Bifrost SALP Supports the Astar Network Polkadot Crowdloan
Bifrost announced its support for the Astar crowdloan, the multi chain Polkadot DApp hub. 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 Astar 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 Astar crowdloan, including derivative farming, liquidity mining, swaps and cross-chain token swaps. Support for the Astar crowdloan event will help Bifrost unlock a new opportunity with the Astar community to introduce the Slot Auction Liquidity Protocol (SALP), and encourage more users to participate in the Astar crowdloan.
Astar is a high-performance smart contract platform on Polkadot, natively supporting EVM and WASM and providing layer2 scalibility and multi-chain deployment support. Astar has its unique Build2Earn meachnism: all devlopers on Astar Network can have a sustainable revenue from Astar’s DApp Staking mechnism based on decentralized voting. Astar’s canary network, Shiden Network, is the 3rd parachain on Kusama Network.
Bifrost uses a combination of Polkadot multi-signature + Kusama Parachain for the SALP, to provide a more complete experience for the Astar 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. Astar will assist Bifrost, provide technical support in the crowdloan docking process, and promote the long-term cooperation between Bifrost and Astar.
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.
Bifrost SALP for the Astar Crowdloan had already launched on Nov 11th, 2021, and developers and users are welcome to try it.
Astar Crowdloan Rules
Total Astar Bid Bonus: 20% of total ASTR supply (14,000,000 ASTR)
Crowloan + Auction = 15% or 10,500,000 ASTR
Prize pool = 5% or 3,500,000 ASTR
Astar Parachain Slot Rental Period: 96 weeks (approx 2 years)
Liquidity ASTR: 10% ASTR transferable after initiation of trading
Locked ASTR: Remaining ASTR will be released linearly over 22 months
Minimum vote: 5 DOT
For more Astar Crowdloan details, please see the article: Astar Crowdloan Event — Part II
About Astar Network
Astar Network (Previously Plasm) is a multi-chain dApp hub on Polkadot, supporting Ethereum Virtual Machine, WebAssembly, layer2 solutions and multiple layer1 blockchains. Since Polkadot Relaychain doesn’t support smart contracts by design, all dApp developers in the Polkadot ecosystem need a smart contract Polkadot Parachain. Astar is here to provide a scalable smart contract platform with layer2 scalibility through ZK Rollups and interoperability between multiple virtual machines and layer1 blockchains.
Astar has obtained innvestment from Binance Labs, Fenbushi Capital, Huobi Ventures, OKEx Blockdream Fund and other institutions and 7 Web3 Foundation Grants in total. It is also a member of the Substrate Builders Program and Web3 Bootcamp. Astar already has organic dev growth with teams building synthetic assets, stablecoins, a multichain DEX, game, NFT marketplace and etc.
Bifrost is the Polkadot Ecological DeFi basic protocol. It is committed to becoming an infrastructure for pledged 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 Substrate Builder’s Program and Web3.0 Bootcamp.
vToken can optimize transactions in multiple scenarios such as DeFi, DApp, DEX, CEX, and realize the transfer channel of pledge rights such as staking and crowdloan through vToken, realize the risk hedging of pledge 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.
Learn more about Bifrost