Polkadot Crowdloan Update - Bifrost Parachain’s Slot Renewal

Bifrost Finance
3 min readNov 29, 2023

Bifrost is a dedicated Liquid Staking middle layer built on Substrate, powered by Polkadot, providing non-custodial decentralized cross-chain liquid tokens for staked assets.

Presently, Bifrost holds a combined Total Value Locked (TVL) of $90 Million across multiple chains and introduces innovative solutions such as:

  • SLPx: Enables cross-chain automated minting, redemption, and utilization of liquidity, primarily focused on the Bifrost chain.
  • vTokens Support for Governance: The first liquid staking assets within the Polkadot and Kusama ecosystems, enabling governance functionalities on their parent chains.

In May 2022, Bifrost secured its Polkadot slot auction and successfully onboarded as a Polkadot parachain, operating seamlessly for over a year and a half.

With just six months left in the current parachain lease period, we have launched a new round of crowdloans to secure Parachain Auction #60.

New Parachain Auction Details

Contribute 1 DOT ~> Get 8 $BNC

This auction round extends an open invitation to all Bifrost and Polkadot supporters: For every 1 DOT contributed to the crowdloan, participants will receive 8 BNC, UNTIL SOFT-CAP (30K DOT) IS REACHED!

How to join

  • Log on to Bifrost’s vCrowdloan page and scroll down to find the Bifrost Crowdloan Section.
  • Click on “Contribute”.
  • Choose the amount of DOT to allocate.
  • Hit the Confirmation button.

Caps

Soft Cap: 30,000 DOT.
Upon surpassing this threshold, any additional DOT contributed won’t qualify for BNC rewards.

Only the first 30,000 DOT contributed will be eligible for BNC rewards in this crowdloan.

Hard Cap: 300,000 DOT.
Once the allocated DOT hit the Hard Cap, the crowdloan will end.

How to contribute

Users can contribute to the Bifrost Crowdloan through different means. These include:

  • Bifrost vCrowdloan is the first option is the recommended one, as it helps to preserve liquidity for the duration of the crowdloan. After contributing DOT, users receive the vsTokens, which can be traded on the secondary market or used for liquidity mining to earn profits.
  • Polkadot JS will directly lock users’ DOT on-chain for 98 weeks.
  • Desktop wallets such as Talisman and Subwallet allow users to contribute directly to the crowdloan.
  • Mobile wallet such as Nova Wallet also allow access to the crowdloan tab, from the Nova Wallet App.

Rewards Distribution

The BNC rewards for participating in the crowdloan will be unlocked linearly over one year.

Users can access the vested BNC by clicking “unlock vesting” on the Dapp.

About Polkadot Crowdloans

Crowdloan is a block space leasing mechanism introduced by Polkadot.

Parachain projects lease block space on Polkadot, represented as slots, by locking up DOT. These DOT can be crowdloaned from the community through crowdloans with rewards for users guaranteed by the project.

Gavin Wood has proposed a more flexible block space trading method called Polkadot 2.0. Until its implementation, Polkadot will continue to use the slot auction system.

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