vsKSM Mint Drop and Bifrost KSM Slot Bidding Preview
The slot auction for Kusama has entered the final stages of planning. Bifrost, the Polkadot ecosystem’s Basic DeFi protocol, has made all of the necessary preparations for the Kusama slot auction and is ready to go.
Bifrost has submitted a Grant application for SALP (Slot Auction Liquidity Protocol), via which Bifrost will generate derivatives vsToken (vsDOT/vsKSM) and vsBond to unlock the liquidity of locked DOT/KSM in slot auctions. Through the Polkadot Cross-Chain Protocol XCMP, SALP allows users to participate in Crowdloan by generating decentralized derivatives, allowing them to safely, trustlessly, and free up liquidity to support their favorite parachain initiatives at a significantly reduced opportunity cost. SALP can also be used as a feature in bidding strategies for Parachain project parties to boost the success rate of bidding for Parachain slots.
Bifrost’s SLP and SALP activities are being investigated step by step as the Kusama slot auction approaches, and they are now nearing the implementation phase.
Bifrost has thoroughly tested its access to the Kusama relay chain by recreating the Crowdloan on the Rococo Testnet and successfully bringing the parachain online for testing, with the formal parachain slot auction procedure already ongoing.
For the Slot Auction, Minting vsKSM
vsKSM minting will be launched for the first time in this Bifrost Kusama Slot Auction, with KSMs minted in vsKSM being used in the Bifrost Kusama Parachain Slot Auction, where users will earn a free liquid vsKSM and a large BNC slot auction payout.
The vsKSM Mint Drop will be broken into two main periods:
The Reservation period and the Minting period.
The reserve period began at 7 p.m. (GMT+8) on 14 May and lasted for two weeks. By entering in someone else’s invitation code and minting 0.01 KSM during this time, you earn priority minting rights and a personal invitation code.
Priority Minting Rights: You have 24 hours to begin minting before the official commencement time.
Personal Invitation Code: Invite additional friends to tie the invitation connection at any time, and when your friends join in minting, you gain an invitation bonus.
Period of Minting
It will open after the reserve period has ended and will last for 4–8 weeks. Priority and official minting will be unlocked sequentially during this time, and numerous BNC prizes will be earned at the same time. Others can be invited at this time, but no new invitation codes will be generated.