Bifrost Supports the Composable Crowdloan，Polkadot SALP Farming starts for the first time
The Composable Crowdloan, the Face of DeFi’s Future, has received Bifrost’s backing. Bifrost is dedicated to delivering liquidity to locked assets across various chains and creating a liquidity bridge between them.
Bifrost collaborates with Composable during this Polkadot crowdloan event to help crowdloan participants gain access to liquid derivatives of staked $DOT, resulting in innovative solutions for Polkadot crowdloan participants and competitive opportunities under the multi-chain development pattern.
Bifrost’s benefit is that it can mint fully decentralized liquid derivatives based on the Kusama parachain, as well as providing a variety of derivatives use cases for Composable crowdloan participants, such as derivative farming, liquidity mining, swaps, and cross-chain token swaps. Support for the Composable crowdloan event will enable Bifrost to expose the Slot Auction Liquidity Protocol (SALP) to the Composable community, as well as encourage more users to participate in the crowdloan.
For sharded applications, Composable is focusing on a cross-chain, cross-layer liquidity layer. Composable takes this idea a step further by recognizing that there is a sharding of functionality between each ecosystem; for example, each ecosystem has its own loan protocol.
To provide a more full experience for the Composable crowdloan, Bifrost uses a combination of Polkadot multi-signature & Kusama parachain for the SALP. Users will be able to increase capital utilization during the 96-week crowdloan lock-up period and choose their own risk appetite with this novel crowdloan liquidity solution. Composable will assist Bifrost, providing technical assistance for the crowdloan docking process, and promote Bifrost and Composable’s long-term partnership.
The integration is in its early stages, and once Bifrost has been accepted as a Polkadot parachain, a completed version will be issued. Under the Bifrost SALP pallet, the multisig will be represented by onchain logic, which will be the same as the Bifrost SALP mechanism on Kusama.
About Composable Network
Composable’s goal is to develop a protocol that enables for cross-ecosystem communication. As a result, a blockchain-based version of the Port Control Protocol has been developed.
The finished outcome has a lot of different aspects to it. The overarching blockchain ecosystem is repositioned as a network of agnostic liquidity and available yield, and users can perform cross-chain actions. Composable allows consumers to customise their experience to maximize for a desired parameter while minimizing ecosystem-specific decision making throughout the encounter.
Bifrost is the Polkadot Ecological DeFi fundamental protocol and it is dedicated to establishing a liquidity infrastructure for staked assets. Bifrost released the vToken for Staking and Polkadot Parachain Slot variants (Crowdloan). It has raised $2.15 million from the NGC, SNZ, DFG, CMS, and other institutions, as well as a Web3 Foundation Grant. It’s also a part of the Web3 Bootcamp and the Substrate Builders Program.