The Polkadot Parachain auction will open on November 11, the first round of auctions will be held in 5 times

 Motion 118, which opened the parachain auction on Polkadot, has been voted and approved by the Polkadot Council. This is Parity’s proposal for arranging the first set of parachain auctions on Polkadot and recommends a 3-6 months auction arrangement strategy. Based on the performance and audit status of parachains on Kusama , the Parity engineering team believes that the codes of parachains, auctions and crowdloans are ready for initial production release.

The Polkadot Parachain auction will open on November 11, the first round of auctions will be held in 5 times

After Motion 118 was voted through, Polkadot’s Slot Auction has been determined as follows:

The first round: A total of 5 Auctions, starting from November 11, 2021 , each Auction lasts for 7 days, and a new Auction starts every 7 days. The lease period is from Lease 6 to Lease 13 (Lease 6 starts on December 15 Start)

Auction 1: 2021.11.11 – 2021.11.18

Auction 2: 2021.11.18 – 2021.11 25

Auction 3: 2021.11 25 – 2021.12.2

Auction 4: 2021.12.2 – 2021.12.9

Auction 5: 2021.12.9 – 2021.12.16

The second round: A total of six auctions, starting from December 23 , each Auction lasts for 7 days, and a new Auction starts every 14 days. The lease period is Lease 7-Lease 14 (Lease 7 from March 9, 2022 Start)

Auction 6: 2021.12.23 – 2021.12.30

Auction 7: 2022.1.6 – 2022.1.13

Auction 8: 2022.1.20 – 2022.1.27

Auction 9: 2022.2.3 – 2022.2.10

Auction 10: 2022.2.17 – 2022.2.24

Auction 11: 2022.3.3 – 2022.3.10

Since Auction can be carried out before the start of the lease period, the Motion schedules Auction to start around noon (UTC) on November 11th.

In order to ensure stability, it is recommended that the board and network governance limit the number of parachain slots on Polkadot to 75% of Kusama, so this time schedule will last until early March. As the network develops, the council can propose a new auction rhythm to keep it within a reasonable safety factor relative to the number of parachains on Kusama.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/the-polkadot-parachain-auction-will-open-on-november-11-the-first-round-of-auctions-will-be-held-in-5-times/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Leave a Reply