Bifrost has announced that it would support Efinity Crowdloan. Enjin designed Efinity, a next-generation blockchain for NFTs, using Polkadot. Bifrost is dedicated to delivering liquidity to locked assets across various chains and creating a liquidity bridge between them.
Bifrost will collaborate with Efinity 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 as well as competitive opportunities under the multi-chain development pattern.
Bifrost’s benefit is that it can mint completely decentralized liquid derivatives based on the Kusama parachain, as well as providing a variety of derivatives use cases for Efinity crowdloan participants, such as derivative farming, liquidity mining, swaps, and cross-chain token swaps. Support for the Efinity crowdloan event will enable Bifrost to introduce the Slot Auction Liquidity Protocol (SALP) to the Efinity community and encourage more users to participate in the crowdloan.
Efinity is designed to be the backbone of an open Metaverse. Efinity will enable tokens from any blockchain as a cross-chain highway for NFTs, allowing them to be moved to the parachain and benefit from next-generation capabilities like crafting, fuel tanks, and discrete (invisible) accounts for easier user onboarding. Users will be able to bid on NFTs on any blockchain, regardless of whether they are offered for sale, in Efinity’s open marketplace.
Efinity will help Bifrost, providing technical assistance for the crowdloan docking process, and promote Bifrost and Efinity’s long-term collaboration.
The integration is in its early stages, and once Bifrost has been accepted as a Polkadot parachain, a completed version will be issued. On-chain logic will represent the multisig under the Bifrost SALP pallet, which will be the same as the Kusama Bifrost SALP mechanism.
Enjin is seeking community support via a Crowdloan to help obtain a Polkadot parachain spot for Efinity. Crowdloan backers will get 10% of the entire quantity of EFI tokens (200 million EFI tokens), as well as special NFTs from the new “Degens” collection and BitBoy’s Pluto Alliance.
Efinity is a specialized NFT parachain developed by Enjin, a pioneer in the NFT market. Efinity is a purpose-made NFT platform based on Polkadot in collaboration with Parity Technologies. It will accept tokens from any blockchain because it is a cross-chain network. Efinity is eco-friendly, scalable, and built for a future where NFTs are as common and simple to use as smartphones are today. It’s designed to let games, applications, businesses, and individual artists distribute their own NFTs to a wider audience. EFI is Efinity’s native token, created to pay transaction fees, improve liquidity, and provide community benefits and governance.
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.