DOT Slot Auction

Slots are Polkadot or Kusama (Relay Chain) interfaces to other blockchains. Slots are necessary for projects that want to become a Polkadot parachain and to share in the larger network's security and consensus.

Due to limited network resources, the Polkadot network supports the creation of only 100 parachain slots in total.

The Polkadot Slot Auction is a significant milestone for the development of the larger cross-chain and interoperability project, coming one step closer from transforming the vision into reality and enabling winning projects to share the consensus and security of the Polkadot network. In order to participate in the auction, voters lock up DOT to support their preferred projects and earn rewards composed of tokens and/or other incentives from the winning projects, which may be in excess of staking earnings.

Polkadot’s parachain slot auctions employ a “candle auction + random parameters.” A slot can be leased for 6-24 months, and projects must bid for single or multiple consecutive lease periods. Users that successfully vote for a winning project will have their DOT tokens locked during the corresponding lease periods.

Users that successfully vote for a winning project can proportionally share in a locked reward pool provided by the project. Some of the project sponsors may provide extra rewards. Please refer to the voting page for the details of project sponsors.

After users vote for their favorite projects, AscendEX, will conduct on-chain voting operations on behalf of users. If the projects win the bid, the voting rewards provided by the projects will be claimed by AscendEX and will be fully distributed to voters. Please note that projects’ voting rewards and distribution dates vary, and that results are subject to the projects’ announcements. For the projects that lost their bids, AscendEX will retrieve voters’ DOT on-chain and will fully credit the DOT to their cash accounts.

DOT tokens will be locked upon a successful vote. During the lockup period the DOT will be unavailable for transferring, staking, or trading. The DOT tokens used to vote for projects that successfully win a bid can be redeemed after the lease period has concluded. Otherwise, the DOT tokens used to vote for projects that lost the bid will be returned after the auctions’ conclusion.