We are pleased that Bifrost will be supporting Kintsugi in the second batch of the Kusama slot auctions through the SALP protocol and releasing its contributors’ bonding liquidity.
Bifrost x Kintsugi
Interlay’s commitment to building cross-chain infrastructure and DeFi products has resulted in the launch of XCLAIM, a cross-chain interoperability framework.
Its best known product is a cross-chain bridge between the Bitcoin and the Polkadot network, allowing users to mint the BTC anchor token interBTC 1:1 on the Polkadot network, thereby introducing BTC into the Polkadot DeFi ecosystem.
Kintsugi is Interlay’s Canary Network and is participating in the second round of Kusama’s parachain slot bidding as one of the strongest competitors. o assist in the Kintsugi Crowdloan, Bifrost will partner with Kintsugi to offer its SALP protocol. Using SALP protocol, users can join derivatives mining with vsKSM, and receive Bifrost’s native token $BNC as a reward. This is on top of the $KINT rewards users receive as part of the Kintsugi Crowdloan rewards. Once Kintsugi wins the auction, the vsKSM will be tradable for swap between KSM and other assets effortlessly.
In the near future, Bifrost SALP derivative vsKSM will be able to pass the governance as the collateral of Kintsugi’s kBTC Vault, stay tuned.
Kintsugi Crowdloan Rewards
Crowdloan Airdrop: 10% (1 million KINT) of the initial 4-year KINT supply
To create a proactive Crowdloan process, Kintsugi features the following special airdrops:
- Early Bird Bonus: 5% for first 3 days of Crowdloan
- Referral Bonus: 5% for the referrer and referred
- Success Bonus: up to 100,000 additional KINT if specific KSM lockup targets are achieved.
- Strong Supporter Bonus: from extra 0.5% for 10 KSM voters up to 5% for 1000 KSM super voters.
In-protocol rewards for Crowdloan participants: 2% additional airdrop split amount Crowdloan participants who also run Vaults and mint kBTC.
What is SALP?
SALP (Slot Auction Liquidity Protocol) aims to issue derivatives vsKSM for KSM contributors, vsKSM can be used for DeFi applications such as swap and liquidity mining during the KSM bonding period, exchange KSM in AMM at any time. After the parachain lease expires, derivatives can be fully redeemed for KSM in 1:1 peg. Learn more about SALP
About Kintsugi, Interlay & interBTC
interBTC, Interlay’s flagship project, is Bitcoin on any blockchain. A 1:1 Bitcoin-backed asset, fully collateralized, interoperable, and censorship-resistant. interBTC will be hosted as a Polkadot parachain and connected to Cosmos, Ethereum and other major DeFi networks.
Kintsugi is interBTC’s canary network, a testnet with real economic value deployed on Kusama (Polkadot’s canary network). Kintsugi’s kBTC brings radically open Bitcoin to Kusama to kickstart liquidity for parachains like Karura, Shiden and Moonriver. interBTC and Kintsugi share the same code base — with the difference that Kintsugi will be 2–3 releases ahead of interBTC with more experimental features.
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