Bifrost launched its crowdloan on Friday, April 22nd, and over the weekend, 320 addresses contributed more than 100,000 DOT. A clear hint of things to come, Bifrost has hit its soft cap of 300,000 DOTs three days before the Polkadot 16th parachain slot auction officially launches on April 29th. This is crucial to realizing its goal of creating a decentralized cross-chain staking liquidity solution. Importantly, it demonstrates that investors have faith in the company.
DOT and KSM staking will be available on Bifrost’s if the parachain bid is successful, and this puts the platform one step closer to providing cross-chain liquidity for staking across all Dotsama relay, as well as bridging PoS and parachains. Bifrost has made giant leaps over the past ten months. Approximately a third of the Kusama Wallet community voted for Bifrost in June 2021, making it the fifth Kusama parachain.
Bifrost’s founder, Lurpis Wang, expressed his gratitude to the crowdloan backers. “We are ready for the next big step. Bifrost will build an interoperable cross-chain bridge between Kusama and Polkadot, igniting the StakeFi ecosystem of tens of billions of dollars,” he added
What is the significance of this crowdloan?
First, over 80% of PoS chains will benefit from Bifrost’s staking liquidity. Consequently, Polkadot’s interoperability and scalability will enable it to hold billions of various staking assets securely. Also, the Dotsama relay chain, parachain, and heterogeneous chain bridges will be accessible to Bifrost. Finally, it plans to develop an even larger DeFi protocol and raise it’s worth ten times. Kusama-Polkadot bridging will accomplish this goal.
The Polkadot-Kusama bridge will be used by Bifrost to cross-chain its Kusama assets to Polkadot and seamlessly move all current businesses from Kusama to Polkdot during the transition. As a result, Bifrost will continue to maintain the Kusama and Polkadot parachains during the migration period. After that, the Polkadot parachain will serve both ecosystems. As a decentralized cross-chain solution, Bifrost also wants to introduce other public chain staking derivatives, such as vKSM, vMOVR, vFIL, and vSOL in the coming months. Staking tokens on different blockchains will become more liquid as a result.
Powered by the BNC token, Bifrost is a web3 derivatives protocol on a mission to build a strong global-scale StakeFi economy built on Cross-chain Consensus Message (XCM). To do this, it employs cross-chain derivatives to aggregate over 80% of PoS consensus chains’ staking liquidity. Also, it lowers users’ staking threshold, increases the multi-chain staking ratio, and improves the application of the ecosystem interest base. Some of the leading investors in the project include NGC, SNZ, DFG and CMS.