vsKSM farming is live on Bifrost. Here’s how to do it

By Shaurya Malwa

Bifrost users can now earn vsKSM tokens on the DeFi protocol to earn yields and generate revenues on their staked assets, CryptoSlate learned in a release shared today.

A Kusama-based parachain designed for staking’s liquidity, DeFi for staking and liquidity, Bifrost users get their vToken and staking rewards if they use services on the decentralized application.

Earlier this week in a post, Bifrost stated that with the application of the SALP business, 46,006 addresses have obtained vsKSM and vsBond, and the total amount of minting has reached 20,503.72 vsKSM and 20,503.72 vsBond.

Bifrost had, furthermore, provided vsKSM and vsBond with channels and usage scenarios before the opening of the flow pool, Bifrost launched the vsKSM Farming function.

Farming vsKSM

Holders of vsKSM and vsBond need to 1:1 deposit vsKSM and vsBond both in the Farming Pool to obtain mining revenue. It should be noted that having different vsBond means having different mining permissions, such as vsKSM + vsBond (Kintsugi) can only participate in Kintsugi Pool, and vsKSM + vsBond (Heiko) can only participate in Parallel Heiko Pool. It can be understood that vsBond is the ticket to a particular Pool, and vsKSM is the principal of mining.

Each pool has a specific opening window. After the Pool is closed, you will not be able to participate in mining, but it does not affect the settlement cycle and earnings of users who are mining.

The Kintsugi Early Bird Pool has a farming time of 7 days, with expected rewards of 100 KSM + 1500 BNC (Expected annualized rate of return* (APY): 1043% + BNC).

When the total staking amount of the pool is 500 vsKSM & vsBond (Kintsugi), it is estimated that for each stake of 1 vsKSM & 1 vsBond (Kintsugi), each block can receive at least 0.00000414 KSM and 0.00006211 BNC reward.

The Parallel Heiko Early Bird Pool, on the other hand, has a similar farming time of 7 days, with rewards of 100 KSM plus 1500 BNC and expected annualized rate of return* (APY): 1043% + BNC

In Bifrost’s plan, vsKSM Farming is not only a short-term incentive activity, but also a function that will last for a long time. This means that mining will be a fixed effect of vsKSM, and users no longer have to worry about holding vsKSM without interest.

As Bifrost applies SALP to more auction projects, more Pools will be launched in the future. At the same time, the liquid pool modules of vsKSM and vsBond will be launched soon. Users who wish to participate in mining can also choose to purchase vsKSM and vsBond to participate in mining.

(A step-by-step tutorial to farm vsKSM is available here.)

The post vsKSM farming is live on Bifrost. Here’s how to do it appeared first on CryptoSlate.