Introduction

In the last version of the Runtime update, Bifrost opened up the SALP protocol for the first time to support parachain bidders outside of Bifrost. By supporting four parachain bidders — Basilisk, Altair, Kintsugi and Parallel Heiko — Bifrost has accumulated a total of 124,912 vsKSM & vsBond mintages and surpassed $40 million in lockups.

This v0.9.1 update contains:

• Enabling vsKSM and vsBond transfers

• Implement SALP Farming module

SALP Farming module will give derivatives mining play, stake your $vsKSM & $vsBond to the Farming Pool and get a mining reward from BNC + bidding parachain Candidates. For this upgrade, all BNC holders can vote in this poll to see how you feel about it. Feel free to join the proposal discussion in the Bifrost Forum and tell us what you think. Referendum forum discussion: https://forum.bifrost.finance/t/1094

SALP Reward Distribution Model Update

Due to realistic technical cost issues, Bifrost has decided to partially adjust vsBond’s equity properties for the time being.

vsBond is still used as a credential to participate in a parachain auction, and can be combined with vsKSM to enable 1:1 redemption of KSM, but at this stage, holding vsBond no longer means receiving a parachain reward, only the original address (please note that it is minted, transfers/transactions are not counted) that participated in minting vsKSM+vsBond will be recorded in the auction by the SALP module. In the list of contributors. After a successful parachain bid, the bid rewards will be distributed by the project to all addresses in the contributor list.

Participation in crowdloan through SALP is now available for up to three tiers of rewards.

• ZLK Reward: Use Contribute — Advanced Mode in Zenlink Slot Vault to participate in crowdloan. Because the Advanced Mode integrated Bifrost SALP module on the Zenlink Dapp and users can receive both ZLK Rewards and vsKSM & vsBond derivatives assets.

• Parachain Bidding Reward: Addresses that use SALP to mint vsKSM+vsBond will be recorded and rewarded by the bidding project officials

• SALP Farming Mining Reward: This reward does not overlap with the parachain auction reward. vsKSM & vsBond obtained from any channel can participate in SALP Farming and receive a mining reward.

Referendum Content

• Referendum name: Farming module online, vsKSM & vsBond transfers open

• End Block High: #

• Voting period: 12 hours

• Execution period: 1 hours

• Original image hash: 0x434a4134c62541b33a6186f6c70d414aa0719117af3868d743cf5b24b9657200

Next Step

In the next upgrade, Bifrost will launch the v0.9.2 Bancor upgrade proposal, which will open liquidity exchanges for derivatives for the first time. At that time, users will be able to participate in vsKSM => KSM exchanges via the Bifrost Dapp, please stay tuned.

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

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