Kusama/DOT Bidding of Parachain Slots Auction

1. About Polkadot Parachain Slot Auction

DOT's official parachain slot auction promotion. Polkadot consists of the Relay Chain, Parachain and Bridge. The Parachain is connected to the Polkadot Relay Chain through “Slot” to enjoy the security of Polkadot network, achieving cross-chain interoperability with other Parachains.DOT holders can stake DOT to support the project. If the project wins the auction, users can get the rewards from on-chain and the staked DOT will be returned after the lease period. Participating on Earn, if your supported project wins the auction, besides the rewards from on-chain, you can also get a share of the exclusive “KuCoin Rewards Pool”.

 

2. Bidding Process

2.1 Crowdloan Period: The Crowdloan Period will be opened before the project participates in the auction, and will be ended when the project win the auction or the Crowdloan Period ends. Users can stake DOT/KSM to support the project they favored.

2.2 Bidding Period: The Slot Bidding will be conducted on-chain and end randomly. Please focus on the bidding results.

2.3 Results Releasing: If succeeds, the staked assets will be locked in accordance with the lease period of the project. If fails, the system will automatically redeem DOT/KSM to users.

 

3. Participation Methods

Log into your KuCoin account, click [Finance] - [KuCoin Earn] -  [Polkadot] - [Subscribe], choose your desired project and click [Participate Now].

Note:

  • During the Staking Period, the assets cannot be unlocked, however, can get liquidity on KuCoin Earn "Exchange".
  • The "Participation Reward" will be distributed when the bidding result is announced, and the "KuCoin Exclusive Reward Pool" will be distributed every day during the Slot Lease Period. The "Project Reward Pool" will be distributed according to the reward plan announced by the project. Please check the rules for details.
  • If the project you support unsuccess, the assets and rewards will be distributed to the Main account.
  • The calculation of the "Participation Reward" will stop on T+1 day since the release of bidding results.

__.png

__.png

 

3. Rewards:

3.1. On-Chain Rewards: If the supported project successfully bids, all users who supported this project will share this on-chain reward pool. The amount of the rewards is subject to the announcement of the project party.

3.2. KuCoin Rewards Pool: If the project provides an additional rewards pool, once the bidding of the assisted project is successful, all users who participate through KuCoin to support the project can share the rewards pool.

 

Notes:

1. If the bidding of the supported project is successful, the KSM assets participating in the bidding will be locked until the slot lease period is over, and the locked assets will not generate staking profit. If the bid of the supported project fails, the staked KSM will not be automatically returned until the end of the project Crowdloan period.

2. KuCoin only serves as the platform to provide users with services for participating in the auction, and does not bear any financial losses caused by the project party or the security of the chain.

Was this article helpful?
0 out of 1 found this helpful

Comments

0 comments

Article is closed for comments.