After the first Rainbow Boost program, Bifrost is coming back with another round of Raindrops and this time, users can enjoy high yield possibilities and the access to our limited edition NFT collection.
In the last months, the price of crypto has fallen and is currently reaching the lowest levels in two years, since the pandemic started. Looking at the overall crypto market, the vast majority of crypto assets have fallen below their 20, 50, 100 and 200 day daily moving averages. With the bear market in full swing, to maintain stable investments is increasingly difficult as well as to find projects with long-term value and a solid use-case.
Those who participated in Bifrost’s first round of Rainbow Boost, which went live in May, have already discovered how staking liquidity derivatives can keep user’s assets stable and increase the passive income of their assets. Now, the second round of Rainbow Boost is ready to launch, is offering investors the possibility of high returns and more other incentives to participate.
The Rainbow Boost is a system of tagging, pointing and incentivizing the behavior of addresses on the Bifrost chain, effectively rewarding users through ranking data, which can be viewed as an entries-based system.
Rainbow Boost will be launch periodically and its so-called Raindrop will be awarded or deducted for different activities which involve our users, allowing the platform to reward the single address behavior.
The Raindrop is designed to provide a quantifiable record of contributions in a decentralized community, as it is the Bifrost’s one, allowing general users to get more incentives and privileges for active participation on its consensus.
As a user, the more Raindrops your address collect, the more active, loyal and engaged you are, and the more privileges or benefits you will get from Bifrost.
The first round of Rainbow Boost, which went live in May, gave us an impressive performance with a net vKSM mint of 67,757 vKSM during the campaign, all from 1,400+ participating addresses. From this first round, Rainbow Boost has really boosted the community’s user activity, increased the profitability of participating users and provided investors with an excellent income option.
The second round of Rainbow Boost will go live on 29 June at 10am UTC with the same ground rules as the first round. Users will be able to earn Raindrop through derivative casting or through the Experience product feature, enjoying passive income from Raindrop while earning income from the act itself. Raindrop will be earned by minting vKSM and by converting vsBond and vsKSM holdings through SALP 2.0. The rules for Raindrop accrual for all acts are as follows.
Raindrop = Behavior Scoring Coefficient * Behavior Token Number * Token Coefficient
The number of Raindrops can be added to the product experience and past transactions. In the second round of Rainbow Boost, Raindrops can be earned purchasing KSM Bond, providing vsKSM/KSM liquidity, minting derivatives, and even participating in the Parachain Crowdloans through our SALP our Slot Auction Liquidity Protocol.
Also, users who have previously used SALP to bid on Kusama and Polkadot parachain slots and to trade in the vsBond Market will also receive a varying percentage of Raindrop entries. Users will receive vsKSM and vsBond derivative assets after participating in the Crowdloan, and will receive Raindrop after completing the Rainbow Boost convert act by converting vsBond to vsKSM.
The core purpose of the Rainbow Boost is to reward users for their active participation and contribution to the community by providing benefits for their behavior.
The specific rules of the Rainbow Boost are as follows:
Join Rainbow Boost 2.0 Platform: Bifrost
At the end of the two rounds of Rainbow Boost, we will release our Bifrost Limited Edition Back to Asgard NFT Whitelist for those who have actively participated in Rainbow Boost and have accumulated a Raindrop based on their overall ranking from both rounds. The Back to Asgard NFT collection, which Bifrost has invited SFY to design, is a unique NFT project to reward our most involved and active users within the community.
Users can accumulate Raindrop by participating in the upcoming second round of Rainbow Boost, and pay attention to the real-time ranking. The whitelist of NFTs will be distributed according to the total Raindrop entries ranking after the end of the first two rounds of Rainbow Boost. Users who hold the Back to Asgard NFT whitelist can enjoy discounts on NFT incubator purchases. In the future, holding Back to Asgard NFT can enjoy a number of user rights including lucky airdrops, double points, and exclusive customer service. It is worth mentioning that this Rainbow Boost event is the first time that NFT whitelisted places will be distributed as rewards, and 50 whitelistes will be released.
After users get the Rainbow Boost NFT whitelist and receive the incubator, they can incubate the Bifrost Rainbow Boost event series NFT according to the rarity of the incubator. At the same time, this NFT will be issued on the RMRK 2.0 platform. Users who hold NFT can obtain equipment of different rarity after incubation, which will increase the overall rarity of NFT and create greater value. For more information on NFTs, see Return to Asgard, Bifrost’s latest NFT initiative.
The most contributing and engaged community users, who will be whitelisted and successfully purchase the NFT through our Rainbow Boost program, will benefit unlimited future holding value. In the future, in fact, the NFT and the equipment it comes with, will have a trading value and room for appreciation; owning one of our unique NFT, will also give the user a verifiable on-chain identity, allowing its community recognition and unlocking great rewards.
The success of Rainbow Boost in its first round and the launch of its second round is due to a campaign that rewards loyal users in the Bifrost community with higher revenues and a more community-approved logo, Bifrost has been working hard to build a decentralized community with the aim of giving loyal users more tangible benefits.
From Rainbow Boost preparation, launch, user recognition, to today’s second round of Rainbow Boost and NFT plans, Raindrop will also cooperate with on-chain identity (DID) projects in the future to expand the community’s contribution recognition to the entire blockchain world . Bifrost has consistently built a Web 3 community, continuously bringing high-yield, high-stable, multi-combined products and activities to investors and community users, respecting and motivating active builders, and truly implementing a consensus-building community vision.