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OKEx to support Polkadot parachain slot auctions

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One of the leading cryptocurrency exchanges, OKEx has announced that it will continue to support Polkadot parachain slot auctions with exclusive early access voting. This is to encourage the Polkadot community and its ecosystem. Some of the protocols available in this auction include Moonbeam (GLMR), Acala (ACA), Astar Network (ASTR), Bifrost (BNC) and more.

Polkadot (DOT) is the 8th largest digital asset with a market capitalization of $53.6 billion. Polkadot is a sharded multichain network, this simply means that it can process many transactions on several chains in parallel (“parachains”). This improves scalability of the blockchain. To know more about DOT, Click here.

Users will be able to swiftly and conveniently participate in slot auctions on OKEx with zero gas fees. Users will also get DOT rewards from OKEx as well as rewards from projects they vote for. OKEx’s support of Polkadot parachain slot auctions will allow users to vote for projects before the project launches.

 

What is early bird voting?

During early bird voting, users can get rewards from both OKEx and the projects they vote for. Once the official auction starts, OKEx will vote on behalf of the users. After participating in the early bird voting, the staked DOT will be locked; once the auction begins, all of the DOT that a user staked will be used to vote in accordance with Polkadot’s official rules.

 

Polkadot slot auction opening time:

Polkadot early bird voting: 09:00 Nov 3, 2021 (UTC) – Nov 11, 2021 (UTC)

Polkadot auction official start: Nov 11, 2021 (UTC)

OKEx early bird voting rewards: DOT rewards worth 100,000 USDT + rewards from projects

Period: 09:00 Nov 3, 2021 (UTC) – Nov 11, 2021 (UTC)

 

Rules for voting: 

  1. The DOT used to vote during the early bird voting session will be locked and cannot be canceled.
  2. The total size of DOT rewards is 100,000 USDT equivalent DOT.
  3.  Users can vote for projects before the auction officially starts via staking DOT and will get DOT rewards from OKEx as well as rewards from the projects they vote for.
  4. The rewards are divided into two parts; OKEx’s DOT Rewards worth 100,000 USDT will be distributed according to the user’s participation time ranking and their share.
  5. The DOT rewards from OKEx will be distributed to users’ within 10 working days after the event.

 

How to join:

  • From the OKEx app, select Earn from the home screen and then enter the slot auction page by tapping “Parachain slot auction”. For quick access to the slot auction page, visit https://www.okex.com/earn/slotauction
  •  To join via web, navigate to Finance in the top menu and choose Earn. Then, enter the slot auction page through the “Parachain slot auction.
  • In a bid to meet the needs of users, OKEx will continue to launch more parachain slot auctions projects to provide users with guided participation channels.

 

Read more:

Polkadot Launches $760M Ecosystem Development Fund

 

 

What is the Buzz About the Polkadot Ecosystem?

 

OKEx launches voting for SAMO, LEASH, KUMA, DOG and POLYDOGE

 

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