In November 2021, Bifrost announced its support for the Moonbeam Crowdloan, an Ethereum-compatible smart contract parachain 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 offer prospective Moonbeam crowdloan participants access to liquid 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 liquid DOT based on the Kusama Parachain, and provide rich use cases for contributors participating in the Moonbeam crowdloan, including farming, liquidity mining, swaps and cross-chain token swaps. Support for the Moonbeam crowdloan will help Bifrost unlock a new opportunity with the Moonbeam community to introduce the Slot Auction Liquidity Protocol (SALP), and encourage more users to participate in the Moonbeam crowdloan.
Moonbeam aims to become a developer-oriented blockchain that strives to provide compatibility with the existing Ethereum developer toolchain and network. It does this by providing a full EVM implementation, a Web3-compatible API, and bridges that connect Moonbeam to existing Ethereum networks. This allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. By deploying on Moonbeam, developers can extend their reach to the Polkadot network and connected parachains.
Bifrost uses a combination of Polkadot multi-signature + Kusama Parachain for the SALP and then calls the KYC API on the Moonbeam side to complete the user’s identity authentication to provide a more complete experience for the Moonbeam crowdloan. This innovative crowdloan liquidity solution will give users the opportunity to increase DOT utilization during the 96-week crowdloan lock-up period and make choices about their own risk appetite. Moonbeam will assist Bifrost, provide technical support in the crowdloan docking process, and promote the long-term cooperation between Bifrost and Moonbeam.
The integration is in the first phase, and a final version will be released once Bifrost onboards as a Polkadot Parachain. The multi-sig will be represented by on-chain 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 Moonbeam Crowdloan will be launched on Nov 11th, 2021, and developers and users are welcome to try it at that time.
About Moonbeam Network
Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications. This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. As a parachain on the Polkadot network, Moonbeam will benefit from the shared security of the Polkadot relay chain and integrations with other chains that are connected to Polkadot. Currently in active development by PureStake, Moonbeam is expected to deploy on Polkadot MainNet by Q4 of 2021.
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