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Slot Auctions - FAQ
Slot Auctions - FAQ
2022-09-09 06:26:26 UTC
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Q1. How to participate in slot auctions on Gate.io?
DOT/KSM holders can participate in the DOT/KSM slot auction with one click on the Gate.io parachain slot auction page, and lock DOT/KSM to support the projects. The minimum lock-up amount of DOT is 5 DOT, and the minimum lock-up of KSM is 0.1 KSM. After the auction starts, Gate.io will bid KSM/DOT for platform users. (Users who do not hold DOT/KSM can buy them on the Gate.io platform)
Q2. What are the rewards for slot auctions?
The number of crowdloans and voting rewards for different projects are different. The auction reward will be subject to the ones announced by the official project party and the final reward that is distributed after the auction.
Q3. How long does it take to unlock the assets after the auction is successful?
If the project wins the bid, your DOT or KSM will be unlocked at the end of the lease period. The longest leases are 96 weeks for Polkadot and 48 weeks for Kusama.
Q4. How is bidding interest paid?
If the project wins the bid, interest will be issued to users based on the actual on-chain income; if the project auction is unsuccessful, the invested DOT/KSM will be automatically returned without interest.
Q5. What are the risks of Slot Auctions?
After participating in the slot auction, users cannot redeem their assets in advance before the end of the auction, and if the auction fails, users will be unable to obtain the token reward from the project party. That means their staked tokens will lose liquidity during this period.
*If the asset on the chain is unlocked in advance, Gate.io will also return it to users synchronously.
Gate.io reserves the final right to interpret the product.
DOT/KSM holders can participate in the DOT/KSM slot auction with one click on the Gate.io parachain slot auction page, and lock DOT/KSM to support the projects. The minimum lock-up amount of DOT is 5 DOT, and the minimum lock-up of KSM is 0.1 KSM. After the auction starts, Gate.io will bid KSM/DOT for platform users. (Users who do not hold DOT/KSM can buy them on the Gate.io platform)
Q2. What are the rewards for slot auctions?
The number of crowdloans and voting rewards for different projects are different. The auction reward will be subject to the ones announced by the official project party and the final reward that is distributed after the auction.
Q3. How long does it take to unlock the assets after the auction is successful?
If the project wins the bid, your DOT or KSM will be unlocked at the end of the lease period. The longest leases are 96 weeks for Polkadot and 48 weeks for Kusama.
Q4. How is bidding interest paid?
If the project wins the bid, interest will be issued to users based on the actual on-chain income; if the project auction is unsuccessful, the invested DOT/KSM will be automatically returned without interest.
Q5. What are the risks of Slot Auctions?
After participating in the slot auction, users cannot redeem their assets in advance before the end of the auction, and if the auction fails, users will be unable to obtain the token reward from the project party. That means their staked tokens will lose liquidity during this period.
*If the asset on the chain is unlocked in advance, Gate.io will also return it to users synchronously.
Gate.io reserves the final right to interpret the product.
