We are pleased to announce that Bifrost has partnered with Litentry, to support its upcoming Polkadot Slot Auction by SALP, generating Crowdloan derivatives and releasing its contributors’ bonding liquidity.
Bifrost x Litentry
Litentry is a privacy-preserved DID Aggregator that serves unique functions in the Polkadot ecosystem & provides liquidity, interoperability, and consistency for the multi-chain identity data. Becoming a Parachain maximizes the efficiency of sharing identity data between Litentry & other Parachain projects. And with an aggregated cross-chain identity, blockchain projects could offer dedicated graded identity services/functions to power better Web3 services.
In this case, Litentry as one of the strongest competitors in the first batch of Polkadot slot auctions, Bifrost SALP may boosting up its Crowdloan. By using SALP, contributor will be able to generate derivatives vsDOT & vsBond, hedge against the 96-week DOT bonding period.
In addition, vsDOT and vsBond holders can join Litentry’s Derivatives Farming campaign and receive 6,400 Bifrost native Token $BNC and 35,000 Litentry native Token $LIT as rewards. The campaign will start by 11 November and will run for 7 days after it opens. This is on top of the $LIT rewards that users receive as part of the Litentry crowdloan rewards. Once Litentry wins the auction, the vsDOT will be tradable for swap between DOT and other assets effortlessly.
Litentry Crowdloan Rewards
In case of obtaining parachain slot, $LIT rewards will be distributed to their DOT contributors.
- Token Reward Pool: 20,000,000 LIT (20% of total supply)
- 1 DOT gets ≥ 2.5 LIT
- Hardcap: 8,000,000 DOT
- Minimum contribution: 5 DOT
SALP Farming Prize
- Before the Parachain auction starts, 6,400 BNCs + 35,000 LITs will be put into the SALP Farming Prize Pool as an additional prize, and those who vote Litentry with SALP and hold vsDOT + vsBond-LIT will be able to participate in Farming and receive the prize.
- The campaign will start by 11 November and will run for 7 days after it opens.
Identity Related Bonus (Up to +10%)
- 2% additional bonus if signup for waitlist
- Another 8% bonus related to identities will be announced soon
- LIT rewards and LIT bonuses are distributed linearly in each block. The distribution will start once the Litentry parachain runs on Polkadot relay chain and will continue until the parachain slot expires.
More Litentry Polkadot Crowdloan please refer at: https://litentry.medium.com/e5140744cf45
Litentry is a Decentralized Identity Aggregator that enables linking user identities across multiple networks. Featuring a DID indexing protocol and a Substrate-built distributed DID validation blockchain, Litentry provides a decentralized, interoperable identity aggregation service that mitigates the difficulty of resolving agnostic DID mechanisms. Litentry provides a secure vehicle through which users manage their identities and dApps obtain real-time DID data of an identity owner across different blockchains.
What is Bifrost?
Bifrost is the Polkadot Ecological DeFi basic protocol. It is committed to becoming an infrastructure for staked 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 Builders Program and Web3 Bootcamp.
vToken can optimize transactions in multiple scenarios such as DeFi, DApp, DEX, CEX, and realize the transfer channel of stake rights such as staking and Crowdloan through vToken, realize the risk hedging of stake 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.
Bifrost SALP will support Litentry Polkadot Crowdloan was originally published in Bifrost — DeFi for PoS. Staking and Liquidity. on Medium, where people are continuing the conversation by highlighting and responding to this story.