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:
- The DOT used to vote during the early bird voting session will be locked and cannot be canceled.
- The total size of DOT rewards is 100,000 USDT equivalent DOT.
- 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.
- 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.
- 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.
What do you think about this post? Share your comments below…
Latest Episode on Inside Blockchain
Crypto News Update
Crypto Bootcamp Community Celebrates Bitcoin Pizza Day Across Africa
The advent of Bitcoin has paved the way for seamless cross-border payments. The demand for third-party intervention in financial transactions...
Explore, Build Assets, Fight and Earn in the Supernova Space
A new economy was opened in 2017 when blockchain was integrated into gaming to produce the first Web3 game: CryptoKitties....
Owl.Games: The Rise of Crypto Games in the Casino Industry
Crypto gaming used to be new a few years ago but it’s going mainstream now. However, there are some sectors...
BCAT Africa: Reducing Unemployment in Africa
One of the greatest lines spoken in the Spiderverse is “with great power comes great responsibility”, although it can be...
Gamified NFT Platform Trove Announces Launch Partners SideQuest
Trove has announced its new Launch Partnership with SideQuest, a gamified risk-to-earn NFT collection. It was announced on Twitter today. ...
- Move To Earn: Keep Fit, Sport, Connect and Earn on the Calo Metaverse
- Top 5 Move-to-earn Applications on Google Playstore
- Top Move-to-Earn Projects Below $100 Million Market Cap
- MetaRuffy: An Intersection of Blockchain, Web3, VR, and AR
- Crypto Bootcamp Community Celebrates Bitcoin Pizza Day Across Africa