The crypto exchange Binance announced a week-long promotion ahead of the Polkadot slot auction (DOT) launch. Participants will share $30 million in rewards. This was reported on the company site.
“Users will receive a bonus on the slot auction page every hour. The $30 million in rewards will be fully paid out during the promo period,” said Binance representatives.
The Polkadot parachain auction on Binance will start on November 11 at 16:00 (MSK) and will end on December 16, 2021 at 15:59 (MSK). Users will be able to stake DOT on the platform and vote for parachain projects on Polkadot.
DOT tokens staked during the launch period cannot be redeemed, as they will be locked.
“If the project you selected wins, your DOT will be locked for 96 weeks. In return you will receive staking rewards from the project you selected. If it fails during slot trading, your stake in DOT staking will be returned to your spot wallet on 18.12.2021 (UTC),” explained Binance representatives.
The promo runs from November 4 at 16:00 (MSK) and lasts until November 11 at 15:59 (MSK).
During the auction, Binance will offer a liquidity solution — BDOT. Users will be able to convert DOT held in staking to BDOT at a 1:1 ratio.
After the parachain slot rental period ends, users will be able to redeem DOT for BDOT. The latter will be available for trading on the platform.
Parachains are a variety of specialized blockchains that connect to the Polkadot relay chain and form the platform’s “multi-chain” architecture.
Since July 2021, parachains have been operating in Kusama, the experimental version of the blockchain protocol.
As the slot auction launch nears, Polkadot’s price has risen—32.1% over the past seven days and 4.7% over the past 24 hours.
Earlier, Polkadot stated readiness to deploy parachains, calling them the final phase of the multi-stage process to launch the mainnet.
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