 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 the 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 stake rights such as staking and Crowdloan through vToken, realize the risk hedging of stake 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.