With Polkadot's (DOT) parachain auctions kicking off, we're now offering a convenient voting channel for you to support your preferred project without any complicated on-chain operations. It will lower the voting threshold and eliminate the potential risks of leakage of private keys brought by on-chain operations.
Click to participate:
- DOT tokens will be temporarily locked after voting, and be unavailable for withdrawal, trades, and staking until unlocked.
- If the project you vote for fails to win the bid, Huobi Global will unlock your DOT tokens and send them to your Exchange account once the auction result is confirmed.
- If the project you vote for wins the bid, your DOT tokens will be locked until the lease term expires.
- Voters can get rewards based on their locked amount of DOT and reward distribution rules shown on the locking page.
- All data for parachain slot auctions will be made public and transparent.
- Users are required to complete the ID verification process to participate in the event.
- Due to local compliance policies, this event is not open to users registered in Japan, Cuba, Iran, Mainland China, Hong Kong (China), Macau (China), North Korea, Sudan, Syria, the United States, and its overseas territories (American Samoa, Guam, Northern Mariana Islands, Puerto Rico, and the United States Virgin Islands), Canada, and Singapore.
What is Parachain and Relay Chain?
Relay Chain serves as the central chain of the Polkadot network, and is responsible for the network's shared security, consensus, and cross-chain interoperability.
Parachains are the diverse layer-1 blockchains that run in parallel on the Polkadot networks, which are connected to and secured by the central Relay Chain.
Multiple parachains can "plug into" the same relay chain that provides slots for them.
Why do parachains need to be connected to relay chains?
Parachains get the ability to exchange information and facilitate transactions between other connected parachains through relay chains. Hence, to participate in the entire network, parachains need to connect to relay chains.
Parachain slots are essential for the entire connection process. Acquiring a parachain slot is the first step to participate in the Polkadot ecosystem.
How do parachain slot auctions work?
Parachain slot auctions follow a candle auction format to determine the occupants of each available parachain slot. Projects that want to secure a parachain slot can participate in the auction by bidding DOT tokens. Community members can vote with DOT for a particular project, after which those tokens will be temporarily locked. It's worth noting that the auction is set for biding a lease period of the parachain slot instead of the parachain slot itself. Although the number of slots for auction is still unclear, it is expected that there will be 100+ slots according to the disclosed information. If the project you support during a parachain slot auction wins, your DOT tokens voted will be locked for the duration of the lease (maximum duration of a parachain slot is 2 years), during which they will be unavailable for staking, transferring, or trading.
Reminder: Huobi Global will strive for the smooth running of the voting event but does not guarantee that your vote will be successful. Huobi Global will not be responsible for any asset losses caused by potential risks such as suspension, termination, bankruptcy, or cessation of transactions by any third-party platform or project owner. Please read the project introduction and voting rules carefully before voting.
November 5, 2021
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Huobi Global reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice. The above is for information purposes only and Huobi Global makes no recommendations or guarantees in respect of any digital asset, product, or promotion on Huobi Global. Prices of digital assets are highly volatile and trading digital assets involves risk. Please read our Risk Reminder text here.