Tutorials | How to participate in Kusama Crowdloan through SALP
On 16 September 2021, Bifrost v0.9.0 was successfully implemented and SALP went live. Bifrost supports the Basilisk (HydraX), Altair (Centrifuge), Kintsugi (Interlay) and Picasso (Composable) in the second batch of Kusama Crowdloan. Users voting for pledges for these four projects via the bifrost.app will unlock staked liquidity with the corresponding casting derivatives vsKSM and vsBond.
Users who have obtained vsKSM and vsBond through vsKSM Mint Drop in the last round of Bifrost Crowdloan auction can find their own vsKSM and vsBond at Bifrost Dapp.
In the next version upgrade, Bifrost will support the derivative mining function of vsKSM & vsBond, and all parachain auction rewards will be obtained through mining.
SALP Voting Tutorial
What is vsKSM? How does it work? vsKSM is a derivative asset that is minted by users through the Bifrost network to bid on Kusama Parallel Chain slots. Minting 1 KSM gives you 1 vsKSM, which can be traded and transferred at any time, just like a general Token.
What is vsBond and how does it work? When a vsKSM is minted for 1 KSM, it is accompanied by a vsBond. vsBond represents the specific parachain and the lease period for which it was successfully bid into the slot. vsBond varies in quality depending on the parallel chain supported, e.g. vsBond-Bifrost-2022/05/13
When can I trade vsKSM and vsBond? Once the parachain has been officially bid on, vsKSM and vsBond can be traded and transferred.
How do I redeem my KSM? Within three months of the expiry of the parachain, KSM can be redeemed 1:1 by using both vsKSM+vsBond in the Bifrost DApp.
For KSM participating in Crowdloan, how do I redeem vsKSM back to KSM in advance? After Bifrost upgrades the Swap module, vsKSM will have the ability to transfer funds and trade freely in the AMM pool.
What is Bifrost?
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