Bifrost KSM Slot Bidding Preview, vsKSM Mint Drop is coming

Recently, Gavin released the steps and preparations for launching the Kusama parachain on Github. Kusama’s slot auction has reached the final stage of preparation. As the Basic DeFi protocol of the Polkadot ecosystem, Bifrost has made full preparations for the Kusama slot auction and is ready to go.

Meanwhile, Bifrost has submitted a Grant application for SALP (Slot Auction Liquidity Protocol), through which Bifrost will unlock the liquidity of locked DOT/KSM in slot auctions by generating derivatives vsToken (vsDOT/vsKSM) and vsBond. SALP allows users to participate in Crowdloan by creating derivatives completely decentralized through the Polkadot Cross-Chain Protocol XCMP, allowing them to safely, trustless and free up liquidity to support their favorite Parachain projects at a much lower opportunity cost. For Parachain project parties, SALP can also be used as a feature in bidding strategies to increase the success rate of bidding for Parachain slots.

With the Kusama slot auction approaching, Bifrost’s SLP and SALP operations are being explored step by step and are entering the implementation period. In addition to this, Bifrost has fully tested its access to the Kusama relay chain by simulating the Crowdloan on the Rococo Testnet and successfully bringing the Parachain online for testing, and the formal Parachain slot auction process is now underway.

Minting vsKSM for Slot Auction

In this Bifrost Kusama Slot Auction, vsKSM minting will be launched for the first time, where KSMs minted in vsKSM will be used in the Bifrost Kusama Parachain Slot Auction, where users will receive a free liquid vsKSM and a generous BNC slot auction reward. The Mint Drop page is now live and you can get a sneak preview by visiting https://ksm.vtoken.io and you can also subscribe via email to be the first to receive the latest news on the Bifrost Parachain Slot Auction.

vsKSM and BNC rewards are displayed in real time

The vsKSM Mint Drop will be divided into two main periods: the Reservation period and the Minting period.

Reservation Period

The reservation period will open on 14 May at 7pm (GMT+8) and will last for 2 weeks. During this period, you will receive priority minting rights and a personal invitation code by filling in someone else’s invitation code and completing a 0.01 KSM mint.

Priority Minting Rights: You can start minting 24 hours before the official minting starts.
Personal Invitation Code: Invite other friends to bind the invitation relationship at any time, and you earn an invitation bonus when your friends participate in minting.

Minting Period

It will be opened after the end of the reservation period and lasts for 4–8 weeks. During this period, priority minting and official minting will be opened successively, and multiple BNC rewards will be obtained at the same time. At this stage, others can be invited but no new invitation codes will be generated. All KSMs participating in the vsKSM Mint Drop will be used to bid on Bifrost Kusama slots, and the process will be transparent and open, with all participation records displayed on the vsKSM Event Page.

Minting Rewards

During the minting period, the minting channel will be opened and you will be able to participate in the minting via the event page on the official Bifrost website to receive 1 KSM : X BNC (X will be announced at the start of the event, at a ratio of at least 1:10), which includes:

Instant Airdrop: earned upon minting, regardless of whether the slot auction is successful or not
Invitation Rewards: 5% bonus to the instant rewards for filling in the correct invitation code
Success Airdrop: only issued after the slot auction is successful, 50% will be unlocked immediately after success, and the rest will be unlocked linearly within 336 days (48-week slot lease period)

vsKSM Mint Drop reward structure

Since the SALP protocol is intergrated into the vsKSM Mint Drop, KSM minting will obtain equivalent derivatives vsKSM and vsBond, which are used to release the slot auction liquidity, and will also receive the corresponding BNC as a reward. The trading and redemption functions of BNC, vsKSM and vsBOND will be unlocked after Bifrost successfully bids.

Invitation Rewards

When your friend participates in vsKSM Mint Drop through your invitation code, you will receive an invitation reward. You will receive an additional 5% of the invitee’s final settlement reward, which can be found on the event page for the invitee’s address, vsKSM minting volume and time information. By spreading your invitation code, you can get more friends to use it. In general, the more bindings you establish in advance during the Reservation period, the more generous the BNC reward commission you will receive. As an invitee, you will also receive an additional 5% rewards.

Points to note are:

All rewards will be counted and recorded in real time during the minting process and sent to your minting address when the bidding results are announced.

In the reservation period, to obtain the invitation code, you must first fill in the invitation code of another person. Once the reservation is successful, the invitation code cannot be changed. Bifrost will first issue the first batch of invitation codes through our partners, communities, and KOLs.

There is no new invitation code that can be generated during the minting period.

How do I get involved in the Reservation Period?

Bifrost will be working with medias, partners and KOLs to distribute the first batch of Genesis invitation codes, which will be announced when the reservation period officially opens, but please note that you need to log in to your personal DOT/KSM address via the Polkadot js plugin before filling in the invitation code, and you can only fill in one invitation code per address. Event entrance: https://ksm.vtoken.io

The steps are as follows:

Fill invitation code
Stake 0.01 KSM
Click to reserve
Generate your own invitation code and invite others

After the successful reservation, you will receive a personal invitation code, which allows you to invite others. Here is a video tutorial on how to fill in the invitation code and generate a personal invitation code (recommended for PC)

Summary

The SALP protocol is a major innovation for Bifrost and addresses the concerns of many partners who want to participate in Crowdloan but are concerned about the loss of opportunity costs. This vsKSM Mint Drop combines KSM slot bidding with SALP, preserving Bifrost slot bidding rewards while freeing up KSM liquidity. With the successful bid for the slot and the launch of the Bifrost parachain, it is set to create a new wave in the industry.

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 Builders Program and Web3 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