Bifrost reaches its crowdloan soft cap of 300,000 DOT ahead of the Polkadot parachain auction

Bifrost, a decentralized cross-chain liquidity supplier for staked assets, has reached its crowdloan brushed headdress for its Polkadot parachain auction.

The protocol presently has implicit 369,000 DOT contributed to its crowdloan arsenic it sets to participate successful Polkadot’s 16th, 17th, 18th, and 19th auctions for a parachain slot with a two-year lease.

Bifrost is acceptable to marque the modulation from Kusama to Polkadot

In the 4 days since it launched its crowdloan, astir 320 wallets contributed implicit 100,000 DOT.

With the Polkadot parachain auction acceptable to statesman connected Friday, April 29th, Bifrost told CryptoSlate that it was assured it volition unafraid a slot and pat into the interoperability, scalability, and information of the Polkadot web to physique its staking liquidity solution.

Bifrost is simply a Web3 derivatives protocol that provides decentralized cross-chain liquidity for staked assets. The company’s ngo is to supply staking liquidity for implicit 80% of PoS chains, which is wherefore it’s got its oculus connected Polkadot’s interoperability and scalability. Tapping into Dotsama relay chains, parachains, and heterogeneous chains bridged volition alteration Bifrost to transportation billions of staking assets securely.

The protocol saw monolithic occurrence connected Kusama, becoming the 5th parachain connected the web to triumph with 142,500 KSM from astir a 3rd of Kusama wallets. Lurpis Wang, the laminitis of Bifrost, told CryptoSlate that Bifrost’s Kusama parachain achieved superior maturation to $125 million, showing users the information and economics Bifrosts offers.

“We are acceptable for the adjacent large step. Bifrost volition physique an interoperable cross-chain span betwixt Kusama and Polkadot, igniting the StakeFi ecosystem of tens of billions of dollars. We could not person done immoderate of this without the enactment of our astonishing community.”

Nine months aft their palmy Kusama bid, Bifrost says it’s acceptable to marque the modulation to Polkadot. Bridging from Kusama to Polkadot volition alteration Bifrost to make a larger standard DeFi protocol and execute 10x its existent marketplace value. 

The level volition usage the Polkadot-Kusama span during the transition, cross-chaining Bifrost’s Kusama assets to Polkadot and smoothly migrating each existing businesses from Kusama to Polkadot. The institution told CryptoSlate it volition support some Kusama and Polkadot parachains until the migration completes, past service some ecosystems utilizing its Polkadot parachain.

Securing a Polkadot parachain slot volition mean that some DOT and KSM staking volition beryllium disposable connected the Bifrost parachain. The caller compatibility volition bring the level 1 measurement person to achieving cross-chain staking liquidity connected each Dotsama parachains and relay chains. 

“We are precise excited to spot Bifrost moving to execute a parachain slot aft the exceptional services they person been providing users, including DFG, to enactment successful the Kusama and Polkadot crowdloans,” said James Wo, the laminitis and CEO of DFG, and 1 of Bifrost’s cardinal investors. “We judge their spot among the greats is precise overmuch deserved.”