Bifrost will Support Basilisk Kusama Crowdloan Through SALP Protocol
Bifrost will be supporting Basilisk in the second batch of the Kusama slot auctions through the SALP protocol and releasing its contributors’ bonding liquidity. The SALP Pallet will live on after the auditing, during the 7th Kusama slot bidding period.
Basilisk will enable the utility of its frictionless liquidity bootstrapping for multi-chain assets when they wins the auction, which is attractive for Bifrost to reach the partnership with Basilisk, provide frictionless AMM liquidity and Staking liquidity for DeFi users.
What is SALP?
SALP (Slot Auction Liquidity Protocol) aims to issue derivatives vsKSM/vsDOT for KSM/DOT Parachain contributors, vsKSM/vsDOT can be used for DeFi applications such as swap and liquidity mining during the KSM/DOT bonding period, exchange KSM/DOT in AMM at any time. After the parachain lease expires, derivatives can be fully redeemed for KSM/DOT in 1:1.
About Basilisk
Basilisk is a liquidity bootstrapping protocol built for Kusama. Its mission is to enable frictionless liquidity for the long tail crypto assets and offer users,founders or artists wide variety of AMMs or price discovery mechanisms which fit their needs.
About Bifrost
Bifrost is the Polkadot Ecological DeFi basic protocol. It is committed to becoming an infrastructure for pledged 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.
