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Bifrost will support Parallel Heiko Kusama Crowdloan through SALP Protocol

Published date: September 23 2021
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In the 2nd Kusama slot auction, Bifrost will support Heiko Finance parachain auction with SALP, release its contributors bonding liquidity.

Bifrost x Heiko Finance

Parallel Finance is a decentralized money market protocol that offers lending, staking, and borrowing in the Polkadot ecosystem. Similar to the relationship between Polkadot and its “canary network” Kusama, Heiko Finance is the sister network to Parallel, and the parachain that Parallel hope to launch on the Kusama blockchain.

As one of strong competitors of the 2nd batch of Kusama slot auctions, Heiko joined the auction. In order to promote the partnership of us, Bifrost wishes to boost the winning rate of Heiko’s parachain auction. All Heiko’s contributors who contribute though SALP protocol will be able to join the derivative mining with vsKSM, and receive Bifrost native token (BNC) as reward.

Once Heiko wins the auction, the vsKSM will be tradable for swap between KSM and other assets effortlessly, and contributors be able to get HKO as Crowdloan reward, stay tuned.

Heiko Crowdloan Rewards

  • Contributors will be rewarded with Heiko tokens (HKO) and as high as 5% of the HKO total supply will be distributed (4% for Contributor rewards, 1% for recommender rewards.)
  • Every KSM contributed should return at least 200 HKO tokens.
  • Heiko rewards up to 50 million HKO tokens
  • Voters will receive a weighted distribution of up to 5% HKO
  • 200,000 KSM is the largest amount raised by Heiko in the second round of parachain auction

What is Heiko

Heiko Finance is the sister network to Parallel Finance, which is offering LendingStakingBorrowing products to Kusama Network. Parallel Finance(Heiko Finance) just closed a Series A round which led by Polychain Capital, along with Pantera CapitalLightspeed VenturesAlameda Research and etc. Parallel has also received a Web3 Grant and been a member of DeFi Alliance and Substrate Builders program. Learn more about Parallel and Heiko: https://parallel.fi/

What is SALP?

SALP (Slot Auction Liquidity Protocol) aims to issue derivatives vsKSM for KSM contributors, vsKSM can be used for DeFi applications such as swap and liquidity mining during the KSM bonding period, exchange KSM in AMM at any time. After the parachain lease expires, derivatives can be fully redeemed for KSM in 1:1 peg. Learn more about SALP

What is Bifrost?

Bifrost is the Polkadot Ecological DeFi basic protocol. It is committed to becoming an infrastructure for staked assets to provide liquidity. Bifrost launched derivatives vToken for Staking and Polkadot Parachain Slot (Crowdloan). It has obtained $2.15M in fund-raising from NGC, SNZ, DFG, CMS and other institutions and Web3 Foundation Grant. It is also a member of Substrate Builders Program and Web3 Bootcamp.

vToken can optimize transactions in multiple scenarios such as DeFi, DApp, DEX, CEX, and realize the transfer channel of stake rights such as staking and Crowdloan through vToken, realize the risk hedging of stake assets, and expand scenarios such as vToken as collateral for lending, its staking reward part of the interest can be offset to achieve low-interest loans.

Learn more about Bifrost

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Bifrost will support Parallel Heiko Kusama Crowdloan through SALP Protocol was originally published in Bifrost —  DeFi for PoS. Staking and Liquidity. on Medium, where people are continuing the conversation by highlighting and responding to this story.