Bifrost announced its support for the Acala Crowdloan, the DeFi hub of Polkadot. Bifrost is committed to providing liquidity to locked assets between multiple chains and establishing a liquidity bridge between heterogeneous chains.

During the Polkadot Crowdloan, Bifrost will help Crowdloan contributors access liquid DOT as derivative, 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 Acala Crowdloan, including derivative farming, liquidity mining, swaps and cross-chain token swaps.

Acala is an Ethereum-compatible smart contract platform optimized for DeFi and scaling DApps to Polkadot. The blockchain has built-in DeFi protocols for application developers to leverage, including a decentralized stablecoin (Acala Dollar — aUSD), a trustless staking derivatives (liquid DOT — LDOT), and a decentralized exchange.

Bifrost uses a combination of Polkadot multi-signature + Kusama Parachain for the SALP, to provide a more complete decentralized experience for the Acala 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.

This is the first stage of Bifrost’s support of Acala Crowdloan, 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. Learn more about how SALP will evolve to full decentralization.

It is currently possible to participate in Acala Polkadot Crowdloan through Bifrost Dapp. 1:1 Get vsDOT, win exclusive vsDOT bonus, invite both friends to add 50% referral bonus. Voting channel: https://bifrost.app/vcrowdloan

On November 13, in order to help the Acala Crowdloan slot auction, Bifrost set up a prize pool of 5000 USDT, complete basic tasks, invite friends, and the top 500 highest points winners will share the prize pool. The event will end on November 18th, and there are 3 days left in the countdown. Activity link: https://gleam.io/competitions/XUFZe

Acala Crowdloan Rules

Total ACA Crowdloan Rewards: 17% of ACA supply (170,000,000 ACA): 15% base rewards + 2% for various bonuses

• Total ACA Supply: 1,000,000,000 ACA

• Acala’s Parachain Slot Lease Duration: 96 weeks (approx. 2 years)

• Acala’s Parachain Slot Auction Batch: Acala will bid for a slot in auction #1 with the goal of winning slot #1

• Reward Distribution: 100% of ACA will be distributed to users after network launch and token transfers having been enabled

• Liquid, Transferable ACA: 20% of ACA will be liquid and transferable

• Locked, Vesting ACA: the remainder of ACA will vest/unlock linearly (every block) over a 96 week period

• Reward Calculation (excluding bonuses): (Your DOT Contribution / Total DOT Contributed to Acala) * 150,000,000 ACA

• LCDOT Distribution (for users using option 2 below): 100% of LCDOT will be distributed along with ACA rewards. Users receive 1 LCDOT for every 1 DOT contributed to the Acala Crowdloan.

• Liquid, Transferable LCDOT: 100% of LCDOT will be liquid and usable within Acala DeFi

More Acala bonuses and details can be found in the article: https://medium.com/acalanetwork/f271389f5054

About Acala

Acala is an Ethereum-compatible smart contract platform optimized for DeFi and scaling DApps to Polkadot. The blockchain has built-in DeFi protocols for application developers to leverage, including a decentralized stablecoin (Acala Dollar — aUSD), a trustless staking derivatives (liquid DOT — LDOT), and a decentralized exchange.

Acala was founded in Oct 2019, has received several Web3 Foundation grants, has backing from Coinbase Ventures, Pantera Capital, Polychain Capital, Digital Currency Group, Arrington XRP Capital, and other top firms, and has a distributed team in New Zealand, China, Europe, South America, and the United States.

Website | Twitter | Telegram | Discord | Github

About 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

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