Bifrost announced its support for the Efinity Crowdloan. Efinity is a next-generation blockchain for NFTs built by Enjin on Polkadot. Bifrost is committed to providing liquidity to locked assets between multiple chains and establishing a liquidity bridge between heterogeneous chains.
During this Polkadot crowdloan event, Bifrost will cooperate with Efinity to help crowdloan participants access liquid derivatives of staked DOT, 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 Efinity crowdloan, including derivative farming, liquidity mining, swaps and cross-chain token swaps. Support for the Efinity crowdloan event will help Bifrost unlock a new opportunity with the Efinity community to introduce the Slot Auction Liquidity Protocol (SALP), and encourage more users to participate in the Efinity crowdloan.
Efinity is built to serve as the infrastructure for an open Metaverse. As a cross-chain highway for NFTs, Efinity will support tokens from any blockchain, allowing them to be ported to the parachain and benefit from next-generation features, including crafting, fuel tanks, and discrete (invisible) accounts for easy user onboarding. Efinity’s open marketplace will allow users to bid on NFTs on any blockchain, regardless of whether they are listed for sale.
Bifrost uses a combination of Polkadot multi-signature + Kusama Parachain for the SALP, to provide a more complete experience for the Efinity 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. Efinity will assist Bifrost, provide technical support in the crowdloan docking process, and promote the long-term cooperation between Bifrost and Efinity.
The integration is in the first phase, 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.
Bifrost SALP for the Efinity Crowdloan had already launched on https://bifrost.app/vcrowdloan, welcome to try it.
To help secure a Polkadot parachain slot for Efinity, Enjin is seeking support from the community via a Crowdloan. 10% of the total supply of EFI (200M EFI tokens) are allocated to be shared among Crowdloan supporters, along with exclusive NFTs from the new “Degens” collection and BitBoy’s Pluto Alliance.
In addition to Bifrost, the Crowdloan is currently supported on exchanges such as Binance, Kraken, and OKEx. To learn more and support the future of NFTs on Polkadot, visit enj.in/loan.
Developed by NFT industry pioneer Enjin, Efinity is a dedicated parachain for NFTs. Built on Polkadot in partnership with Parity Technologies, Efinity is purpose-built for NFTs. As a cross-chain network, it will support tokens from any blockchain. Efinity is environmentally friendly, scalable, and designed to enable a future where NFTs are as widespread and easy-to-use as smartphones today. It’s built for games, apps, enterprises, and individual creators to deliver their own NFTs to mainstream audiences. EFI is the native token of Efinity, designed to pay for transaction fees, facilitate liquidity, community rewards, and governance.
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