Polkadex Joins Forces with Bifrost Again for Enhanced Crowdloan Experience
Contribute to the Polkadex Crowdloan via Bifrost and get liquid DOT plus extra BNC rewards on top of the 2 PDEX per DOT rewards!
The Polkadex Crowdloan is back. While the rewards are now 10 times higher than they were in the last batch (2+ PDEX per DOT), we’ve partnered with some of our original partners in order to make the Polkadex Crowdloan an even more attractive proposal. That includes Bifrost, the web3 derivatives protocol that provides decentralized cross-chain liquidity for staked assets. Bifrost makes participating in the Polkadex Crowdloan easier and presents contributors with extra rewards like liquid DOT and BNC tokens.
Rewards Breakdown
Every Polkadexer who contributes to the Polkadex Crowdloan through Bifrost’s vCrowdloan product will receive the following rewards from Polkadex:
- Base reward of at least 2 PDEX per DOT.
- An exclusive utility-based NFT for each of the top 1,000 contributors which will grant holders a 20%–50% discount on Polkadex Orderbook trading fees.*
In addition, contributors will also receive the following rewards from Bifrost:
- 0.04 BNC tokens per DOT
- 1 vsDOT per DOT
Bifrost SALP
Bifrost allows Polkadex Crowdloan contributors to mint fully decentralized liquid derivative tokens (1 vsDOT : 1 DOT) through the Slot Auction Liquidity Protocol (SALP). Intended as a solution to release the liquidity of the DOT locked in the parachain lease, the vsDOT derivative token represents a Crowdloan contributor’s locked DOT position.
Once the Polkadex parachain goes live, Crowdloan contributors will be able to claim vsDOT and start using it in different DeFi applications, including derivative farming, liquidity mining, swaps, and more. This also allows Polkadex Crowdloan contributors to keep their initial DOT contribution liquid at all times. Once the 96 week parachain lease comes to an end vsDOT holders can redeem vsDOT for DOT at a 1:1 ratio through Bifrost.
Essentially, vsDOT makes it so that Polkadex Crowdloan contributors need not worry about locking their DOT for an extended period of time. With vsDOT, contributors can continue to take advantage of numerous DeFi protocols using a liquid asset representing their locked DOT, all while earning PDEX and more rewards!
Full rewards breakdown and participation guide
For more rewards details and a more comprehensive guide on how to participate in the Polkadex Crowdloan, check out the article below:
For further Polkadex Crowdloan rules and things to keep in mind please refer to our Crowdloan website.
About Bifrost
Bifrost is a web3 derivatives protocol that provides decentralized cross-chain liquidity for staked assets. By leveraging on the cross-consensus message (XCM) it can provide cross-chain liquid staking services for multiple chains.
Bifrost’s mission is to provide standardized cross-chain interest-bearing derivatives for Polkadot relay chains, parachains, and heterogeneous chains bridged with Polkadot. Furthermore, by aggregating over 80% of PoS consensus chains’ staking liquidity through cross-chain derivatives, our protocol lowers users’ staking threshold, increases multi-chain staking ratio, and improves the ecosystems application interest base, by creating a three-way positive cycle for the StakeFi ecosystem by empowering users, multi-chains, and ecosystem applications.
Bifrost has raised over USD 2M from top-tier venture capital firms by the likes of NGC, SNZ, DFG, CMS and other institutions. In addition to being an early receiver of a Web3 Foundation Grant, Bifrost is also a member of the Substrate Builders Program and the Web3 Bootcamp.
Partners like Bifrost are integral to the Polkadex Crowdloan’s success. In Crowdloan times, innovative solutions from partners like Bifrost help to provide flexibility and even more rewards for Crowdloan participants. In the future, Polkadex and Bifrost will work together in more ways than one. Follow the Polkadex channels below to stay tuned with all the Polkadex Crowdloan developments and be the first to know about any news!
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*The discount structure may be subject to change at the time of the launch. While the NFTs will be distributed soon after Polkadex secures a parachain spot, their utility is subject to changes and will not be applied until 2023.
The NFTs are minted on Kusama. If there are no bridges to move tokens from Kusama to Polkadex at the time of the NFT and the implementation of its utility, the Polkadex team will announce a buy-back in order to reissue them on the Polkadex network.
