On the evening of June 10th, Bifrost successfully held an online live broadcast event of "New Paradigm of DeFi - Bifrost Kusama Parachain Auction Conference". This press conference invited Qin Wen, head of Web3 Foundation China, Cao Yin, managing director of the Digital Renaissance Foundation, and Bifrost ecological partners, to tell you about Bifrost’s detailed bidding rules, and announced the core details such as the opening time of the auction and the auction reward mechanism.(Click here to watch the live broadcast)。

Among them, Lurpis, the co-founder of Bifrost, made a sharing titled "Bifrost Kusama Slot Auction Rules Release". Lurpis said the rationale for investing in Bifrost was simple. Users participating in the parachain auction can compare three indicators. One is the number of rewards for the parachain; the other is whether the circulation rewarded in the future is within your acceptable range; the third is the number of rewards, it depends on whether the parachain is valuable and the future growth space Is it big enough. In these aspects, Bifrost has outstanding advantages.

The following is the speech shared by Lurpis, organized by Odaily:

Now at this stage, it is just the time for Kusama to bid immediately. I will announce two events first.

First, at 9 o'clock tonight, we will officially open the Kusama auction.

Second, whitelist users can participate 24 hours in advance, so at 21:00 on the evening of the 11th, if you do not make an appointment, you can also have a participation quota at that time. This is the current time for the Kusama card slot auction.

Let me share the specific details. You may have waited for a long time. We have been doing some parachain testing and development, including the overall Rococo testing. Let me report to you first, Bifrost has been developed for two years, what progress have we made so far?

First of all, as I just said, we have two agreements, SLP and SALP, one for POS and one for card slot bidding. For staking, we have micro-ether, which currently has a scale of about 45 million US dollars. Like this year, in the past six months, we have held 43 online events and 6 offline events. Media reports include Lianwen, Coin World, Babbitt, Mars Finance, Blocklike, Beep News, and overseas Cointelegraph , are our very good partners.

We believe that cooperation is greater than competition at present. After Bifrost was officially launched, I feel that cooperation is far greater than competition. Everyone will have a special session on each of their businesses. Zenlink and Darwin are our very good partners, and we have also received 2.2 million US dollars in investment. In terms of ecological development, Bifrost is currently very popular overseas. We have 6,000 fans on Cointelegraph and a lot of fans on Twitter. The main publicity media in China is the official account, and all our content will be publicized on the official account. hair. We also got a BB rating from Tokeninsight. Users who want to know more about it can download our rating report on Tokeninsight official website.

There is a waiting period in the middle of the auction from Kusama to Bifrost. At present, the preheating of Kusama has ended, and the next time is the official start of Kusama shooting. Because Bifrost has only one main network, after we finish Kusama, there will be a business start time. After the business operation is stable, our SLP and SALP will run on it, and then we will open Polkadot card slot auctions, and Kusama’s assets will be launched on Polkadot. The complete online process is to launch Bifrost’s parachain after the card slot auction. The referendum module will distribute vsKSM and vsbond amounts to users. After the parachain goes online, Dex will support vsKSM transactions.

The rules of Kusama have not been made public during the reservation stage. Now several parachains have been created on Crowdloan. I think these relatively high-quality parachain projects will have the opportunity to get the card slot in the future. Before the card slot, everyone needs to do a crowd loan to help the parachain go online. In fact, each parachain has its own advantages. Bifrost is actually an agreement to release liquidity for pledged assets, so we will also make differences in this regard.

1. Token structure. Bifrost has only one main network, so 50% of our ecosystem will be used for Kusam and Polkadot parachains, Kusama for three weeks, Polkadot for two years. In terms of time, we believe that Kusama is the first parachain that has launched its business, so we will offer it to everyone at the same cost as Paiboka parachain. At present, the Kusama parachain accounts for 21.4% of the entire parachain auction, which is 3 million BNC.

2. Number of vsKSM appointments. There are currently 30,000 addresses participating. At present, the total number of addresses on the entire network is more than 12,000, and we can account for 30% of the total number. We filtered the data on the chain and looked at how many KSM balances are in these addresses. Currently, domestic China, the United States, and Japan are several key participating countries.

3. Official bidding rules. We shoot Kusama, 1 Kusama can get at least 11 BNC, and a total of 3 million Tokens will be released. We will have a hard cap. When you participate in Kusama, you can have a guaranteed income, and the hard cap will not become lower because of the increase in Kusama’s income. Rewards can be obtained within 250,000 Kusama, but exceeding 250,000 Kusama does not mean the end, but that part of Kusama will not get additional benefits, so you can get at least 1 among the 250,000 Kusama: 11 ratio. In the key link after the appointment, the inviter and the invitee can establish a binding relationship, and the invitee can get 5% of the inviter's reward as an additional reward. For example, if A invites B, and B has a total reward of 100, you can get 5 of them.

The release rule is that 50% of the rewards obtained by participating in the Kusama auction will be unlocked after going online. The other 50% we will unlock linearly within 48 weeks. So overall, we have instant rewards and successful auction rewards. In other words, no matter whether Bifrost is successful or not, you can get at least 1:1 instant reward.

Well, with the official start of the Kusama auction, let me show you the entire vsKSM minting process.

First you need to install a Bifrost win plugin, this is your Kusama address. After importing, you can log in your address inside. After successful login, there is a sign, you can see your balance, and then click. This page is all the entrances to the entire Bifrost casting page. It can show how many Kusama and vsband there are, including the number of instant rewards and successful (auction) rewards. The specific instant rewards and the number of success rewards have been loaded. After that, you can still participate through other channels. We divide them into centralized channels and decentralized channels. Centralized channel, currently through our cooperation with Kraken. Decentralized channels, like Nutbox, etc., allow for decentralized participation.

As a release agreement for SLP derivatives, we will support the casting of vsKSM, participate in Bifrost’s Kusama voting, and get vsKSM Token. Here's how to participate:

Lock first. Before the auction is successful, the user's Kusama is temporarily locked. After going online, vsKSM will be distributed to the user's address one by one. At this time, users can trade their own vsKSM at any time. After Bifrost's bidding period expires, there will be a 48-week auction. After the expiration, you can get your Kusama back one by one. The asset depreciation cost in the middle is just the discount cost that vsKSM may have in the market. If you feel that this discount cost is too high for you, you can wait until the Bifrost parachain expires, and you can get back your Kusama one by one. Secondly, there is an arbitrage link in the middle. If there is a certain discount, you can buy vsKSM in the market. After the parachain expires, you can redeem Kusama one-to-one. The difference in the middle discount is your arbitrage space.

You can actually operate it on the participation interface of the entire event.

Coin minting is now open, and you can choose to mint coins according to your Kusama balance.

First, you need to select the user terms. If the plug-in that pops up is in the wallet, it will be a different password window. After confirming your address and password, you can sign your name. After the casting is successful, you can get the corresponding vsKSM by investing a part of Kusama. As the network confirms, the balance can be revealed. The second point, after obtaining the invitation code, you can now invite a specific friend. If your friend fills in your invitation code, you can bind the invitation code during the minting process. If the vote is successful, you can get the specific number and amount of invitations.

During the reservation stage, there is only a hard cap of 250,000 Kusama. After 24 hours, we will deploy Crowdloan to Kusama’s online, so during the reservation period, users have the priority to participate. If you recognize Bifrost and pay attention to Bifrost, you can participate at this stage and get the first batch of rewards.

Having said so much, why vote for Bifrost? The reason is simple. Choosing a project depends on the future growth of the project. To put it bluntly, you can compare three indicators when you participate in the parachain auction. One is the number of rewards for the parachain; the other is whether the circulation rewarded in the future is within your acceptable range; the third is the number of rewards, it depends on whether the parachain is valuable and the future growth space Is it big enough.

Here are the casting details for vsKSM. At present, the signature of the entire vsKSM fund is guaranteed by the signatures of six parties. The guests attending the meeting today are basically multi-signature parties that we have cooperated with, such as MathWallot, Patract, including the first guest who shared, Qinwen, etc. signed guests. You can see our public address on the Kusama chain. There is a detail of vsKSM, which is the first time I have announced it to you today, and we will have an article dedicated to it later.

95% of all users participating through vsKSM can directly participate in crowdloan. The other 5%, this is also a question that users have been asking all the time, who will buy vsKSM after it goes online? We will reserve 5% of the funds as the initial liquidity after vsKSM goes online in the future. So when it goes online, there will be basic liquidity to provide everyone with risk hedging services. For vsBOND, we have specially made a separation of rights and interests, and our product manager will share the SLP business in detail later. After vsBOND, users can combine mining with vsKSM, including other parachains, and can mortgage Kusama or vsBOND to obtain specific Tokens.

It has also laid the groundwork in the past. Currently, ETH derivatives are launched. The current casting volume is about 18,000 ETH, and the total market value has reached 45 million US dollars. Why mention this? When Ethereum 2.0 was just launched, we supported derivatives of Ethereum 2.0. The moment MicroEther was released, we held Mint Drop on December 3rd last year. At that time, we used 570,000 BNC, which was equivalent to minting 17,000 Ethereum at that time. We can calculate that with 45 million US dollars, each BNC can lock up an asset size of 78 US dollars on average.

For Kusama, the current incentive amount is 3 million BNC. According to the amount of each locked position of 78 US dollars, we can lock up a Kusama market value of 230 million US dollars. According to the calculation of 500 US dollars, a total of 468,000 Kusama can be locked, which is in the absence of competition from other parachains. Now each parachain has its own strategy. From this point, the value of BNC can be reflected from the side. If your Kusama lock-up volume does not reach 468,000, you are among the group of people who can get the most benefits.

At the same time, vETH is also our first batch of assets to cross the Polkadot ecology. I personally think that after the parallel chains of the Polkadot ecology enter, it is the stage from 0 to 1. Only after the parallel chains are combined with each other can the entire ecology generate greater The value of the Polkadot parachain is equivalent to the opportunity for the Polkadot parachain to explode after the auction of the parachain. Why do these assets go to Pocari? First of all, because it has the benefit of making money, it is equivalent to that after the parachain on Polkadot can make money, everyone will put their own assets in it. Bifrost is a good asset channel, because Bifrost will support derivatives of other POS networks, and users will naturally put their own assets in while obtaining these derivatives and staking benefits. So this is our first derivative asset that has entered the Polkadot ecosystem. The current scale is about 45 million US dollars. Once it enters the Polkadot ecosystem, other parachains can also call this part of the asset and apply it to their own DeFi project.

This is the detail of our current advantages compared to other parachains. The parachain card slot auction is currently equivalent to a sudden announcement for us. Just after the announcement, everyone is not very familiar with the specific rules of parachain auctions. Let me compare them. I think we can compare strategies and advantages from three aspects.

1. Is the parallel chain the first network? There must be a big gap in market value between the first network and the main network.

2. The release amount of the initial bonus. Bifrost has 50% of the release amount after the card slot auction, which is equivalent to being released directly to the accounts participating in vsKSM minting.

3. Lockup cost. Mr. Cao also introduced earlier that you can use a derivative to offset the cost of capital lock-up during the entire participation stage.

Finally, I would like to announce to you our current benefits for users who have made reservations.

The bidding channel for our appointment stage has been opened. Overseas users have not seen our remote press conference overseas, but the overall rules and time points are open globally at the same time. For reservation users, we believe that to participate in the reservation, they must know the Bifrost project and recognize the value of the Bifrost project, so we will take out 50,000 BNC airdrops for the entire reservation address, and will officially distribute them to everyone at 9:00 pm tomorrow in the booking account. Second, you can participate in the Bifrost Kusama slot auction 24 hours in advance. The third one is that you can get an exclusive invitation code during the reservation stage. At present, I think this is the biggest special treatment in the reservation stage. Users can invite others to participate in the casting of VSKSM. Once you successfully participate, you can get an additional 5% of the invitee's total reward for the middle reward, which is an additional reward that does not affect the invitee's total reward. For now, users participating in the official stage cannot obtain a new invitation code, which is currently limited.

I also briefly introduced it just now. You can participate in slot bidding through both decentralized and centralized channels. This is a continuous process. For example, the Kusama card slot auction will last for 35 days. There will be 5 slots in the first batch in the middle, and a new slot will be rotated every 7 days. Bifrost will participate in Crowdloan in the first batch. It is recommended that you go to Centralized participation will be more beneficial to your own assets. Through centralized channels, it is actually a simpler way, so Bifrost will also support both centralized and decentralized methods, and specific participation channels will continue to go online. Currently, the Mint Drop of vsKSM is also online. There are fearless, nutbox, etc., and they will open at 9 pm tomorrow.

Zenlink will support the Bifrost SLP protocol, and the second batch will support the sale of parachain slots. After Zenlink goes online, we will also announce the process of using Zenlink. The Tokens of some overseas users may be in the exchange. At present, both kraken and Okex can directly participate in the voting, and they can get additional rewards provided by them. Each channel has its own special attributes. You can see all channels on Mint Drop, and you can participate through which channel you think is safe.

Finally, there is a canvassing session. Like Bifrost, we have not announced which card slot we will auction, but for Bifrost, the overall auction strategy, we think that the entire auction for Bifrost, we have done a lot The testing process, including the pre- and post-tests, is currently over. At 7:00 pm on June 11, the Crowdloan module will be officially deployed. After Crowdloan is opened, pre-booking users will have a specific number of Kusama invited to participate. Once created, Crowdloan will automatically participate in the auction process. At present, our strategy is to start bidding from the second slot, and then enter the entire bidding process after going online, and announce major news from the second slot. Users who have already made an appointment can start to participate from tonight. The entire reward system and reward release rules, you can also learn about the participation rules on the auction page ksm.vtoken.io, and all the information in the middle will be synchronized. Published on the public account.