2022 / 10 / 20 13:30
Bifrost
Early May usually should be a warm teaser to the summer, whereas the markets and the overall sentiment have cooled down the pre-summer excitement. Bitcoin fell below the 2,000.
Due to the arrival of the so-called bear market, most investors are more cautious with their money since the enthusiasm and energy of last year have faded away. Risk aversion and capital preservation are high while seeking returns is no longer the primary goal of any market player.
Staking could be the solution we need: This is a mechanism derived from the Proof of Stake consensus model and an alternative to the energy-driven and resource consumer Proof of Work. In this mechanism, users need to provide assets to the platform to ensure its security and improve the safety of the blockchain network itself. The more users stake their assets. The more dispersed the Blockchain is, thus more difficult it is to be under threat.
Simultaneously, the platform will also reward users for this staking. Staking has a lock-up period, which makes it impossible for assets to withdraw within a certain period, making it difficult for one to be dragged by the market volatility, resulting in asset loss when they make the crypto earn.
Liquid staking protocol solve this problem and consider the revenue advantages of crypto earn. The staking liquidity protocol (SLP) launched by Bifrost Finance on May 5th has brought a high-yield investment alternative path to the current depressed market (for more information about the SLP protocol, please refer to the attached official account article link).
The SLP protocol aims to solve the liquidity problem of many staked tokens. The protocol recently supports KSM and allows users to replace their original KSM tokens for vKSM. While getting the crypto earn by their staking of KSM, users can also use vKSM to enact liquid transactions in the market and seize the latest yield opportunities within the Kusama and Polkadot ecosystem.
Staking derivatives have been in the industry for some time. In the classic Proof of Stake ecosystem, users usually face the pain of a redemption period when using staking derivatives. This floating amount of time necessary to redeem vKSM theoretically helps users realize a second redemption to maximize the release of the assets back fully.
At the same time, in the process of vKSM redemption, users also have flexible operability, so they can cancel their vToken request at any time in the process, to continue holding vKSM without paying any handling fee.
In less than two weeks since vKSM went live, the market TVL has reached $81,543. It has attracted many users in the early stages of its launch to the market and has shown tremendous development potential. According to different chain rules, staking provides a fixed 7-day, 28-day, or even 365-day unbonding period. While using SLP, users have more freedom and flexibility when redeeming.
For example, vKSM only needs a rigid redemption period from 0 to 7 days. At the same time, vKSM’s staking can also enjoy up to 40% + APY (basic income and liquidity farming comprehensive income), which is much higher than 18% for direct staking. Supporting cross-chain also allows vKSM to have more application scenarios and benefits.
Kusama is only the first step of the SLP. Our vToken mechanism will gradually expand to more ecosystems and apply to all application scenarios in the blockchain. By connecting each Parachain through a cross-chain messaging format (XCM), Bifrost can powerfully cooperate with the others by having smart contracts to open up the interoperability with EVM/WASM.
In addition, providing users with great application scenarios also brings more yield opportunities and unlimited possibilities to improve crypto earn.
Compared with other staking derivatives, vKSM provides users with higher returns. Since the launch of vKSM, Bifrost will provide additional subsidies for system operation and give high incentives and preferential perks to early adopters. A series of incentives such as vKSM farming and the Rainbow boost program is launched to provide users with additional rewards. The Rainbow boost campaign, which will be launched for the first time on May 16th, will bring users a way out during this cold crypto earn market, characterized by high-yield and high incentive feedback.
Bifrost finance will officially launch rainbow boost at 10 am (UTC+8) on May 16th, aiming to provide investors with solutions to maintain and improve earnings in this current bear market.
The Rainbow boost is a system that marks, integrates, and motivates the address behavior on the Bifrost chain. Raindrops can be regarded as an integral system. It can be used to prove the activity and participation of users. Raindrops cannot be transferred or traded: To ensure the effectiveness of its distribution, Rainbow Boost will be open according to the cycle and specific behavior and will distribute or deduct raindrops for different behaviors, to realize the quantitative record of address behavior.
Raindrops have the charm of the underlying consensus mechanism of the blockchain, which enables the community to provide more revenue and priority for actively participating users from the perspective of consensus contribution to realize the sharing of revenue amongst participants.
Therefore, the more addresses raindrop holds in the future, the higher the activity, loyalty, and participation of the address will be. At the same time, it will also get more privileges and benefits within the Bifrost community.
Bifrost will irregularly provide incentives such as tokens, NFT airdrop, whitelist priority, and revenue bonuses to the top addresses holding raindrops. At the same time, we plan to take raindrops as the value basis of on-chain data for future cooperation with on-chain identity (DID) projects since the contribution to the community will be recognized and processed by the blockchain.
To obtain raindrops is very simple: 1000 raindrops can be obtained for each vKSM minted. In other words, users can easily and passively enjoy the accumulation of raindrops while obtaining vKSM. However, it is not enough: The number of raindrops can also be increased by enhancing the investment behavior such as BNC staking and Kusama crowdloans. For example, the greater the number of staked tokens or the higher the number of crowdloan projects participating, the greater the bonus percentage.
Users can obtain raindrops while minting tokens. When investing in the staked vKSM, they can continue to obtain a raindrop bonus. It reflects one of the core designs of rainbow boost, which promotes the activity and participation of investors and brings multiple income guarantees to users’ investment behavior.
vKSM single token farming will simultaneously start with the launch of the rainbow boost campaign at 10 am (UTC + 8) on May 16. As a single token non-burning mining project, vKSM farming has no risk of loss on the capital invested by the user. Users who participate in vKSM farming can also mint more vKSM in rainbow boost activities: increase the activity and participation of addresses, get more raindrops, and indeed receive airdrop rewards.
vKSM farming will last 14 days, from 10 am (UTC + 8) on May 16 to 6 pm on May 30 (UTC + 8), with a total incentive of up to 1000 vKSM.
Given current market conditions and sentiment, participating in projects with stable and long-term value, investing in enjoying a high degree of freedom, and participating in communities that are open and focused on providing a collaborative and growing environment, is the right and wise choice.
The Rainbow boost campaign brings you the perfect solution.
It is worth mentioning that early adopters can enjoy the bonus of being the first batch of users. Therefore, seizing the opportunity and choosing a more valuable rainbow boost investment is how to gain income in a cold, depressed market.
1. How to obtain airdrops?
Addresses that meet the following conditions can receive 2000 raindrops at the beginning of the activity. Raindrop points will be used to divide up the airdrop rewards of KAR, MOVR, SDN, BNC, and PHA.
(1) Participate in all addresses of the first batch of parachains in Kusama Karura, Moonriver, Shiden, Khala, and Bifrost crowdloans.
(2) Successfully participated in all addresses in the Karura BNC bootstrap Rainbow Boost: https://bifrost.app/dashboard/boost
2. How to increase raindrop points?
Participating in vKSM minting can assure 1 vKSM for 1000 raindrop rewards. Users who have participated in crowdloans or BNC staking can receive a vKSM minting bonus and 1000+ raindrop rewards for each vKSM.
3. What is vKSM? How to mint it?
For the minting tutorial, please refer to our documentation
In this campaign, after minting vKSM, you can immediately participate in vKSM single token mining and obtain additional rewards in addition to staking income. After the single token mining, Bifrost will start the liquidity mining of vKSM/ KSM.
Please follow our upcoming announcements closely.
The more addresses you hold in raindrops, the higher the activity, loyalty, and participation of the address. At the same time, you will get more privileges and benefits in the Bifrost community.
Bifrost will irregularly provide incentives such as tokens, NFT airdrop, whitelist priority, and revenue bonus to the top addresses holding raindrops.
Bifrost is a Web3 derivatives protocol that provides decentralized cross-chain liquidity for staked assets. Leveraging the cross-consensus message (XCM) can provide cross-chain liquid staking services for multiple chains.
Bifrost’s mission is to provide standardized cross-chain interest-bearing derivatives for Polkadot relay chains, parachains, and heterogeneous chains bridged with Polkadot. Furthermore, by aggregating over 80% of PoS consensus chains’ staking liquidity through cross-chain derivatives, our protocol lowers users’ staking threshold, increases the multi-chain staking ratio, and improves the application of the ecosystem interest base by creating a three-way positive cycle for the StakeFi ecosystem by empowering users, multi-chains, and ecosystem applications.
Bifrost has raised over USD 2M from top-tier venture capital firms by NGC, SNZ, DFG, CMS, and other institutions. In addition to being an early receiver of a Web3 Foundation Grant, Bifrost is also a member of the Substrate Builders Program and the Web3 Bootcamp.
