How to Vote in the Polkadot Parachain Slot Auction for Your Favorite Project?
Huobi Global, the world’s leading digital asset exchange, announced last week a new offering for users to participate in the burgeoning number of projects in the Polkadot ecosystem. While eliminating potential risks associated with private key leaks, users can access the Polkadot Parachain Slot Auction voting channel on Huobi Global to earn rewards at zero fees.
However, many users are still not familiar with how the voting channel works and how to participate in the voting. This article will explain it in detail.
🔹What is Parachain?
Relay Chain refers to the central chain of Polkadot 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. In the Polkadot network, a parachain slot is the first step to participating in the ecosystem.
🔹How the Voting Channel Works
Parachain slot auctions employ a candle auction format to allocate parachain slots. 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.
If the project a user supports during parachain slot auction wins, their DOT tokens voted will be locked for the duration of the lease (The maximum duration of a parachain slot is 2 years.), during which they will be unavailable for staking, transferring, or trading.
🔹How to vote for your preferred project?
The Polkadot Parachain Slot Auction voting channel is now open on Huobi Global. Projects will participate in 5 rounds of auctions until all slots are filled. Please follow the below steps to vote for your preferred project with DOT and win rewards at zero fees.
🔹Step 1: Log in to Huobi Global.
🔹Step 2: Enter into the voting page.
🔹Step 3: Choose the project you preferred and click “Vote Now”
🔹Step 4: Enter the amount and click “Vote Now.”
You can also check your order on the same page once you’ve finished voting for a project.
Please note one DOT locked represents one vote, and the upper voting limit for each user is 5 million DOT. For every DOT locked, you can get corresponding daily rewards when the voted project wins the slot auction.
During the Phase I of parachain slot auctions, users who join voting on Huobi Global voting page can share an extra prize pool of 250,000 USDT, 35,000 CLV, and 150,000 SKU.
Rewards for an individual user = DOT tokens you locked/DOT tokens locked by all participants*(250,000 USDT + 35,000 CLV + 150,000 SKU)
In order to be eligible to receive rewards, users are required to:
- complete the ID verification first
- Rewards will be distributed within 7 days after the event ends.
For the other upcoming four phases,
stay tuned to our Twitter and our Telegram.
