06 Dec 202121:14
Bifrost AMA Recap
Myko (CryptoDiffer)Hello, everyone!😁
We are glad to meet here:
Tyrone, Bifrost Council Member
Tyrone PanHello guys~ Nice to be here
Myko (CryptoDiffer)Welcome, Tyrone, pleased to see you!
Tyrone PanPleased to see you again.
Myko (CryptoDiffer)Let's start with some introduction
Q1: Can you introduce yourself to our community?
Hello guys, my name is Tyrone, product manager of Bifrost, graduated from the University of Glasgow with a master's degree in economics, Dissertation has conducted in-depth research on the new financial model of blockchain, and participated in the public course of blockchain technology and application by Professor Xiao Zhen of Peking University.
Myko (CryptoDiffer)Okie! Great!
Q2: Can you introduce Bifrost to us?
Tyrone PanBifrost is a DeFi protocol based on Substrate that provides liquidity for pledged assets in the Polkadot ecology. It has launched a derivative vToken for Ethereum 2.0 Staking and Polkadot Parachain slot auctions. It's also the on of Kusama parachains in the first batch auctions.
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?
Tyrone PanAs the fifth project to launch the Kusama Parachain, we deployed several major modules in the fourth quarter of 2021, including: asset module, governance module, SALP module, flexible parachain fee, and cross-chain between XCM and xToken Module. During the period, the SALP module, as the core of Bifrost's liquidity business for Kusama slot auctions, has accumulated 137,734 KSM derivative minted since its launch in September, with a market value of approximately $65,668,730. Not only that, all bidding projects (Basilisk, Kintsugi, Altair, Parallel, Picasso, Bit.Country) supported by the SALP liquidity program have won the parachain bidding, and the current support bidding rate is 100%.
You can take a look on https://bifrost.app/ to see the TVL on Kusama we've made.
On Polkadot Slot Auction, Bifrost mainly appeared as a liquidity provider in the first batch of Polkadot slot auctions, using the SALP agreement to provide liquid derivatives vsDOT & vsBond for the first batch of auction projects. Bifrost has reached in-depth cooperation with Acala, Astar, Litentry, Manta, and Moonbeam.
When contributing DOT to the above project parties through bifrost.app, users can mint derivatives and get 10%-20% exclusive channel bonus bonuses, as well as additional bonuses. BNC rewards. Holding derivatives will be able to participate in the BNC mining of vsDOT + vsBond and get rich returns. Soon, vsDOT will start circulation, allowing users to immediately capture the liquidity of pledged DOT.
Experience the DOT crowdloan: https://bifrost.app/vcrowdloan
There are some obvious pros by contributing though SALP:
-Extra 10%-20% special channel rewards
-Additional BNC early bird, invitation rewards
-The rewards are issued directly to the user address by the project party
-[9/14 Multi-signature](https://forum.bifrost.finance/t/salp-the-first-slot-auction-liquidity-protocol-will-support-polkadot-slot-auctions/1497)+Bifrost Kusama Parachain to complete vsDOT & vsBond generation.
-Derivatives can be transferred and circulated after minting.
-Derivatives mining, liquidity mining is about to start.
-Support the referrel code of Crowdloan project party.
-Support various NFT, whitelist and other rights and rewards of project parties.
Bifrost is expected to be online in the second batch of Polkadot parachain auctions. Since Bifrost uses the only mainnet, Bifrost-Kusama will slowly migrate to Bifrost-Polkadot in the future.
In terms of business, Bifrost will continue the derivative minting of the Polkadot & Kusama parachain auction and continue to release locked-up liquidity; Bifrost SLP (Staking Liquidity Protocol) will be deployed as soon as possible to release the staking liquidity of staking, and at the same time bring the validators' competition. The new game method of price, for vToken forging to introduce higher staking income.
Based on derivatives, Biforst is also continuing to follow up on Snowfork's decentralized Ethereum cross-chain bridge program, and it is expected to complete the docking in the first quarter of 2022.
Cryptodiffer CommunityWhat is the difference project Bifrost has that no other project has? Is that the foundation for the development of the project later?
Tyrone PanWe are the first one to process the slot auction liquidity protocol, and its runs in a unique way, with fungible derivative for all parachians, so it can accumulate large scale of liquidity. We will push forward the BUG Bounty program soon, and WASM or EVM dev in 2022.
Cryptodiffer CommunityIs Bifrost ready to deploy SALP services on Polkadot to support bidding for more projects ? I learnt that Polkadot officials announced that they will open a slot auction on Polkadot’s Mainnet on November 11. So ready are you ?
Is the SALP Farming Pool live yet ?
How can I join Bootstrap or Farming on Bifrost ?
Tyrone PanGreat question, we just launched the SALP last week, and all vsToken can be unlocked since yesterday, it means all derivatives are tradeable, so the liquidity mining will coming soon. We plan to open up the vsDOT mining pool in next week, and the bootstrap will may also be opened at that time. stay tuned for our latest news.
Cryptodiffer Community1. Can you tell us some of the benefits of participating in Crowdloan through vsDOT?
2. I see no information about STAKING on the website and whitepaper. Are you guys not planning to add the staking of BNC to the Bitfrost ecosystem?
Tyrone PanWe are contributing for projects in a decentralized manner, although its 9/14 multisig, we don't store you DOT on Bifrost (some project say it, but not doing it). Because we've made integration with each projects that we supported, moonbeam is an example, you need to do the KYC first and contribute, but not contribute first then doing the KYC.
Besides, there are exclusive channel reward for contributors who contribute though Bifrost SALP, so you can get the bonus. We also prepare BNC as extra reward. After you got the vsDOT & vsBond, you will be able to join the vsDOT mining soon.
There are some exclusive reward on Bifrost.
With holding vsDOT, you can join the Farming soon.
Cryptodiffer CommunityI understand that Bifrost wanted to achieve the same complete de-trusting as SALP on Kusama, where the entire process is executed through on-chain logic. However, after Bifrost became a Polkadot Parachain, there was a shift from multi-signature to de-trusting. What happened ?
Can you give us a detailed review about about SALP and $vsDOT ? How committed is the Bifrost team to to creating a completely decentralized and transparent derivatives ?
Tyrone PanYeah sure, the vsDOT will going to the decentralized manner once Bifrost got the parachian on Polkadot. It will runs like Kusama way, with fully SALP logic running on Bifrost parachain. If you want to learn more about the mechanism, please go to: https://medium.com/bifrost-finance/salp-the-first-slot-auction-liquidity-protocol-will-support-polkadot-slot-auctions-c48d9ed7e641 it explains how SALP will migrate the multisig to pallet code in the near future.
Cryptodiffer CommunityDo I have any rewards for inviting friends to join the Crowd loan on BIFROST APP ?
Do you have the link for me to join the Bifrost App/ VCROWD loan ? I need a tutorial on the Bifrost App / Vcrowd, kindly share the link for downloading the tutorial if you have my friends are also looking for his link. Thank you for sharing
Tyrone PanYes you are, at https://bifrost.app/vcrowdloan, you will find out the referral reward, the basic reward is 0.02 BNC/DOT, now is under the early-bird period, so its 0.04 BNC/DOT, if you invite others, your reward would be 0.06 BNC/DOT, the invitee can get 0.02 BNC/DOT.
Share this to your friends, so you can get the referral bonus.
Myko (CryptoDiffer)Thanks a lot!!
Were pleased to hold this ama
Thanks everyone who took part
Tyrone PanCheers everyone, see you guys soon. keep following us:https://bifrost.finance/