Bifrost launches on Kusama-based Karura Swap with 200,000 BNC in rewards

CryptoSlate

Karura Swap, the AMM-style decentralized exchange on Kusama, has joined forces with Bifrost Finance to introduce its newest trading pair BNC/kUSD. The pair will launch in Bootstrap mode on October 19 at 13:00 UTC with trustless trading scheduled to go live on October 21 at 13:00 UTC.

To celebrate the launch, Bifrost and the Acala Foundation have allocated liquidity mining rewards including 200,000 BNC and 25,000 KAR. The two reward pools will be available to BNC/kUSD liquidity providers over the course of 3 months, with an additional 70% “loyalty” bonus available for Karura Swap users that keep their rewards in the pool until the program ends.

How To Get Free Crypto  

Inside Karura Swap

Karura Swap is an automated market maker (AMM)-styled decentralized exchange protocol implemented and deployed as upgradable runtime modules on Karura. With support for both native Substrate tokens and ERC-20 tokens, Karura Swap is positioned as the gateway and liquidity hub of Kusama and has already accumulated nearly $86 million in total value locked.

On the other hand, Bifrost is committed to becoming an infrastructure that provides liquidity for staked assets. The team launched a derivative called ‘vtoken, which provides staking and Polkadot parachain slot liquidity. vToken can be used in a variety of ways across DeFi in the Polkadot ecosystem, like as collateral for lending or for minting stablecoins.

Bifrost is the Polkadot Ecological DeFi basic protocol. It is committed to becoming an infrastructure for staked 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. 

Once launched, BNC or kUSD holders can provide one- or two-sided liquidity over the course of a 48-hour period, thanks to Karura Swap’s novel bootstrap mechanism.

Coinbase Banner  

Bootstrap is essentially a “warm-up” period for liquidity providers for any given pair on Karura Swap. 

What is ‘Bootstrap’

With “Bootstrap,” Karura enables trustless trading at a fair market rate by temporarily disabling trading for a specific time period until the predetermined liquidity requirements are met. Once the bootstrap period is complete, the exchange rate is made public and trading is enabled on Karura Swap. 

The BNC/kUSD pair will launch in Bootstrap mode on October 19 at 13:00 UTC and continue for an estimated 48 hours (with the period ending at block #795800). Then trading will become enabled providing that the pool has met its set criteria targets of 20,000 BNC or 200,000 kUSD in liquidity.

For liquidity providers who provision either BNC, kUSD, or both assets to the pool either during Bootstrap mode or once trading is enabled, Bifrost and Acala Foundation have created two reward pools.

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Like what you see? Subscribe for updates.

Go to Source
Author: Shaurya Malwa


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.