Bifrost Announced its Support For OAK Network
Bifrost announced its support for OAK Network. The OAK team will be launching a Kusama crowdloan for their canary network Turing (TUR) this month. OAK Network is an automation blockchain for recurring payments across multiple DeFi protocols.
During this Kusama crowdloan event, Bifrost will support OAK and the Turing Network to give crowdloan participants access to liquid derivatives of staked $KSM (for example, vsKSM) as well as a bonus 2BNC per KSM contributed when using the Bifrost functionality. This in turn will give extremely competitive opportunities to Bifrost users to participate in the Kusama Crowdloan and contribute to the development of OAK Network in the ecosystem.
The Bifrost mission is to inject liquidity to every asset locked between multiple chains and build a liquidity bridge across multiple, diverse chains.
OAK Network will operate as a Web 3.0 hub for automated DeFi and payments while also enabling innovative automation functionality for parachains. By unlocking event-driven transactions the OAK team is creating bespoke on-chain automation beneficial for the Polkadot and Kusama ecosystem.
Bifrost’s unique advantage lies in their capability to mint fully decentralized liquid derivatives — like vsKSM — on the Kusama Parachain.
The support for the Turing Network crowdloan event will introduce Bifrost unique Slot Auction Liquidity Protocol (SALP) to the OAK community, encouraging more users to participate in their crowdloan and fundraising process.
Bifrost uses a combination of Polkadot and Kusama Parachain multi-signatures to support their SALP technology. This gives users an opportunity to maximize their capital utilization during the crowdloan asset lock-up period, and better manage their risk appetite when supporting different projects.
OAK Network and Bifrost will assist each other with technical support in the crowdloan docking process and promote each other’s brands across both our community channels.
Bifrost SALP for the Turing Network Crowdloan will be launched on March 20th. Developers and users are welcome to try it at that time.
Turing Network Crowdloan Rules
OAK’s canary network Turing Network (TUR) will go live in the upcoming Kusama parachain auctions. KSM holders will be able to contribute KSM from March 20th. Supporters will be able to use their Polkadot.js wallet to contribute to the Turing crowdloan via the Turing Crowdloan Web App where they will have access to the Bifrost platform. The Bifrost community will have access to a liquid KSM offering for every KSM contribution. Turing Network supporters will receive up to 16% of the total TUR token supply of 1 billion.
About OAK Network
OAK (On-chain Autonomous Kernel) Network is a blockchain automation hub for DeFi and payments built on Parity Substrate with a first of its kind event-driven execution model. This model enables transactions to be triggered by event signals such as time, price, and smart contract state changes. Importantly, this differs from traditional architectures utilized by Ethereum, Bitcoin, and other popular chains where multiple transactions require repeated private key signing.
About Bifrost
Bifrost is the leading DeFi basic protocol living on the Polkadot ecosystem.
Mission is to become the go-to infrastructure to provide liquidity on staked assets. They’ve launched two flagship derivatives — vToken for staking, and Polkadot Parachain slot (Crowdloan).
