Bifrost Finance Requests $2.5 Million Loan From Kusama Treasury

According to the paper published on Bifrost Finance Polkassembly, Kusama is requesting 50,000 Kusama Tokens (KSM) worth $2.5 million from the treasury.

In this morning’s statement on Bifrost Finance’s loan request on Polkassembly new updates have been made. According to the information contained in these updates;

Working on the Kusama network liquid staking protocol the one which… Bifrost Financefrom the treasury of Kusama 2.5 million dollars from the value 50,000 KSM requesting a loan. Credit, Derivative of Bifrost’s liquid staking protocol It will be used to provide liquidity to vKSM.

According to Bifrost’s proposal, the credit will be used to provide liquidity to the platform’s stakeable KSM derivative called vKSM. Bifrost, with this liquidity injection DotSama aims to expand the use of vKSM in protocols. 1 year maturity the loan requested The interest rate was set at 19%. Bifrost, credit Solarbeam and Taiga protocol between will distribute evenly.

solarbeam, Moonriver Parachain an operating on decentralized stock market. If the Taiga Protocol To Synthetix on Ethereum a similar derivatives liquidity protocol. 50,000 KSM on both platforms To be used to keep the KSM / vKSM parity 1:1.

As Bifrost believes it can always keep KSM / vKsm in a 1:1 ratio He stated that he did not think that he would have difficulty repaying the loan.

Bifrost’s request is Polkadot’s and Kusama’s It will be voted on in the governance units and the general community.

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