Bifrost, a decentralized cross-chain liquidity provider for staked assets, has reached its crowdloan soft cap for its Polkadot parachain auction.
The protocol currently has over 369,000 DOT contributed to its crowdloan as it sets to participate in Polkadot’s 16th, 17th, 18th, and 19th auctions for a parachain slot with a two-year lease.
Bifrost is ready to make the transition from Kusama to Polkadot
In the four days since it launched its crowdloan, around 320 wallets contributed over 100,000 DOT.
With the Polkadot parachain auction set to begin on Friday, April 29th, Bifrost told CryptoSlate that it was confident it will secure a slot and tap into the interoperability, scalability, and security of the Polkadot network to build its staking liquidity solution.
Bifrost is a Web3 derivatives protocol that provides decentralized cross-chain liquidity for staked assets. The company’s mission is to provide staking liquidity for over 80% of PoS chains, which is why it’s got its eye on Polkadot’s interoperability and scalability. Tapping into Dotsama relay chains, parachains, and heterogeneous chains bridged will enable Bifrost to carry billions of staking assets securely.
The protocol saw massive success on Kusama, becoming the 5th parachain on the network to win with 142,500 KSM from around a third of Kusama wallets. Lurpis Wang, the founder of Bifrost, told CryptoSlate that Bifrost’s Kusama parachain achieved capital growth to $125 million, showing users the security and economics Bifrosts offers.
“We are ready for the next big step. Bifrost will build an interoperable cross-chain bridge between Kusama and Polkadot, igniting the StakeFi ecosystem of tens of billions of dollars. We could not have done any of this without the support of our amazing community.”
Nine months after their successful Kusama bid, Bifrost says it’s ready to make the transition to Polkadot. Bridging from Kusama to Polkadot will enable Bifrost to create a larger scale DeFi protocol and achieve 10x its current market value.
The platform will use the Polkadot-Kusama bridge during the transition, cross-chaining Bifrost’s Kusama assets to Polkadot and smoothly migrating all existing businesses from Kusama to Polkadot. The company told CryptoSlate it will keep both Kusama and Polkadot parachains until the migration completes, then serve both ecosystems using its Polkadot parachain.
Securing a Polkadot parachain slot will mean that both DOT and KSM staking will be available on the Bifrost parachain. The new compatibility will bring the platform one step closer to achieving cross-chain staking liquidity on all Dotsama parachains and relay chains.
“We are very excited to see Bifrost working to achieve a parachain slot after the exceptional services they have been providing users, including DFG, to participate in the Kusama and Polkadot crowdloans,” said James Wo, the founder and CEO of DFG, and one of Bifrost’s key investors. “We believe their place among the greats is very much deserved.”
Source: https://cryptoslate.com/bifrost-reaches-its-crowdloan-soft-cap-of-300000-dot/