THROUGH THE SALP PROTOCOL, BIFROST WILL ASSIST KINTSUGI KUSAMA CROWDLOAN
Through the SALP protocol, Bifrost will back Kintsugi in the second round of the Kusama slot auctions, releasing its contributors’ bonding liquidity.
The development of XCLAIM, a cross-chain interoperability framework, is the consequence of Interlay’s dedication to creating cross-chain infrastructure and DeFi solutions.
The company’s most well-known product is a cross-chain bridge between Bitcoin and the Polkadot network that allows users to mint the BTC anchor token interBTC on the Polkadot network, thereby bringing Bitcoin into the Polkadot DeFi ecosystem.
Kintsugi is Interlay’s Canary Network, and it is one of the strongest contenders in the second round of Kusama’s parachain slot auction. Bifrost will collaborate with Kintsugi to offer its SALP protocol to help with the Kintsugi Crowdloan. Users may participate in derivatives mining using vsKSM and earn Bifrost’s native token $BNC as a reward via the SALP protocol. This is in addition to the $KINT incentives that Kintsugi Crowdloan users earn. Once Kintsugi has won the auction, the vsKSM will be easily swappable between KSM and other assets.
Bifrost SALP derivative vsKSM will be allowed to pass the governance as collateral of Kintsugi’s kBTC in the near future.
Rewards for Kintsugi Crowdloans
10% (1 million KINT) of the first 4-year KINT supply will be distributed as a crowdloan.
Kintsugi offers the following unique airdrops to establish a proactive Crowdloan procedure.
· 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.
Participants in Crowdloan receive in-protocol rewards: Crowdloan participants who concurrently run Vaults and mint kBTC will get a 2% extra airdrop split amount.
During the KSM bonding period, SALP (Slot Auction Liquidity Protocol) intends to issue derivatives vsKSM for KSM contributors. vsKSM may be utilized for DeFi applications such as swap and liquidity mining, and KSM can be exchanged for AMM at any moment. Derivatives can be fully redeemed for KSM when the parachain lease expires.
About Interlay, Kintsugi, and interBTC
Interlay’s main product, interBTC, is Bitcoin on any blockchain. A completely collateralized, interoperable, and censorship-resistant asset backed by Bitcoin. interBTC will run on a Polkadot parachain and will be linked to Cosmos, Ethereum, and other major DeFi networks.
InterBTC’s canary network, Kintsugi, is a real-world testnet running on Kusama (Polkadot’s canary network). Kintsugi’s kBTC introduces radically open Bitcoin to Kusama to let parachains like Karura, Shiden, and Moonriver get started with liquidity. Kintsugi and interBTC have the same code base, with Kintsugi being 2–3 releases ahead of interBTC and having greater experience.