OAK Network Partners with Bifrost

The OAK Network team is proud and excited to announce our partnership with Bifrost who will be supporting crowdloans for the Turing Network on Kusama and OAK Network Polkadot!

Our team is committed to helping grow the Polkadot and Kusama ecosystem and collaborating with established partners such as Bifrost is important to our team and our community. During our Turing Network crowdloan, which will begin on March 20th, Bifrost will support the crowdloan by offering participants the vsKSM liquid derivative as well as 2BNC bonus per KSM contributed when utilizing their functionality. This in turn will give competitive and lucrative opportunities to Bifrost users to participate in the Turing Network crowdloan and contribute to the development of OAK Network’s bespoke on-chain automation.

Bifrost will support the Turing Network crowdloan through the functionality of Bifrost’s unique Slot Auction Liquidity Protocol (SALP) which will encourage more users to participate in the crowdloan process by offering further rewards.

Turing Network and Crowdloan

The Turing Network will launch as OAK’s canary network and marks a crucial step in the journey of building a Web 3.0 hub for automated DeFi and payment systems. The Turing Network will enable innovative automation functionality for parachains in a secure, trustless, and scalable manner.

The Bifrost and OAK Network communities will be able to contribute to the crowdloan directly through the Turing Crowdloan Web App using a Polkadot.js wallet receiving a base reward of 1150 Turing tokens (TUR) per KSM contributed, plus up to a 20% bonus with referrals and early contributions. Additionally, the Bifrost platform will allow users to contribute to the Turing crowdloan and receive rewards.

About Bifrost

The Bifrost mission is to inject liquidity to every asset locked between chains and to build bridges across multiple, diverse chains. Bifrost creates significant opportunities for Polkadot and Kusama parachains within their capability to mint fully decentralized liquid derivatives. This is functionality that our OAK team is excited to offer our community.

Bifrost has established itself as the go-to infrastructure to provide liquidity on staked assets. Bifrost has been crucial in the successful onboarding of previous parachain auction winners on Kusama and Polkadot. The Bifrost community is home to over 100,000 members and we at OAK Network are thrilled to partner up.

Bifrost uses a combination of Polkadot and Kusama Parachain multi-signatures to support their SALP technology. This gives users an opportunity to maximize their capital utilization during the crowdloan asset lock-up period, and better manage their risk appetite when supporting different projects.

Staying up to date

You can find out more about Bifrost on their social media and website and be sure to follow OAK Network on our Twitter, Telegram, and Subsocial for frequent updates. To learn more about the Turing Network crowdloan and earn rewards visit the link below.

https://oak.tech/turing/crowdloan/

If you are wanting to research more about OAK Network’s product plans you can visit our developer portal and website here or reach out to us on our community Discord.

About OAK Network

OAK (On-chain Autonomous Kernel) Network is a blockchain automation hub for DeFi and payments built on Parity Substrate with a first of its kind event-driven execution model. This model enables transactions to be triggered by event signals such as time, price, and smart contract state changes. Importantly, this differs from traditional architectures utilized by Ethereum, Bitcoin, and other popular chains where multiple transactions require repeated private key signing. With this novel design, OAK can empower any connected blockchain with autonomous functionality unleashing endless potential for our partners.

About Bifrost

Bifrost is the leading DeFi basic protocol living on the Polkadot ecosystem.

Our mission is to become the go-to infrastructure to provide liquidity on staked assets. We’ve launched two flagship derivatives — vToken for staking, and Polkadot Parachain slot (Crowdloan).

The vToken is able to optimize transactions in multiple decentralized applications such as DeFi protocols and exchanges (dApp, DEXes, CEXes), and realize the value transfer from stake rights such as staking. Using Crowdloan through vToken also hedges risk from staked assets.

The vToken can also expand liquidity when used as a collateral for lending, as its staking reward becomes part of the interest and can be offset to achieve low-interest loans.

Bifrost raised $2.15M from top-tier venture capital firms of the likes of NGC, SNZ, DFG, CMS, the Web3 Foundation Grant, and other institutions. It’s also a member of the Substrate Builders Program and Web3 Bootcamp.

Learn more about Bifrost or join our incredible community of over 100,000 members strong!

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