vsKSM Mint Drop Reservation Review

Since the Bifrost vsKSM Mint Drop reservation period opened on May 14, a total of 42,157 KSM addresses have participated in the Bifrost Kusama slot reservation event on June 7, representing 127,663 total addresses on the Kusama network. ⅓ of KSM holders are aware of the campaign and have participated. KSM holders from China, the USA, Japan, Russia and Korea all participated.

Regional distribution of participating addresses by reservation

A check of the Polkadot Browser shows that the number of daily active addresses and daily new addresses for KSM has increased significantly, with two peaks of 10,731 and 12,912 on 14 May and 18 May respectively, since the beginning of January 2021, with most of the active and new addresses coming from support for the Bifrost Kusama slot reservation event.

KSM daily active and new account growth trends, April — May

The vsKSM Mint Drop is an event that will run through the entirety of Bifrost’s bid for Kusama slots. The aim is to encourage the community to participate in Crowdloan through BNC rewards. vsKSM Mint Drop will be divided into two main periods: the reservation period and the official period.

The reservation period officially opens on 14 May at 7pm (UTC+8) and will continue until the official period begins, during which you can receive priority minting rights and your own personal invitation code by filling in someone else’s invitation code and completing a 0.01 KSM mint.

The official period will begin at the end of the reservation period and will last for 4–8 weeks until the end of the slot bidding. During this time the priority mint and the official mint will be opened and users will be able to bid on slots for Bifrost by filling out an invite code to stake KSM and receive the derivatives vsKSM and vsBond, as well as receive a generous BNC reward. Invitations can be made to others at this stage but no new invitation codes will be generated. All KSMs minted in the vsKSM Mint Drop will be used to bid on Bifrost Kusama slots and the process is transparent and open, with all participation records being displayed on the minting screen.

With two public votes on the Kusama network, Shell has been upgraded to a Statemine asset parachain. This means that Statemine, the first public interest parachain on the Kusama network, is now live and stable. It is expected that the Kusama slot auction will begin once Statemine is stable, and the vsKSM Mint Drop phase will begin before the slot auction officially begins.

Highlights of the Launch

The Bifrost Kusama slot auction press reference will be divided into four sessions: keynote speech, roundtable discussion, a presentations of the SALP protocol and an announcement of the details of the Bifrost Kusama slot auction. vsKSM’s official start date, the total amount of BNC awards, the unlocking method and the advantages of slot bidding will all be revealed at the press reference.

This press release will open first to the Chinese community. The invited guests will communicate in Chinese. We will therefore be recording the entire event, translating it and uploading it to the Bifrost Youtube channel.

TO DO LIST after Press Reference

According to the expected schedule, shortly after the launch, Bifrost will open the official period of vsKSM Mint Drop and the slot bidding for Crowdloan will officially begin.

For those who have not yet participated in the reservation period, all you need to do is to “take advantage” of it by minting 0.01 KSM on the event page to reserve the event and generate your own invitation code so that you can invite other friends to receive an additional 5% BNC invitation bonus when the official period opens.

If you have already participated in the reservation and would like to vote for more KSMs for the Bifrost Kusama slot, then you need to start preparing your KSMs. If you have KSMs in Staking condition, you can now proceed to unlock them, and there is a 7-day waiting period for stakes to be unlocked, so don’t miss the priority minting session.

Summary

Bifrost’s bidding for the Kusama slot is both a business imperative for Bifrost and a first-mover exploration, and if Biforst’s bidding mechanism is successful, it will provide a valuable reference for other parachain projects, and SALP’s proven business logic will be used to help more parachains bid for slots.

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

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