KSM/DOT Parachain Slot Auction Q&A

Q: How can I join KSM/DOT Parachain Slot Auction🧐?

Newland provides a convenient channel for users to join Parachain Slot Auction with safe and fast experience.

Click to read the Guideline👉Parachain Slot Auction

Q: What is Parachain?

Parachains are various separate Layer1 blockchains running in parallel in the Polkadot ecosystem. The parachain is connected to and protected by the relaychain.

Multiple parachains can be connected to the same relay chain, and the relay chain provides multiple "slots" for the parachains for parallel links.

The "slot" on the relaychain is the parallel chain slot.

Q: What is Relaychain?

The relay chain is the main chain in the Polkadot ecosystem (Polkadot and Kusama networks), responsible for the ecological governance and security of the entire network, and realizes cross-chain communication between parachains⛓️.

Q: Why does the parachain need to be connected to the relaychain?

Parachain realizes the exchange of information and transactions through the relaychain; The relaychain reaches a consensus and promotes the transmission of messages between the parachains.

Therefore, the parachain needs to be connected to the relaychain to participate in the entire blockchain network, otherwise it will become an "isolated chain"🔗.

Parallel chain slots are essential for the entire access process. Obtaining the position of the Parachain slot has become the FIRST step😎to participate in the Polkadot ecology.

Q: How dose Parachain slot auction work?

Parachain slots are distributed to various projects through candle auctions🕯️. The bidding uses blockchain native tokens, namely Polkadot's DOT and Kusama's KSM.

Users can vote their DOT/KSM for their favorite projects, and the DOT/KSM will be locked in their address after voting.

It should be noted that the auction item is not the slot itself, but the right to use the slot for a period of time.

Q: What will happen to my DOT/KSM, if the project wins?

When a project wins🥳the auction, the DOT/KSM that users voted to lock will continue to be locked for the ENTIRE lease term and can only be unlocked after the lease term expires.

Q: Can I use my DOT/KSM voted in the project during the lock-up period?

During the lock-up period, the DOT/KSM remains in the original address, but🚫cannot be used for staking, transfer or other purposes.

Q: What will happen to my DOT/KSM if the project fails?

If the project you voted for fails😞to successfully bid in the slot, the DOT/KSM locked by the user's vote will be unlocked to your address after the auction result is confirmed.

Q: Will I get rewards if I vote for a project?

After locking up DOT/KSM for the voting, you will get the rewards from the project you voted for. Each project reserves the right of final interpretation to the rewards rules. Actual earnings are subject to on-chain earnings.

Q: Will Kusama and Polkadot start slot auction simultaneously?

Kusama starts first. Polkadot slot auction will start when Kusama slot auction operates stably. In the future, auctions will take place periodically.

Q: Is the result of parachain slot auction public?

Parachain slot auction is an on-chain module, and all data could be checked on chain.

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