Bifrost Finance SALP, The First Slot Auction Liquidity Protocol, Will Support Polkadot Slot Auctions
Bifrost is ready to deploy SALP services on Polkadot to support bidding for more projects. Polkadot’s Mainnet on November 11.
The focus of the chain in the third quarter of this year was undoubtedly the auction of Kusama slots. Through two rounds of auctions, 11 candidates were awarded slots in a fierce competition to become the Kusama Parachain. Bifrost also received slots in the first round of slot auctions and supported the other candidates with SALP in the second round of slot auctions.
Parachain bidding is a model unique to Polkadot. Polkadot is essentially a multi-chain architecture with a slice mechanism that gives Parachains shared security by allowing relay chain verifiers to verify Parachain blocks. However, there is a limit to the number of Parachains that a relay chain can access. In order to allocate the limited Parachain slots to more valuable Parachains, Polkadot/Kusama will use an auction for each Parachain project to compete for slot leases. The competition is done by staking DOT/KSM to the relay chain, and the more stakes, the more likely it will get slots. This process is known as Slot Aution.
About Bitfrost
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.
