Bitfrost releases upgraded SALP 2.0 after protocol helped secure $450M via parachain auctions
2022.06.17 14:41
Bitfrost releases upgraded SALP 2.0 after protocol helped secure $450M via parachain auctions
On Friday, Bitfrost, a Web 3.0 derivatives protocol that provides decentralized cross-chain liquidity for staked assets, launched the updated Slot Liquidity Auction Protocol dubbed “SALP 2.0.” Projects such as Moonbeam, Unique network, OAK network, Polkadex, etc., held their parachain crowdloans on Kusama and Polkadot via the original SALP. A total of 8,834,746 vsKSM ($439 million) and 3,045,564 vsDOT ($21 million) was minted through the protocol.
The SALP protocol works by releasing the liquidity of tokens staked during an auction; liquid derivatives such as vsDOT and vsKSM are issued on a 1:1 basis for the tokens staked. Both vsDOT and vsKSM can be used for decentralized finance, or DeFi, applications, and rewards throughout the ecosystem as long as the native tokens remain locked for the duration of the parachain lease.
