Subsocial Kusama Crowdloan is supported by Bifrost SALP
Subsocial Kusama Crowdloan is supported by Bifrost SALP
Bifrost announced that it would support Subsocial in the third batch of Kusama slot auctions through the SALP protocol, unleashing the bonded liquidity of its contributors.
Subsocial aims to disrupt existing social media platforms by addressing their inherent problems. Global censorship, a lack of personalization, unequal commercialization, inconvenient usage, and monopoly on network effects are only a few of them.
The Serverless Public Timeline is a crucial element of Subsocial. All web apps can be operated on IPFS, eliminating the need for centralized server hosts. Customizable moderation allows users to define their own rules for their space and provides censorship resistance. Built-in dynamic community management roles with precise permissions are available on the platform.
The Polkadot ecosystem has natural advantages to help Subsocial eliminate the network monopoly by parachains on-chain governance. Bifrost has common sense with Subsocial to improve the transfer of information and value, and the Polkadot ecosystem has natural advantages to help Subsocial eliminate the network monopoly by parachains on-chain governance.
Contributors will be able to produce derivatives vKSM and vsBond (Subsocial) via the SALP protocol, allowing them to hedge against the 48-week KSM bonding term.
Also, holders of vsKSM & vsBond (Subsocial) can participate in Subsocial’s derivative mining and obtain $BNC, Bifrost’s native token. This is in addition to the $SUB benefits that Subsocial members earn as part of their crowdloan rewards. Once users have contributed to Subsocial, the vsKSM & vsBond (Subsocial) may be fully enabled, allowing for seamless swaps between KSM and other assets.
Subsocial Crowdloan Rewards
Vesting
20% of crowdloan incentives will be available immediately as tokens are awarded. Over the length of the parachain slot lease, the remaining 80% will vest (up to 48 weeks).
About SubSocial
Subsocial is a collection of Substrate pallets with a web-based user interface that allows anybody to create their own decentralized social network or community. Subsocial is a platform for creating social networks, rather than a decentralized social network like Twitter or Facebook. Subsocial will be the basic architecture on which future social networks will be constructed.
There are two meanings for the prefix Sub:
- Subsocial will serve as the foundation for all social networks created on top of it.
- Subsocial is powered by the Substrate platform.
About Bifrost
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.
