Bifrost Kusama is the first support project of SALP (Slot Auction Liquidity Protocol), and the redemption period of vsBond-20220516-KSM-BNC is until August 6, 2022, and users can enter bifrost.app to complete the redemption.
In the SALP protocol, vsKSM represents a homogenized token attribute, while vsBond represents a parachain’s contribution redemption right and lease expiration time with a non-homogenized attribute. When the parachain expires, vsBond and vsKSM can complete the 1:1 redemption of KSM. The redemption period is 84 days. After the expiration, vsBond cannot be redeemed.
According to reports, in order to prevent vsBond from being maliciously hoarded, some kind of vsBond may have a single-point control risk, which will have a negative impact on normal exchange. Therefore, SALP sets an 84-day redemption period for vsBond at the protocol design level, and expired vsBond cannot participate in the redemption, thereby eliminating the motive for malicious hoarding of vsBond.
For the expired vsBond, the Redeem and Order functions are closed. However, users can still use the Convert function to convert the expired vsBond to vsKSM to recover some of the losses. Note: Bifrost is a Web 3.0 infrastructure that provides cross-chain liquidity for Staking, and provides decentralized, cross-chain Liquid Staking services for multiple chains through the Cross-Chain Communication Protocol (XCMP).