On 6 October, the bidding for the 10th Kusama slot officially closed at 9pm GMT. Kilt, Calamari, Basilisk, Altair and Parallel were the items that won slots 6-10, and it is worth noting that Kintsugi, one of the most competitive bidders in the second round of bidding, will continue to bid in the new slot 11 and is likely to take the 11th slot.
The Motion 362 has now been approved by Kusama council and the 11th slot will be up for bidding between 6 October and 13 October. Polkassembly
The Kusama development team believes that it is positive to start the “extra time” for the second slot auction and to open the 11th auction on Kusama on 6 October, as Kusama is a Canary network and this flexible variation is in line with the idea of "Expect Chaos’ idea.
The SALP Slot Auction Liquidity Protocol is a protocol launched by Bifrost Finance to unlock the liquidity of locked DOTs/KSMs in the parachain auction process. The protocol went live on 16 September and supports the second round of slot auctions for Basilisk, Altair, Parallel and Kintsugi.
In terms of KSMs raised, a total of 1,328 addresses have released KSM liquidity from parallel chainlock positions since round 8 of the Kusama slot auction. 15,164.4 vsKSMs were minted for Altair, Kintsugi, Parallel and Basilisk on the SALP uplink, with a cumulative value of over $5.61 million and an average mint of 11.4190 KSMs per address.
SALP issues derivative assets anchored to locked assets, unlocking the liquidity of locked KSM in parachain auctions and improving capital utilisation. For crowdloan participants, SALP offers the opportunity to participate in Crowdloan without lock-up, and to receive the reward of bidding on backed projects without losing the liquidity of pledged KSMs. For parachains bidding for slots, SALP attracts more backers who do not wish to lose opportunity costs, increasing the probability of successful bidding.
|Parachain/bidding status||SALP Contribution (KSM)||SALP contributing addresses||Total Parachain Contribution (KSM)|
|Basilisk / Success||70.3||36||222,221.9|
|Altair / Success||8,063.6||505||187,835.1|
|Kintsugi / Success||5,040.6||638||199,999.9|
|Parallel / Success||1,989.9||149||202,793.4|
Total SALP derivatives cast 151,980.6 vsKSM+vsBond, with a total value of approximately $ 54,712,944.
Of the 6 successful Kusama Parachain bids in Phase 2, 5 projects have announced partnerships with Bifrost SALP, so let’s take a look back at these 5 successful bids.
Calamari Network, the community-based Canary of Manta Network, is a plug-and-play privacy-preserving parachain on Kusama. Calamari’s early products include MariPay, a privacy payment, and MariSwap, a decentralised AMM trading platform designed to provide privacy services across Kusama’s DeFi network. As the first zkSNARK-based privacy-preserving parachain on Kusama, the Calamari network will provide privacy protection services to the DeFi network built on Web 3.0 through a decentralised privacy layer.
Due to the fact that the Calamari bidding cycle did not overlap with the launch of the Bifrost SALP, we regret that we were unable to participate in the Calamari slot bidding. However, Bifrost will use Calamari’s privacy technology to accelerate its own projects in the future, including offering derivative products with privacy protection features.
Built on Substrate and using virtually the same code base as Centrifuge Chain, Altair provides an experimental platform for users who want to explore the limits of Asset Financing. Chain, as well as the latest experimental features - which are tested on Altair before being run on Centrifuge Chain.
For the hotly contested 9th slot, Altair held the lead for the first quarter of the bidding period. When the candle was blown out, Altair also managed to take the 9th slot. 8,063.6 KSMs from 505 addresses were successfully cast via SALP during the Altair Kusama slot bidding period.
Basilisk is a cross-chain liquidity protocol and a separate chain. It will work in tandem with HydraDX to meet the liquidity needs of nascent crypto assets at all stages of their lifecycle. In other words, a nascent long-tail crypto asset, early on, can choose Basilisk to guide its liquidity; as it matures and stabilises, it can be moved to the HydraDX universal pool for further liquidity. For those crypto assets that have been operating on the Kusama network for a long time, Basilisk can be used to stabilise their liquidity.
As the Basilisk Crowdloan was nearing its hard top when the SALP module went live, there was less room to participate in raising funds for the Basilisk Crowdloan through SALP. A total of 36 addresses voted for the Basilisk Crowdloan auction, with a total of 70.3 KSM voted.
Interlay’s commitment to building cross-chain infrastructure and DeFi products has resulted in the launch of XCLAIM, a cross-chain interoperability framework, best known as a cross-chain bridge between the Bitcoin network and the Polkadot network, which allows users to mint 1:1 BTC anchor coins on the Polkadot network, thereby introducing BTC into the Polkadot DeFi ecosystem.
As the bidder for the 11th Kusama slot, Kintsugi has raised 199,999.9279 KSM by 8 October, almost 100% of the 200,000 Kusama hard tops it set. Through SALP, a total of 5,040.6 KSM were voted for by 638 addresses.
Parallel Finance is a decentralised money market protocol built in the Polkadot ecosystem, offering margin collateral, auction loans, collateralised derivatives and AMM functionality. The parachain that Parallel hopes to launch on the Kusama blockchain.
In the 10th round of Kusama slot bidding, a total of 202,793.43 KSMs participated in Heiko Crowdloan, of which 1,989.9 KSMs participated through the SALP channel.
Early-bird Farming is an incentive for bidders to raise Contribution faster. During Farming, all vsKSM & vsBond holders can participate in mining and receive an immediate additional KSM+BNC bonus.
Previously, Bifrost has launched early bird mining campaigns for Kintsugi and Parallel, awarding a total of 200 KSM + 3,000 BNC to users.
During the 7 days of mining, bifrost.app/vcrowdloan was visited 22,065 times by 2,040 users, representing 57.71% of the 30-day total, with an 815% spike in new users in the two days around the start of mining.
Bifrost will be going live with vsDOT for the upcoming Polkadot slot auction, where we will use SALP as a tool to provide derivatives and liquidity services to more projects bidding for Polkadot and Kusama slots, while the already multi-million dollar vsKSM and vsBond will build up liquidity and DeFi operations. Over the next month we will be launching the vsKSM liquidity pool and the vsBond trading market.