Polkadex Partners with Bifrost for Enhanced Crowdloan Experience
Use Bifrost to contribute to the Polkadex Crowdloan and get liquid DOT and extra rewards on top of your PDEX rewards!
Polkadex has partnered with Bifrost to make contributing to the Polkadex Crowdloan even more enticing. The partnership provides Polkadex Crowdloan contributors with a new method to participate in the Crowdloan and gives them the ability to keep their DOT liquid throughout the duration of the lock (Crowdloan + parachain lease), all while earning even more rewards.
Bifrost Rewards for Polkadex Crowdloan contributors
Every Polkadexer who contributes to the Polkadex Crowdloan through Bifrost will receive the following rewards:
- Base reward starting from 0.1875 PDEX per DOT. That’s just the base reward. The final PDEX base reward amount will most likely be higher since PDEX rewards are paid as a % of your contribution to the total DOT contributed.
- 15 % Early Bird Bonus rewards for early-bird entries by 11:59pm CET on January 22nd
- 5% Bonus rewards for all contributions from 11:59pm CET on January 22nd to 11:59pm CET on January 27th
- An exclusive NFT for each of the top 1,000 contributors
Plus the following rewards from Bifrost:
- 0.04 BNC per DOT
- 1 vsDOT per every DOT
- 0.02 BNC per DOT referral bonus
If you have 1 PDEX in your Polkadot.js account, you can contribute as much or as little DOT as you want without worrying about the existential deposit.
If you do not currently have any PDEX in your Polkadot.js account and wish to contribute less than 22 DOT, please buy at least 1 PDEX so your account will meet the existential deposit requirement of 1 PDEX. That way, your account will be considered as ‘active’ and you’ll be able to receive your PDEX rewards.
What is vsDOT?
Bifrost will allow Polkadex Crowdloan contributors to mint fully decentralized liquid derivative tokens (1 vsDOT : 1 DOT) based on the Kusama Parachain through the Slot Auction Liquidity Protocol (SALP). In other words, the vsDOT derivative token represents a Crowdloan contributor’s locked DOT position. After the parachain goes live, 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 parachain lease comes to an end — 96 weeks after the parachain goes live — vsDOT holders can redeem vsDOT for DOT at a 1:1 ratio through Bifrost.
The bottom line for Polkadex Crowdloan contributors is that vsDOT makes it so that you do not need to worry about locking your DOT for an extended period of time. With vsDOT, you can continue to take advantage of numerous DeFi protocols using a liquid asset, all while earning PDEX and more!
Full rewards breakdown and participation guide
For more details on how much PDEX you can get and how to participate in the Polkadex Crowdloan, check out the guide below:
Polkadex Crowdloan is now live: 2 million PDEX available for contributors!
PDEX rewards are coming to all Polkadexers who contribute to the Crowdloan. Contribute now and help Polkadex get a…
For the Polkadex Crowdloan rules and terms please refer to our Crowdloan website.
Bifrost is the Polkadot Ecological DeFi basic protocol, and 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 the Substrate Builders Program and Web3 Bootcamp.
vTokens can optimize transactions in multiple scenarios such as DeFi, DApp, DEX, CEX, and realize the transfer channel of pledge rights such as staking and Crowdloan through vTokens, realize the risk hedging of pledge assets, and expand scenarios such as vTokens as collateral for lending, its staking reward part of the interest can be offset to achieve low-interest loans.
Partners like Bifrost are crucial to the success of Polkadex’s mission to win a parachain slot!
As the Polkadex Crowdloan grows, the innovative solutions from partners like Bifrost help to provide flexibility and even more rewards for Crowdloan participants. Follow the Polkadex channels below to hear about all the upcoming partnerships!
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