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

2021-10-21 18:00

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.

The first cross-parachain token listing on Karura Swap has begun! The @bifrost_finance BNC/kUSD pair's liquidity Bootstrap period will last 48-hours, allowing liquidity provision ahead of the 200k BNC liquidity mining program.https://t.co/wZb9neWKiY

— Karura – DeFi Hub of Kusama (@KaruraNetwork) October 19, 2021

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.

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.

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.

The post Bifrost launches on Kusama-based Karura Swap with 200,000 BNC in rewards appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Swap (XWP) на Currencies.ru

$ 0.0054665 (+0.24%)
Объем 24H $0
Изменеия 24h: 2.49 %, 7d: -20.36 %
Cегодня L: $0.0054665 - H: $0.0054665
Капитализация $94.014k Rank 2217
Цена в час новости $ 0.0154882 (-64.71%)

swap karura bnc bifrost rewards kusama-based launches

swap karura → Результатов: 3