Bifrost Finance is a defi app in the Kusama/Polkadot ecosystem(s) that aims to

• be the intermediate layer between staking & trading of DOT/KSM,
• provide liquidity to crowdloaners during the upcoming parachain auctions
• unlock more utility to defi & staking across different chains & ecosystems (ETH + other stakeable token)

Take a look at this juicy meta of Bifrost's setup (example with Polkadot ecosystem, but the setup for Kusama is basically the same; img. source: Bifrost Wiki):

Bifrost Slot Auction Liquidity Protocol (SALP)

To enhance the upcoming parachain auctions on Kusama and Polkadot, Bifrost has launched their Slot Auction Liquidity Protocol (SALP).

SALP's purpose is to release the liquidity of KSM/DOT tokens that are locked in crowdloans of parachain auctions. This gets done by generating derivatives (vToken & vsToken) to 

• provide the opportunity for every user to participate in crowdloans without DOT/KSM lock-up 
• increase the probability of successful auction biddings for parachain projects
• push the amount of bondings in slot auctions to enhance the ecosystem's growth

Here's an example of the workflow of v-/vs-derivatives (based on DOT, but same as above - process goes for KSM as well; img. source: Medium)

If you are interested in more specific details about SALP, Bifrost Finance has already provided us with an in-depth article on Medium.

Alternatively, you can also take a look at this interesting intro to SALP:

How to participate in Bifrost's Mint Drop / BNC Airdrop

Bifrost has started their own "Mint Drop" for vsKSM that includes the BNC aidrop. You can reserve your own slot in the whitelist to be ready when the KSM parachain crowdloans start.

Getting ready now brings you benefits like high priority status for minting, 5% BNC bonus and your own invitation links.

Step 1: Go to Bifrost Mint Drop 

Step 2: Connect your Polkadot.js wallet via Login (top right button)

Step 3: Press "Reserve" (bottom left button) to get to the minting area

Step 4: Enter the invitation code CZ3054 & trigger the minting process

Step 5: Done.

Congrats, you've minted your first 0.01 vsKSM and are also whitelisted for the upcoming priority minting process. 

As soon as the parachain crowdloans on Kusama start & the participation round of Bifrost / BNC has arrived, you will be able to mint vsKSM with high priority. This means, that you can liquidate your crowdloan right away during the bonding period, as you will have access to bonded KSM in the form of vsKSM.

This gives you the benefit of having more liquidity available right of the bat - for either participating in other crowdloans, further staking of your KSM or just for selling your bags (in case you don't want to just HODL). 

Happy minting & stay frosty! ^^