How to correctly participate in the Polkadot Parachain Slot Auction?

background

On June 15th, Polkadot ’s Canary network Kusama ushered in the first parachain slot auction. With the five-month operation and research of Kusama parachain, we finally ushered in the Polkadot parachain slot auction. An important moment for the slot auction.

In October, motion 118, which opened the Parachain auction on Polkadot , was voted and approved by the Polkadot Council. Starting from November 11, 2021, we will open the first Polkadot Parachain slot auction. This is a milestone event of historical significance. It marks the end of the long exploration period for the Polkadot ecosystem. The Web3.0 era is no longer just an ideal blueprint. Polkadot’s vision of “chain interconnection” will also be in In the coming year, we will enter into rapid development.

For many ecological exploration teams, by connecting to the Polkadot mainnet with forward-looking technology, not only can they enjoy the shared security brought by the relay chain and the interoperability with other chains, but also a large number of users can be obtained Community and billions of value liquidity.

It is no exaggeration to say that the Polkadot Parachain Slot auction was opened under the expectations. However, for the users of the Polkadot ecological project, although the “slot auction” is not unfamiliar, the projects participating in it always carry a little “mystery”. For this reason, we hope that through a brief introduction, everyone will have a preliminary understanding of this Polkadot Parachain Slot auction and the participants.

What are the rules of slot auctions?

With Kusama’s previous demonstration of slot auctions, the rules of Polkadot Parachain slot auctions seem to be easier to understand.

This parachain slot auction is divided into two rounds:

The first round: A total of 5 auctions, starting from November 11, 2021, each for a period of 7 days, a new auction will be opened every 7 days, and the lease period is from Lease 6 to Lease 13 (Lease 6 starts on December 15 ).

The second round: A total of 6 auctions, starting from December 23, each for 7 days, once every 14 days, the lease period is Lease 7 to Lease 14 (Lease 7 starts on March 9, 2022).

An auction period will go through 7 days, the first two days are the bidding period, and the last 5 days are the candle period that ends randomly. Once the auction is opened, the Crowdloan module of the team participating in the parachain slot auction will automatically bid, and the Polkadot JS page will display the parachain project with the highest bid in the current block. Community users can contribute to the supported projects during the entire auction period. To help items win slots during the auction.

Polkadot Parachain Slot Auction with Kusama

What is the difference?

As a pioneer network, Kusama lays the foundation for Polkadot, so Polkadot and Kusama are basically the same at the code level, but we pay attention to this parachain slot auction and not just look at the Polkadot slot auction. For some differences in rules, we should also look at the differences in off-site factors such as project parties, market conditions, and chip distribution. Only by identifying these differences can we better participate in this parachain slot auction.

Differences in rules

The first is the difference in the rules of the Polkadot parachain slot auction. There are not many differences here, mainly reflected in the parachain lease period. The length of each Polkadot parachain slot is two years (96 weeks) and is divided into There are 8 lease periods, and each lease period is 3 months, so the lease period of the Polkadot Parachain slot is from three months to two years at most.

The lease period on Kusama will be shorter, divided into 8 lease periods, but each lease period is only 6 weeks, so the lease period of Kusama parachain slots is 6 weeks to a maximum of 1 year. The reason why Kusama will be faster is also because the official hopes that the state transitions of these parachains will happen faster, so that it can be used as a pioneer network to verify some conditions in advance to ensure that Polkadot can run smoothly.

The follow-up arrangement of Kusama also provides a foresight for Polkadot’s parachain slot auction. It is currently tentatively scheduled on Kusama that there will be a total of 48 parachains distributed through auctions running at the same time. The slot auction is carried out once a week. 48 parachains are 48 weeks, which is exactly one year. At this time, the first one And the second Kusama Parachain slot just expires, just in time for a new round of auctions.

Will Polkadot take the same approach? From the current point of view, it is very possible, because although the first round of slot auctions is 5 slots every 7 days, the second round of slot auctions is every 14 days, and each auction is 7 days. There are a total of 6 slots in the second round. According to Kusama’s situation, Polkadot is likely to follow the second round of rules in the future, once every 14 days, each auction is 7 days, and it runs on a two-year cycle, just enough to allow the first slot to expire.

However, Parity recommends a conservative parachain launch method. The reasonable method is to ensure that the total number of parachains added to Polkadot does not exceed 75% of the number running on Kusama before the code matures. If there are any unexpected and major issues, Polkadot may need to suspend the auction until these issues are resolved. Therefore, it is more likely that the number of parallel chains operated by Polkadot will be tentatively set at 36.

In addition, the Kusama Parachain Slots Auction is a pilot test. When the first round of 5 slots started to be auctioned, most people thought that there were only so many slots in a short period of time, so before the first round of bidding At the time of five, many participants in Crowdloan are basically fully engaged, so that the number of bids for the first five slots varies greatly. Wait until the 6th-10th slots in the second round, then it becomes even more evenly matched.
Moreover, KSM was initially distributed by early DOT holders in a 1:1 airdrop, so the distribution method and chip distribution of KSM and DOT are different, and the distribution of DOT chips will be more dispersed. At the same time, many participants do not intend to participate in the Parachain Slot auction of XianXian. Instead, they just wait to participate in Polkadot’s Parachain Slot auction.

The difference in these basic situations determines that the results of the Kusama Parachain Slot auction will be different from Polkadot’s situation. Therefore, according to Kusama’s ranking, there may be some errors in predicting the ranking of the projects participating in the Parachain slot auction on Polkadot.

How to correctly participate in the Polkadot Parachain Slot Auction?

Differences in the situation of the project party

(1) The participating project parties are different

There are also different situations for the projects participating in the auction. Some project parties only intend to participate in the Parachain slot auctions of Kusama or Polkadot, rather than both. Or after going through the Kusama Parachain slot auction, with lessons learned, I don’t intend to compete, so I may choose to avoid the edge and not overcompete in the first few slots, but participate in the subsequent slot auctions. .

(2) The incentive method of the project party is different

Like Polkadot, most of the project parties have financing on Polkadot’s Parachain Token, but it is different on Kusama’s Pioneer Network. Or, the project did not think about building a Kusama Pioneer Network in the early days. So before, the Token on Polkadot has been distributed through some mechanisms such as lock-in mining, etc., and some chips have been distributed, so these project parties will also have different distribution of chips.

Secondly, the auction strategy of each project party on Kusama Advance Online is not necessarily the best. It will learn the lessons from Kusama and make some adjustments in the Polkadot Parachain Slot auction.

In addition, Crowdloan is not the only way to obtain slot auctions, but also the team’s own DOT to participate. Some projects are originally Polkadot’s early investors, so the DOT in their hands will be their success. Get one of the guarantees of the slot.

Therefore, based on the above reasons, the proportion of the Parachain Token used by each project party as Crowdloan incentives on Polkadot is different, and it may also be different in the way, so you need to pay attention to the difference.

(3) Differences in market feedback

This slot auction will have more spotlight effects, which means it will get more attention. First of all, it can be seen from the degree of enthusiasm of the exchanges that a number of exchanges represented by Binance and OKEx have begun to launch various activities and mechanisms to vigorously support this time Polkadot’s parachain slot auction, and launch according to their own advantages. With a series of AMA, Crowdloan modules and corresponding incentive policies, Binance also provides participants with a BDOT mechanism to release liquidity.

Secondly, since some projects that won the Kusama parachain slot have already sent some Crowdloan rewards to participants, and the Tokens of these pioneer networks have also been online and can be traded, it is natural that participants can appreciate what Crowdloan brings. At the same time, participants can intuitively feel which project will give them more dividends, which will encourage more people to participate in the Polkadot Parachain Slot auction.

Perhaps it has something to do with Polkadot being a more formal version in the eyes of many people and Kusama is the pioneer network. Polkadot’s parachain slot auction has brought greater popularity than Kusama’s momentum. But anyway, for the people and project parties involved, after the first practice on Kusama, the parachain slot auction on Polkadot will always look more comfortable and know better. Based on this, let’s take a look. What strategy should be adopted to participate in the Polkadot Parachain Slot Auction.

Polkadot Parachain Slot Auction Strategy

Calculation of income

First of all, we need to make it clear that the amount of revenue depends on how it is calculated.

The simple calculation method is that if the project participating in the slot auction obtains a slot, if the value of the token obtained by the Crowdloan participating in the project exceeds the staking income of the DOT during the two-year lock-up period, then the participating project Crowdloan is the clear choice. If the Token of this project does not outperform the staking gains, then the Crowdloan participating in the project will lose money.

If you participate in the Crowdloan of a project, but the project does not get a slot, then you will lose the benefits of taking this part of the DOT to staking during this period of time, but you will not lose the DOT itself.

However, there is a more complex calculation method, which is to take into account the time factor in more detail and more reward mechanisms.

Most projects will adopt a linear release method for Crowdloan’s incentives, or release a part first, and choose a linear release for the remaining part.
Therefore, the complicated method must consider whether to wait until Crowdloan’s Tokens are issued in two years before realizing it, or whether to accumulate a certain amount of linearly released Tokens in the initial stage to be returned in advance through the realization of rewards, and to participate Crowdloan’s DOT realizes part of it through some mechanisms to release liquidity, and reuses the two parts of funds.
For example, for new parachain slot auctions, after participating, you can continue to use these operations to release liquidity to release a part of the funds, and so on.

However, this method of continuously releasing liquidity will invisibly increase the leverage of one’s own funds, and some losses caused in the middle, so it needs to be used as appropriate.
For example, Acala can release the liquidity of DOT participating in Crowdloan, obtain lcDOT, lcDOT can be exchanged into dots, and then perform more operations, but currently Acala only supports the release of DOT liquidity participating in the Acala loan Crowdloan, and it is very likely that it will be released later. Open to support the liquidity release of other projects Crowdloan’s DOT.

In addition, it is necessary to consider the additional benefits of some project parties from cooperation with other platforms. For example, if you participate in Crowdloan through some third-party platforms, you will get additional Tokens or other incentives provided by these third parties. This requires you to find the customer service of your favorite project to understand the specific channels for participation, and the rewards for each channel. Which ones, then look at the benefits of different rewards.

Participating subject selection

① If you just want to make short-term profits, you must consider short-term popularity, be able to determine the slot in the auction, and have projects that will release the Crowdloan reward in the early stage. However, you need to pay a little attention to the distribution of chips in these projects, what is the Token unlocking mechanism of early investment institutions, whether there are additional chips released in the early stages of the project, and so on.

② But if you want to make long-term profits, you must consider what height the project will reach after two years of development. This requires further due diligence of the project. It is necessary to understand the basic situation of the project, team strength, capital support, as well as current operating conditions, operating data, and so on.
Try to choose a very wide track, a large development space, and a strong scalability project to ensure that the upper limit of the project is relatively high. At the same time, it is necessary to select projects with strong team strength, strong operational capabilities, relatively wide resources, and strong capital strength to ensure that the lower limit of the project is not low. In this way, you can better ensure that you get a good dividend.

At present, the public chain style of the smart contract platform type that can support EVM is considered to be a highly scalable project. Here we can’t look at the positioning of each project’s publicity, but more on how it is. For example, although Acala is positioned as a DeFi center, it supports EVM and can also support chain games and NFTs, so Acala belongs to the logic of the public chain.

However, there are also some projects that follow the style of the application chain. This requires more consideration of the market for its application, whether there is a technical threshold, whether other projects can also be done, and whether the operation of the project party can enhance the scalability of the project. sex. Use this to judge the prospects of application chain type projects.

(Some friends will find it troublesome, but locking up their DOT for two years is still a more important thing. It is necessary to spend more time thinking.)

Timing of participation

As for the timing of participation, we did a review after the previous Kusama Parachain Slots auction. For those who want to take a slot, the first two days of the first round are the most important.

Polkadot and Kusama networks adopt the “2+5” candle auction mechanism. The auction starts with an initial bidding period of two days and an end period of five days. The bidding period of the first two days is the normal bidding period, and the third day to the seventh day after that is a five-day end period. During this period, the candle auction mechanism is implemented, which means that in the next five days , Although it is possible to increase chips, the auction may end at any time.
The end time can only be known on the last day. It is random by tracing back to which block in the end period of the last five days, the project with the highest number of votes before the end will be the winner.

Therefore, for the project party, if you want to win the slot auction, the best way is to finish all your bullets at the beginning, and put the chips in your hand at the first time the auction starts, because The bidding period of the first two days also has a display effect. The first-time ranking will affect the DOT of those who have not yet participated in Crowdloan but plan to participate in Crowdloan, so it is necessary to show muscles in the first time.

But for those who plan to participate in Crowdloan, the most suitable time to participate is in the last few hours of the first two days of the first slot auction, because at this time, the project team has not only revealed all the cards that should be displayed, but also Finding additional foreign aid is basically in place, so the ranking in the last few hours of the first two days will be a teaser version of deciding who will spend the first few slots, and then choose the top-ranked project among them. , You can basically get the slot steadily.

Finally, participants who intend to participate in Crowdloan can come up with their own exclusive Polkadot Parachain slot auction strategy based on the above three points based on their actual situation.

How to participate in Parachain Slot Auction?

We have introduced the rules and status quo of Polkadot Parachain Slot Auction in detail above. So apart from official participation methods and wallet participation methods, how can ordinary users participate? We have sorted out the current more efficient methods and divided them into two categories: centralization and decentralization. We will give you a brief introduction.

Centralized participation method

First, users can participate in Crowdloan through centralized exchanges such as Kraken, Binance, OKEx, Kucoin, Gate, MEXC, etc., and receive double rewards from the exchange. As the Polkadot Parachain Slot auction approaches, many exchanges have started warm-up activities.

OKEx conducted early bird voting for three projects including Acala, Astar, and Moonbeam. Binance opened support channels for nine projects including Moonbeam, Clover, Litentry, Bifrost, Efinity, Parallel, Astar, Acala, and Manta on November 4, and provided an equivalent of 30 million U.S. dollars in rewards.

The participation of the exchange has increased the enthusiasm of users to a certain extent and improved the efficiency of Crowdloan. For the exchange, the Polkadot ecosystem and the project party, it can be said to be a win-win situation for the three parties.

Decentralized participation method

In addition to the exchange, ordinary users can also participate through Polkadot JS, while users who want to get additional rewards can participate in Crowdloan through decentralized methods such as Zenlink, Parallel, and Bifrost to release more liquidity. .

Zenlink is an underlying cross-chain DEX protocol based on Polkadot. It is committed to becoming the DEX portfolio center of Polkadot. It can connect all DEX on Polkadot and aggregate liquidity to provide users with a low slippage trading experience.

In the Kusama Parachain slot auction, the decentralized PLO support application SlotVault built by Zenlink combined with the Polkadot slot auction brings additional incentives to users participating in Crowdloan, releases liquidity and ensures the safety of funds. Although Zenlink has not officially announced the incentive policy of Polkadot’s parachain slot auctions, it will support the Parachain slot auctions on Polkadot in the future, and we need to wait for good news.

As a decentralized Money Market, Parallel has launched Auction Loan for Crowdloan. By participating in Crowdloan through Auction Loan, users can win up to 40% of early bird rewards. And one-stop multi-level rewards for multiple Crowdloan projects, so as to achieve the maximum benefit of Crowdloan participation. Currently Auction Loan supports Acala, Parallel, Manta, Aster, Litentry and other projects.

Bifrost is the DeFi basic protocol of the Polkadot ecosystem, providing liquidity for pledged assets. During this Polkadot parachain slot, Bifrost deployed SALP on Polkadot, that is, the Derivatives vsDOT+vsBond casting mode was opened in the Bifrost Dapp Dot Slot module, and supported the first Polkadot parachain slot auction project Acala, Crowdloan of Astar, Manta, Litentry and other projects. In addition to the liquidity brought by vsDOT, users will get an additional 0.035 BNC for each SALP voting project.

How to maximize revenue and obtain maximum liquidity in Crowdloan has become one of the issues that users need to consider carefully, regarding more decentralized ways of participation.

The current situation of the projects proposed to participate in the slot auction

2015, Gavin left Ethernet Square and the former security director Jutta Steiner Ethernet Square Foundation, founded a company called Parity Technologies block chain software development company, and later founded the Foundation Web3.0, and in May 2020 Polkadot is online.

After a long period of development, the Polkadot ecosystem has become one of the world’s well-known public chains and has a huge community base. Let’s take a look at the current status of the projects that are currently proposed to participate in the Polkadot slot auction.

Acala

How to correctly participate in the Polkadot Parachain Slot Auction?

Acala Network is the one-stop DeFi hub of the Polkadot ecosystem. It was co-founded by Laminar and PolkaWallet, a decentralized open financial protocol company. It aims to provide developers with a series of out-of-the-box DeFi basic modules to make it easy to build A series of applications for end users. Committed to providing low-threshold financial stability and liquidity for the new Web3.0 world, in order to achieve a more open and fair future.

In the earlier Kusama parachain slot auction, Acala’s advance network Karura, as the first project to obtain the right to lease the Kusama parachain slot, provided Kusama with huge liquidity and became an indispensable star project in Kusama.

In this Polkadot Parachain slot auction, Acala Network offered 17% of the total ACA as a bid reward, which is 170 million ACA, in order to obtain a 96-week parachain slot lease period. 100% of the ACA will be distributed after the network is online to support transfers, of which 20% of the ACA will support transfers after the launch, and the remaining ACA will be released linearly in units of blocks within 96 weeks. At the same time, there are additional rewards and limited edition NFTs that attract the active participation of community users.

At the same time, users who use IcDOT for Crowdloan, 100% of the IcDOT will be issued at the same time as the ACA after the launch, and 100% of the IcDOT will be mobile and can be used within the Acala DeFi protocol. Allow users to obtain maximum liquidity while enjoying Crowdloan incentives. After the end of the 96-week parachain lease period, IcDOT can redeem DOT 1:1.

Moonbeam

How to correctly participate in the Polkadot Parachain Slot Auction?

Moonbeam is an Ethereum-compatible smart contract platform on Polkadot, allowing multi-chain projects to be easily extended to the Polkadot ecology and gaining the interoperability, scalability and security brought by Polkadot. For the Polkadot ecosystem that does not have the smart contract function of the relay chain itself, the importance of Moonbeam, which plays the role of the Polkadot ecological smart contract chain, is self-evident.

In the earlier Kusama parachain slot auction, Moonbeam’s golden sparrow network Moonriver successfully obtained the lease right of Kusama’s second parachain slot, and it was fully launched within one month. Due to its good performance, it has won the support of many well-known projects in Ethereum.

In this Polkadot Parachain Slot auction, Moonbeam will use 10% of the initial supply as the total bid reward, which is 100 million Glimmer. 30% will be unlocked when the parachain is launched, and 70% will be distributed linearly in blocks during the 96-week lease period.

Astar Network

How to correctly participate in the Polkadot Parachain Slot Auction?

Astar is an early technical project of the Polkadot ecosystem. It is a multi-virtual machine, multi-chain, Layer 2 scalable smart contract platform based on Polkadot. It has received more than 7 grants from the Web3 Foundation. It is a star project in the Polkadot ecosystem. , Is committed to building a native smart contract ecosystem of Polkadot.

In the earlier Kusama parachain slot auction, Astar’s pioneer network Shiden, as the multi-chain decentralized application layer on Kusama, obtained the third slot lease, providing Kusama with diversified functions and huge Scalability.

In this Polkadot Parachain Slot Auction, Astar will use 20% of the total supply for Crowdloan, 15% as the basic reward, and 5% as the additional reward pool. Astar will distribute 10% after the transfer function is activated, and the remaining 90% will be released linearly within 22 months. In addition, additional rewards such as 10ASTR/DOT referral rewards, 20% early bird rewards and 10% Shiden supporter rewards are also very attractive.

Parallel Finance

How to correctly participate in the Polkadot Parachain Slot Auction?

Parallel Finance is a decentralized loan agreement built on the Polkadot ecosystem. Leveraged mortgage and auction lending can be provided in the Polkadot ecosystem, enabling the community to improve capital efficiency, security and accessibility.
Through the innovative design of Liquid Staking, Margin Staking, and Money Market protocols, users are allowed to simultaneously mortgage and borrow in the Parallel Finance system to obtain liquidity while earning double interest rates.

At present, Parallel’s pioneer network has become the 10th parachain of the Kusama network on October 6.

The Auction Loan contribution channel has been opened, and users can win Parallel’s 40% early bird reward through Auction Loan product Contribution. Auction loan is a product launched by Parallel Finance for users participating in Crowdloan that can be used to increase the utilization of funds to obtain higher returns.

Parallel uses 10-15% of the total amount (10 billion PARA) for Crowdloan contribution (1.5 billion PARA tokens)

  • Total supply of $PARA: 10,000,000,000
  • Crowdloan reward distribution/total supply: 10-15%
  • Parallel’s Lease Period: 96 weeks
  • $PARA unlock cycle: 24 months linear release

Parallel provides 5 reward methods. By contributing to Parallel Crowdloan through Auction Loan products, users can get all types of rewards.

  • Basic reward: 1 DOT = 33 PARA
  • Referral reward: 10% (referrers get 5%; referees get 5%.
  • Community early bird reward: up to 40%
  • NFT rewards: Parallel will allocate 1,000 NFTs as incentives to users participating in Parallel Crowdloan. These NFTs will be available on Parallel’s parachain in the future
  • cDOT as a liquid asset: through Auction Loan contribution to any participation in the Crowdloan project, users will get 1DOT as a liquid asset during the 2-year DOT pledge process.
  • After Parallel’s parachain is online, it can be used in Parallel’s lending market and AMM market.

Mint Network

How to correctly participate in the Polkadot Parachain Slot Auction?

Manta Network is Polkadot’s first privacy protection project on the chain. Manta Network is committed to building a better Web3 world through privacy protection. Manta’s product design is based on first principles and provides end-to-end privacy protection for blockchain users through leading cryptographic architectures such as zkSNARK. While protecting privacy, Manta has both interoperability, convenience, high performance and auditability, allowing users to conduct private transfers and transactions between any parachain assets.

At present, Calamari, the pioneer network of Manta Network, has become the seventh parachain of the Kusama network on September 15.

Manta Network’s latest Crowdloan strategy:

  • 1DOT: 5MANTA fixed reward ratio is no longer adopted, but 15.6% MANTA rewards are allocated to the first round of Polkadot Parachain Crowdloan participants in proportion to their contribution, including 12% basic rewards, 3% liquidity mining rewards and 0.6% The Binance Contribution Award.

The calculation formula is: basic reward = (your DOT contribution / total DOT contribution to Manta) * 120,000,000 MANTA; liquidity incentive reward = (your DOT contribution / total DOT contribution to Manta) * 30,000,000 MANTA. Among them, liquidity incentives can be obtained for participation in decentralized platforms.

  • The Binance Contribution Award remains unchanged. From November 4th to November 11th, contributors pledged by Binance can share 6,000,000 MANTA in addition to the basic reward, and at the same time receive an extra 10% MANTA early bird reward. According to estimates, Manta currently has more than 1.5 million DOT pledges on Binance.
  • Before Polkadot’s first parachain auction starts, contributors participating through all platforms can get an additional 10% MANTA, and before the end of the third parachain auction, they can get an additional 5% MANTA.

Phala Network

How to correctly participate in the Polkadot Parachain Slot Auction?

Phala is a privacy protection cloud computing service based on Substrate in the Polkadot ecosystem. The well-known data privacy is just one of the basic functions mentioned in the Phala Network white paper. Phala’s vision is to become the world’s largest P2P computing network, that is, a decentralized computing cloud based on the Web 3.0 standard.

An important prerequisite for achieving this goal is to realize the trustlessness of the computing network itself: all computing on the Phala network runs in a safe enclave. The security enclave guarantees the security of the computing load, including the correctness of program execution, and the confidentiality and privacy of data. Trustless is not only the first feature recognized by the Phala community, but also the cornerstone of Phala becoming a reliable distributed computing network.

In addition, the “sharing economy” model is also a feature of Phala’s Web 3.0. In order to ensure that network users and computing power providers will not be controlled by centralized Internet companies, Phala uses the blockchain protocol to allow any computing node to join the network and provide usable and stable computing services. This is also the basis of the Secure Worker Mining mechanism.

Currently Phala has become the fourth parachain of the Kusama network on July 13. According to the online plan of Phala Network, it will experience four periods: Triassic, Jurassic, Cretaceous and Holocene. Currently, Khala Network has entered the Holocene period.

Regarding the Polkadot slot plan, Phala’s earlier plan was to win the Polkadot slot a year after winning the Kusama slot. Phala will allocate a certain percentage of the original PHA to the total circulation as the winning prize pool. It is roughly designed as Kusama slot: 0.5%-1% (5-10 million), Polkadot slot: 3%-5% (30-50 million).

However, the co-founder of Phala Network recently tweeted that he hopes that the Phala community will discuss openly and make joint decisions. He suggested that Phala not get the first slot, but instead join the second Polkadot slot auction starting on December 23.

SubDAO

How to correctly participate in the Polkadot Parachain Slot Auction?

SubDAO is Polkadot’s DAO infrastructure, focusing on the DAO platform that solves the diverse governance of the Substrate chain. It allows any decentralized organization to quickly create and manage DAOs. SubDAO can not only link DAO and DApp, realize the cross-chain management of DAO, but also provide an entrance for Web2.0 to connect to the Web3.0 world.

Earlier, SubDAO announced that it would participate in Polkadot’s first round of parachain auctions. SubDAO has been actively preparing to launch the parachain network Starfish (海星网络) and issue GOV (Governance) as a network token, starting from the first slot (November) 11th) Fully participate in the Polkadot parachain auction and win slots, and provide blockchain-based electronic agreement signing, DAO social networking, asset management and other tools and services for Polkadot’s relay chain and parachain, as well as DAO management functions.

SubDAO offers a variety of rewards:

  • GOV auction total reward: 30% of the total amount of GOV first issuance, that is, 300 million GOV.
  • Basic reward: The basic reward is 20%, which is 200 million GOV. For every DOT pledged, an initial reward of 20 GOV will be obtained, and 10,000,000 DOT votes are expected to be raised. In addition to the 200 million basic reward, there are 100 million GOV as other rewards.
  • Early bird reward 5%: SubDAO will reward the first 1,000 pledged users with an extra 5% early bird bonus. )
  • Invitation reward 5%: SubDAO official Crowdloan page can obtain the invitation link and exclusive recommendation ID, and use the recommendation code to successfully invite users. Both the recommender and the referee will receive 5% of the referee’s invitation reward. )
  • “Strong Supporter” up to 10%: Users who vote for 100 DOT or more will receive additional bonus rewards
  • “Sprint Plan” Up to 6%: When the total number of DOTs that support auction lock reaches a certain order of magnitude, all auction supporters will receive bonus bonuses
  • After Starfish Network successfully auctions the slot and runs smoothly as a parachain, 34% of the GOV rewards will be released immediately; the remaining 66% of the GOV rewards will be released linearly in 96 weeks.

At present, the channels that are determined to support SubDAO bidding include decentralized platforms such as Polkadot-JS, Bifrost, Zenlink, and Math Wallet, as well as centralized trading platforms such as Huobi, Gate, and MEXC.

Bifrost

How to correctly participate in the Polkadot Parachain Slot Auction?

Bifrost is the basic protocol of Polkadot’s ecological DeFi. Committed to becoming an infrastructure for pledged assets to provide liquidity. Through Bifrost, users can exchange PoS currency into vToken through the Bifrost protocol at any time to obtain staking income and liquidity.

Currently Bifrost has become the fifth parachain of the Kusama network on July 20. Up to now, the Bifrost network has supported the two-way asset cross-chain between Kusama and Bifrost, and KSM can perform inter-transition operations in the Bifrost and Kusama networks.

The Bifrost team plans to deploy the slot auction liquidity protocol SALP on Polkadot. It will start the casting of Derivatives vsDOT+vsBond in the Bifrost Dapp Dot Slot module at 18:00 on November 9th, Beijing time, as a support for participating in the Polkadot parachain auction.
Participating users in Contribute will have the advantage of unlocking the parachain lock DOT Liquidity, and users who vote for Bifrost through Bifrost Dapp DOT Slot will receive Derivatives: vsDOT and vsBond as well as the rewards provided by the candidate parachain.

The latest news, the Bifrost team is brewing the Polkadot Parachain slot plan, which will be released later, so stay tuned.

KILT

How to correctly participate in the Polkadot Parachain Slot Auction?

KILT is one of the first companies to adopt the modular system Substrate created by Parity Technologies. KILT is an open source blockchain protocol used to issue autonomous, anonymous and verifiable credentials for Web 3.0. Unlike peer-to-peer solutions, KILT uses blockchain technology to provide self-exclusive data and revocable certificates.

KILT brings the traditional trust process of real-world verifiable certificates (passports, driving licenses, education certificates, etc.) into the digital world, while keeping your data private and ownership. KILT can also be used to create identifiers for machines, services, and anything that can establish an identity.

Currently, the KILT protocol has become the sixth parachain of the Kusama network on September 8. The KILT protocol has been launched, and the Runtime upgrade has been carried out, the introduction of governance (internal testing) and the treasury. Next, KILT features will be added successively, such as decentralized identifier (DID) and verifiable credentials. When the KILT function test and the complete system are over, the Sudo module will be deleted and decentralization will be realized.

KILT has previously announced plans to participate in Polkadot’s slot auction, but the details have not yet been announced.

HydraDX

How to correctly participate in the Polkadot Parachain Slot Auction?

HydraDX is a completely decentralized and open protocol created based on Substrate. It uses a token model inspired by the tie curve to handle multiple asset pools and help coordinate the relationship between different participants and protocols.
Compared with traditional AMM, HydraDX’s purpose is to reduce slippage, provide deeper liquidity (minimize liquidity dispersion), better internal composability and execution and user experience, hoping to provide “like” for cross-chain DeFi “Ocean-like” mobility.

The HydraDX protocol became the eighth parachain of the Kusama network on September 22. HydraDX has previously announced plans to participate in Polkadot’s slot auctions, but the details have not yet been announced.

Interlay

How to correctly participate in the Polkadot Parachain Slot Auction?

Interlay’s vision is to create a future where blockchains are seamlessly connected and interactive: anyone can use any digital asset on any blockchain, untrusted and unrestricted.
Its current key product is Inter BTC , which will become a decentralized and trustless Bitcoin “bridge”, first connecting to Polkadot and Kusama. InterBTC allows users to mint BTC-backed assets PolkaBTC 1:1 onto the Polkadot blockchain and use these assets in a wide range of applications, including decentralized exchanges, stablecoins and loan agreements.

At present, the Interlay pioneer network Kintsugi has become the eleventh parachain of the Kusama network on October 13.

Since Interlay’s pioneer network Kintsugi just won the Kusama slot, Kintsugi will launch all features before Interlay can do anything on Polkadot.
Interlay’s interBTC comes from XCM. As long as other parachains and XCM are not 100% ready, interBTC will not be able to realize its full potential. Therefore, Interlay Network will not participate in the first slot auction of Polkadot Parachain, but will participate in the second batch of auctions on December 23, 2021.

Litentry

How to correctly participate in the Polkadot Parachain Slot Auction?

Litentry is a decentralized identity aggregator, with the core features of a blockchain based on Substrate and a distributed decentralized identity (DID) verification network. Play a unique function in the Polkadot ecosystem to provide Liquidity, interoperability and consistency for multi-chain identity data.
It can provide interoperability and liquidity for the DID data of different systems, and provide DID users and DID applications with DID verification through distributed decentralized identity (DID) indexing and a credit calculation network based on Substrate. , Credit calculation and rating and other identity aggregation services.

Due to time, cost and resources considerations, Litentry will directly participate in the Polkadot parachain slot auction, skipping the Kusama slot auction.

Litentry will use 20% of the total supply to incentivize supporters who help Litentry gain an advantage in the auction. Supporters of all auctions can share a total of 20 million LIT reward pools. For every 1DOT locked, participants will get at least 2.5LIT rewards. The final reward will be calculated based on the percentage of each participant’s contribution to the Crowdloan pool.
In addition, users can also get up to 20% extra rewards. Before November 11, participating in Binance can share an extra 500,000 LIT. At the same time, users can unlock DOT liquidity and get extra PARA through Parallel’s Auciton loan. award.

Efinity

How to correctly participate in the Polkadot Parachain Slot Auction?

Efinity is an expandable NFT cross-chain network built on Polkadot, which will help mankind create a truly free global digital economy. Developed by Enjin, a leading blockchain technology company, they created the ERC-1155 NFT standard on Ethereum.
Through the cooperation with Polkadot, Efinity will be able to provide an accessible and scalable solution that enables everyone to participate in the emerging NFT economy.

Efinity previously announced plans to participate in Polkadot’s slot auction. Participating in Efinity Crowdloan before November 11 will have a chance to win a prize in the $1,500,000 FEI prize pool.

postscript

Coincidentally, the official opening time of the Polkadot Parachain Slots auction was chosen during the domestic “Double Eleven” event. I don’t know if it was a coincidence or deliberately chosen at such an auspicious moment. A “new XXX record” will inevitably be set, and this time Polkadot seems to have also come to set a record.

From the day when Polkadot was born to the slot auction now, it is not easy to go all the way. The blockchain industry has undergone earth-shaking changes in 5 years, and it has also brought glory to Polkadot, and the ecology has become more and more prosperous. The Substrate framework has also attracted many developers to use, and it can be said that it has received unprecedented attention. At this moment, people have been waiting for a long time.

The bell of “Double Eleven” is about to ring, and the historic moment of Polkadot’s slot auction is about to come. Maybe we will remember this moment many years later. The curtain of cross-chain interoperability is about to kick off. Polkadot is waiting Too long, we also wait for a long time.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/how-to-correctly-participate-in-the-polkadot-parachain-slot-auction/
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