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DOT Slot Auction: what it is and how it works

Binance Earn has just launched the DOT Slot Auction event with the participation of many crypto investors and has had an incredible impact on the DOT price. What Is DOT Slot Auction? What is the DOT Slot Auction event for? After reading the article below, investors will understand the mechanism of operation of the auction event and the know-how to participate in voting and receive the maximum prizes of this auction.

What Is DOT Slot Auction?

DOT Slot Auction is a vote for Polkadot (DOT) slot auction projects on Binance. Currently, there are only about 100 Parachains locations. Therefore, businesses that want to rent space in the Polkadot (DOT) ecosystem on Binance must participate in the auction. Participants use DOT tokens to vote for their favorite projects. The project that receives the most votes and bets on DOT will win the auction.

The winning project can rent parachain slots on Binance for three months per period, up to 96 weeks. The DOT number of the participant who wagered is blocked during the rental period. If the projects do not win, the auction participants will receive their DOT tokens staked on the Spot wallet on December 18, 2021.

What rewards do participants receive?

Auction participants will receive a Binance Extra Bonus reward (approximately USDT 30 million) provided by Polkadot parachain projects during a 7-day Warm-up (Start-up Phase). All prizes will be distributed according to their voting rights during this period before the start of the auction. The prize that the participant receives is proportional to the set amount of DOT in the total DOT of that project. Participants receive updated rewards every hour. However, these prizes may be cumulative and not requested by the participant every hour.

In addition, Binance will distribute 100% of the project prizes to the voting participants during the auction and rental phases. Rewards are distributed to participants based on reward progress.

DOT Slot Auction Process

The DOT Slot Auction process consists of four steps:

Phase 1: Warm-up phase

The warm-up period lasts seven days on Binance. Everyone who participates in the auction will receive a total reward of USDT 30 million. The reward will be divided equally according to the number of DOT participants used to bid.

Step 2: Auction time

Auction time is the main stage of an auction. This is the time when participants vote and target DOT for their favorite Parachain projects. The auction period consists of 5 rounds to select the winning project. The project that does not win the prize will be able to participate in the next auction test.

Step 3: Distribution of rewards

After the end of the auction period, winning projects receive the right to use Polkadot Slot Slots (DOT) on Binance. The project period in which these positions are used is three months per semester, up to a maximum of 96 weeks.

If the project wins, the person who voted gets 100% of the project reward, and the DOT used for the vote is blocked until the end of the Parachain lease period.

Step 4: The auction ends

At the end of the auction, the period of the rented Parachain project is over, the DOT of the voting participants is unlocked and transferred to BDOT for 45 days.

How to participate in the dot Slot auction?

Step 1: Log in to the Binance account.

If you do not have a Binance account, please register at the link below:

Step 2: Prepare DOT for voting

To participate in the auction, participants must have a minimum of 0.1 DOT available. If DOT is not available in the wallet, participants must purchase DOT with cash or convert other coins into DOT.

  • Buy DOT with cash at Binance here.
  • Convert more coins to DOT on Binance here.

Step 3: Access the auction feature

  • Click the Finance tab, select Binance Earn.
  • Scroll down, click Go to DOT Slot Auction.

Step 4: Vote for your favorite project

On the auction page, read the information about the projects participating in the auction, click Vote for a favorite project. The Voting window appears, enter the required information, and click Confirm:

  • Enter the DOT number you want to deposit.
  • Check the box [I have read and accepted binance’s Staking Slag].

After confirmation, the voting for the project is officially completed, participants are formally allowed to participate in the auction process and receive prizes from the voted projects.

Conclusion

Above is information on how to participate in voting to receive rewards from the DOT Slot Auction event. Binance is a multifunctional platform and there are many ways to make money and invest in Crypto.

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