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All About Slot/Parachain Auctions
All About Slot/Parachain Auctions
2022-09-09 06:25:43 UTC
22702 Lido
▶️What is a slot/parachain auction?
A slot, in the crypto space, refers to the interface of Polkadot or Kusama (relay chain) to other blockchains.
Slot auction is also known as parachain auction. The only way for parachains to be linked to Polkadot and Kusama networks is through slots. The relationship between slots, parachains and relay chains can be compared to that of home appliances: relay chains are like circuits, slots are sockets, parachains are all kinds of home appliances, and home appliances need to be connected to the circuit through slots.
To fully promote Polkadot ecology, Gate.io supports Polkadot and its pioneer chain Kusama slot auctions which have been launched on the Earn platform.
▶️Mechanism of parachain auctions
The bidding mechanism of the Polkadot slot is the same as that of the Kusama slot: the tokens are set in the network through Crowdloan, and the bidding winner is determined in the form of a candle auction according to the total staking amount of each project.
The auction process is divided into two stages: a safe period and a random period. During these two stages, users can freely stake DOT tokens. During the safe period, the project parties are more likely to compete for bids. After entering the random period, the auction will be based on the chain. The auction will end at any time when the random number is listed. At that time, whoever has more DOT pledged will be able to rent this slot. If the auction fails, the tokens will be refunded immediately; if the auction is successful, the tokens will be pledged until the end of the slot lease period.
Ordinary users with DOT/KSM who want to participate in Crowdloan and support the project can participate in Gate.io slot auctions. If the auction is successful, users can also get rewards.
▶️Examples of Parachain Auction Mechanisms
The Polkadot slot auction is also known as the parachain slot auction. Currently, the Polkadot slot auction is conducted in the form of candle auctions. The preliminary proposed auction mechanism is: the auction will be conducted once every two weeks, with 4 parachain slots auctioned each time. It is worth noting that slot auctions are not permanent, but are held on a semi-annual basis with a two-year lease term. Polkadot will select the bidder with the optimal mortgage amount as the final winner based on different lease periods and bidding prices.
For example:
The two-year lease term is divided into four stages. Party A, Party B and Party C all participated in the auction. Party A wants to lease the entire two-year lease period, and the bid is 65DOT every six months; Party B wants to rent for the first year, that is, the first two stages, and the bid is 100DOT every six months; Party C wants to rent for the second year, that is, the latter two stages, and the bid is 40DOT every six months.
There are two plans for the lease term of two years. Plan one: Party A rents alone for two years, and the total rent is 260DOT. Plan two: Party B and Party C rent for two years together, and the total rent is 260DOT. According to the optimal mortgage amount rule, Polkadot will determine that Party B and Party C are the winners.
Gate.io reserves the final right to interpret the product.
*Learn more about Slot Auctions at GateLearn:
What is a Slot Auction?
A slot, in the crypto space, refers to the interface of Polkadot or Kusama (relay chain) to other blockchains.
Slot auction is also known as parachain auction. The only way for parachains to be linked to Polkadot and Kusama networks is through slots. The relationship between slots, parachains and relay chains can be compared to that of home appliances: relay chains are like circuits, slots are sockets, parachains are all kinds of home appliances, and home appliances need to be connected to the circuit through slots.
To fully promote Polkadot ecology, Gate.io supports Polkadot and its pioneer chain Kusama slot auctions which have been launched on the Earn platform.
▶️Mechanism of parachain auctions
The bidding mechanism of the Polkadot slot is the same as that of the Kusama slot: the tokens are set in the network through Crowdloan, and the bidding winner is determined in the form of a candle auction according to the total staking amount of each project.
The auction process is divided into two stages: a safe period and a random period. During these two stages, users can freely stake DOT tokens. During the safe period, the project parties are more likely to compete for bids. After entering the random period, the auction will be based on the chain. The auction will end at any time when the random number is listed. At that time, whoever has more DOT pledged will be able to rent this slot. If the auction fails, the tokens will be refunded immediately; if the auction is successful, the tokens will be pledged until the end of the slot lease period.
Ordinary users with DOT/KSM who want to participate in Crowdloan and support the project can participate in Gate.io slot auctions. If the auction is successful, users can also get rewards.
▶️Examples of Parachain Auction Mechanisms
The Polkadot slot auction is also known as the parachain slot auction. Currently, the Polkadot slot auction is conducted in the form of candle auctions. The preliminary proposed auction mechanism is: the auction will be conducted once every two weeks, with 4 parachain slots auctioned each time. It is worth noting that slot auctions are not permanent, but are held on a semi-annual basis with a two-year lease term. Polkadot will select the bidder with the optimal mortgage amount as the final winner based on different lease periods and bidding prices.
For example:
The two-year lease term is divided into four stages. Party A, Party B and Party C all participated in the auction. Party A wants to lease the entire two-year lease period, and the bid is 65DOT every six months; Party B wants to rent for the first year, that is, the first two stages, and the bid is 100DOT every six months; Party C wants to rent for the second year, that is, the latter two stages, and the bid is 40DOT every six months.
There are two plans for the lease term of two years. Plan one: Party A rents alone for two years, and the total rent is 260DOT. Plan two: Party B and Party C rent for two years together, and the total rent is 260DOT. According to the optimal mortgage amount rule, Polkadot will determine that Party B and Party C are the winners.
Gate.io reserves the final right to interpret the product.
*Learn more about Slot Auctions at GateLearn:
What is a Slot Auction?
