How to correctly participate in the parallel chain slot auction

How to correctly Participate in Polkadot Parallel Chain Slot Auction?

Source: Polkadot Labs

background

On June 15, Boca's Canary network Kusama ushered in its first parallel chain slot auction. With five months of Kusama parallel chain operation and research, we finally came to an important moment of Boca parallel chain slot auction.  

In October, Motion 118 was voted by the Polkadot Council to open the parallel chain auction on Boca, and from November 11, 2021, we will open the first Boca parallel chain slot auction. This is a very milestone event of historical significance, marking the end of the long exploration period of Boca ecosystem. Web3.0 era is no longer just an ideal blueprint, and boca's idea of "ten thousand links" will also enter the rapid development in the coming year.  

For many ecological exploration teams, by connecting the boca mainnet with forward-looking technology, they can not only enjoy the shared security and interoperability brought by the relay chain, but also gain access to a large user community and billions of value mobility.   It is no exaggeration to say that the Boca parallel chain slot auction was launched with much anticipation. But while slot auctions are familiar to boca Eco-project users, the projects involved always carry a bit of a mystery. Therefore, we hope that through a simple introduction, let you have a preliminary understanding of the boca parallel chain slot auction and the participants.

What are the rules for slot auctions?

Given Kusama's previous slot auction demonstration, the rules for boca parallel chain slot auctions seem easier to understand.   The parallel chain slot auction is divided into two rounds:   First round: a total of 5 auctions, starting from November 11, 2021, each for 7 days, a new auction will be opened every 7 days, Lease 6 to Lease 13 (Lease 6 starts from December 15).   Second round: a total of 6 auctions, starting from December 23, each 7 days, one every 14 days, Lease 7 to Lease 14 (Lease 7 starts from March 9, 2022).  

An auction period lasts for seven days, with the first two days being the bidding period and the second five days being the random candle period. Once the auction is open, the Crowdloan module of the team participating in the parallel chain slot auction automatically bids. The JS page displays the parallel chain project with the highest bid for the current block, and community users can contribute to the supported project throughout the auction to help the project win slots during the auction.

How does boca parallel chain slot auction differ from Kusama?

Kusama as first net is to lay the foundation for wave card, so the wave CARDS and Kusama in the code there is little difference between the level of basic, but we focus on the parallel chain slot auction is not just a simple look at some differences on the card slot auction rules, more also should see the project side, the market situation, the difference of the outside factors such as chip distribution, Distinguish these differences, can better participate in the parallel chain slot auction.

1. Differences in rules

First chain is parallel to the wave card slot on the auction rules of difference, this difference is not much, mainly reflected in the chain of parallel lease, each wave parallel chain slot card is the length of the two years (96 weeks), is divided into eight leases, each of the lease term for 3 months, so the wave card parallel chain slot time is three months of the lease term up to two years.  

Kusama's leases are shorter, also divided into 8 leases, but each lease is only 6 weeks long, so Kusama's parallel chain slots can be leased from 6 weeks to 1 year at most. Kusama is also faster because officials want these parallel chain state transitions to happen faster, so that they can verify some of the conditions ahead of time to make sure Boca works.  

And Kusama's follow-up offers a preview of boca's parallel chain slot auction. The current tentative plan for Kusama is that there will be a total of 48 parallel chains allocated by auction running at the same time, and the slots will be auctioned once a week. The 48 parallel chains will last 48 weeks, which is exactly one year. At this time, the first and second Kusama parallel chain slots will expire, which is suitable for a new round of auctions.

Will Boca do the same? This is quite possible at this point, because while the first slot auction was five slots every seven days, the second slot auction is a seven-day auction every 14 days, and the second round has six slots in total. According to Kusama, Boca will likely follow the rules of the second round, which will run for seven days every 14 days on a two-year cycle, just in time for the first slot to expire.  

However, Parity recommends a conservative parallel chain rollout approach, suggesting that it is reasonable to ensure that the total number of parallel chains added to Boca does not exceed 75% of the number running on Kusama before the code matures. If there are any surprises and major issues, Boca may need to suspend the auction until those issues are resolved. So, more likely, the number of parallel chains boca runs will be tentatively set at 36.  

In addition, the Kusama parallel chain slot auction was a test run. When the first five slots were auctioned, most people thought that there were only so many slots in a short period of time. Therefore, when bidding for the first five slots in the first round, many Crowdloan participants were fully engaged. So much so that the number of bids for the first five slots varied widely. It was only in the 6-10 slots of the second round that it looked even closer.

In addition, KSM was originally issued by the early DOT holders in the form of 1:1 airdrop, so the distribution method and chip distribution of KSM and DOT are different, and the chip distribution of DOT will be more dispersed. Meanwhile, many participants are not planning to participate in the zeitgeist parallel slot auction, but are only waiting to participate in boca's parallel slot auction.  

These fundamental differences determine that the outcome of the Kusama parallel chain slot auction will differ in many ways from the Boca case. Therefore, predicting the ranking of the items participating in the parallel chain slot auction in Boca based on Kusama's ranking might be a bit of an error.

2. Differences between project parties

(1) Participating Parties There are also different situations among the participating projects, with some parties only planning to participate in the Parallel chain slot auction in Kusama or Boca, rather than both. Or, after the Kusama parallel chain slot auction, having learned from the previous experience, they do not intend to compete, so they may choose to avoid excessive competition in the first few slots and participate in the subsequent slot auction.  

(2) Different incentives for the project side As with Boca, most of the project side's parallel chain tokens in Boca are funded, but not in Kusama's Pioneer network. Alternatively, the project did not intend to be a pioneer network on Kusama in the early stage. Therefore, the tokens on Boca have been distributed to some counters through some mechanisms, such as lock-in and mining, etc. Therefore, these project parties will also have different counters.  

Secondly, the auction strategies of each project party on Kusama Qianqian website are not necessarily optimal. Lessons learned in Kusama will be learned and some adjustments will be made in boca parallel chain slot auction.

In addition, Crowdloan is not the only way to obtain a slot auction, but also the team's own DOT can participate in the auction. Some of the project parties were early investors in Boca, so their DOT will be one of the guarantees for their success in obtaining the slot.   Therefore, due to the above reasons, different project parties have different proportions of parallel chain tokens on Boca as Crowdloan incentives, and may also have different ways to use them. Therefore, attention should be paid to the differences.  

3. Differences in market feedback

This slot auction has more of a spotlight effect, which means more attention. First of all, the enthusiasm of trading platforms can be seen. A number of trading platforms, such as Binance and OKEx, have launched various activities and mechanisms to strongly support boca's parallel chain slot auction, and launched a series of AMA and Crowdloan modules and corresponding incentive policies according to their own advantages. Binance also provides participants with a BDOT mechanism to release liquidity.

Secondly, since some of the previous projects that won Kusama's parallel chain slots have already awarded Crowdloan rewards to participants, and these Pioneer tokens are already available for trading, it's natural that participants will be able to experience the benefits of Crowdloan. In the meantime, Participants will also have an intuitive sense of which project will pay them more dividends, which will encourage more people to participate in the Boca parallel chain slot auction.  

Perhaps because Boca is seen by many as a more formal version of Kusama and Kusama as antecedent.com, boca's parallel chain slot auction generated more buzz than Kusama's. However, boca's parallel slot auction is always more comfortable and predictable for both the participants and the project after their initial practice in Kusama. With that in mind, let's take a look at the strategies for participating in boca's parallel slot auction.

Boca parallel chain slot auction strategy

1. Calculation of revenue

First of all, we need to be clear that the amount of benefit depends on how you calculate it.   A simple Staking calculation is that if the project that participates in a slot auction gets a slot, then Crowdloan Staking is the clear choice if the Token that the participating project gets is worth more than DOT's stake in Staking during the two-year lock-up period.

If the project's Token does not win Staking, the Crowdloan participating in the project is losing money.   If you participate in a Crowdloan for a project that does not get a slot, you lose what you would otherwise lose if that DOT were taken away over time, but not the DOT itself.   However, there is a more complex calculation that takes into account more time and more reward mechanisms.   Most projects provide a linear release of Crowdloan incentives, or a portion of the incentives will be released first and the rest will be released linearly.

Therefore, the complicated approach is to consider whether to cash in after Crowdloan's tokens are all issued in two years, or whether to withdraw the rewards in advance by cashing in the accumulated linear released tokens in the initial period. As well as monetizing part of the DOT participating in Crowdloan through some liquidity release mechanism, the two parts of the funds can be reused.

For example, for a new parallel chain slot auction, after participating, you can continue to use these operations to release liquidity and then release some of the money, and so on.   However, this continuous release of liquidity will increase the leverage of their own capital in invisible, as well as some losses in the middle of the process, so it needs to be used as appropriate.

For example, Acala can release the liquidity of the DOT participating in Crowdloan and obtain lcDOT, which can be converted into DOT for more operations. However, at present, Acala only supports the liquidity release of DOT participating in The Acala loan Crowdloan, and it is highly likely that the liquidity release of DOT supporting other projects Crowdloan will be opened later.   In addition, consider the additional benefits that some project partners may bring from working with other platforms.

For example, if you participate in Crowdloan through some third-party platforms, you will get additional tokens or other incentives provided by those third parties. In this case, you need to talk to the customer service staff of your favorite project to learn about the specific channels of participation and the rewards of each channel, and then see how the benefits of different rewards are generated.

2. Selection of the object of participation

If you're looking to make money in the short term, think about projects that are hot in the short term, have a shot in the slot, and have early release of Crowdloan rewards. However, we need to pay a little attention to the distribution of chips in these projects, what is the Token unlocking mechanism of early investment institutions, whether there are additional chips released in the early stage of the project, etc.  

But if you want to make money in the long run, think about where the project will be after two years of development. This requires further research on the project to understand the basic situation of the project, team strength, capital support, as well as the current operation, operation data and so on.

Try to choose the location of the track is very wide, large space for development, there is a strong scalability of the project to ensure that the upper limit of the project is relatively high. At the same time, we should also select projects with strong team strength, strong operation ability, wide resources and strong capital strength to ensure that the lower limit of the project is not low.

This is a better way to ensure that you get a decent dividend.   At present, the public chain style of smart contract platform that can support EVM can be regarded as highly scalable projects. Here, we can not look at the publicity of each project, but how it is realized. For example, Acala supports EVM although its positioning is DeFi center. It can also support chain travel and NFT, so Acala is a logic belonging to the public chain.  

However, some projects follow the style of application chain, which requires more consideration of how big the application direction is, whether there is a technical threshold, whether other projects can also do this, and whether the operation of the project side can enhance the scalability of the project. To judge the prospects of application chain type projects.   (Some friends will not bother, but their DOT storage for two years, this is a relatively important matter, more attention is very necessary.)

3. Timing of participation

As for the timing of participation, we did a rematch after the Previous Kusama parallel chain slot auction, and the first two days of the first round are the most important for those who want to get a shot of the slot. Just to review our articleExplain the opportunities and strategies for Kusama's second slot auction. Which teams are worth focusing on?  The Boca and Kusama networks use a "2+5" candle auction mechanism, which begins with a two-day initial bidding period and a five-day closing period.

The first two days of the bidding period is the normal bidding period, and then the third day to the seventh day is a five-day ending period, which is the implementation of the candle auction mechanism, that is to say, in the next five days, although the chips can also be increased, but the auction may end at any time.

The closing time is not known until the last day, and the project with the highest number of votes by the end of the closing period will be the winner by tracing the closing blocks in the last five days.   So, the best way for a project to win the slot auction is to shoot all the bullets at the beginning and put in the chips as soon as the bidding starts, because the first two days of the bidding period also have a demonstration effect, The first time ranking will affect the DOT of people who have not yet participated in Crowdloan but are planning to, so it's important to flex your muscles first.  

However, the best time to participate in Crowdloan is in the last two hours of the first slot auction, because at this point, the project has not only revealed all the cards that should be displayed, but also found additional external assistance, so the ranking in the last two hours of the first two days, It will be a preview version to decide who gets the first few slots. At this time, you can basically secure the slots by choosing the top items among them.

Finally, participants who plan to participate in Crowdloan can develop their own boca parallel chain slot auction strategy based on the above three points.  

How to participate in the parallel chain slot auction?

We have introduced the rules and status quo of boca parallel chain slot auction in detail above. So in addition to official participation and wallet-like participation, how should ordinary users participate? We have sorted out the current efficient ways and divided them into two categories of decentralization and centralization to give a brief introduction respectively.

1. Centralized participation

First, users can participate in Crowdloan through centralized exchange platforms such as Kraken, Binance, OKEx, Kucoin, Gate, MEXC, etc., and receive double rewards from the exchange platform. As the auction of boca parallel chain slot is approaching, many trading platforms have started preheating activities.   OKEx conducted early bird voting for Acala, Astar and Moonbeam. Binance launched Moonbeam, Clover, Litentry, Bifrost, Efinity, Parallel, Astar, Acala, and Manta on November 4 with a $30 million equivalent award.  

Participation on the trading platform has increased user engagement to a certain extent and has improved Crowdloan's efficiency. It is a win-win situation for the trading platform, the Boca ecosystem and the project side.

2. Decentralized participation

In addition to trading platforms, regular users can also participate through Polkadot JS, while those who want to gain additional rewards can participate in Crowdloan through Zenlink, Parallel, Bifrost and other decentralized ways to unlock more liquidity.

  Zenlink is an underlying cross-chain DEX protocol based on Polkadot that aims to be Polkadot's DEX portfolio hub, connecting all DEX on Polkadot and aggregating liquidity to provide users with a low-slip trading experience.   Zenlink's decentralized PLO support application SlotVault, built in conjunction with the Boca Slot auction in Kusama's parallel chain slot auction, provides additional incentives for Crowdloan participants, freeing up liquidity and securing funds.

Zenlink does not currently have an official incentive policy for porca parallel slot auctions, but it will support porca parallel slot auctions in the future.   As a decentralized Money Market, Parallel launched Auction Loan for Crowdloan. By participating in Crowdloan through Auction Loan, users can win up to 40% of the early bird bonus. In addition, multiple Crowdloan projects can be awarded multiple levels of rewards in one stop to maximize Crowdloan participation.

Auction Loan currently supports Acala, Parallel, Manta, Aster, Litentry, and more.   Bifrost is the BASIC DeFi protocol for the Boca ecosystem, providing liquidity for pledged assets. During this boca parallel chain Slot, Bifrost deployed SALP on Polkadot, which is the Bifrost Dapp Dot Slot module that enabled the casting mode of the Derivatives vsDOT+vsBond. It also supports Crowdloan of Acala, Astar, Manta, Litentry and other projects auctioned for the first Polkadot parallel chain slot.

In addition to the liquidity provided by vsDOT, users will receive an additional 0.035 BNC for each SALP vote item they pass.   How to maximize revenue and maximize liquidity in Crowdloan has become one of the issues that users need to consider carefully. For more decentralized participation, please refer to our previous detailed summary article:How can ordinary users participate in Crowdloan in an efficient and diverse way beyond the official channels?"

Current status of projects that have proposed to participate in the slot auction

In 2015, Gavin left ethereum and founded a blockchain software development company called Parity Technologies with Jutta Steiner, the ethereum foundation's former head of security. He later founded the Web3.0 foundation, Polkadot was launched in May 2020.  

After a long time of development, boca Ecosystem has become one of the world's well-known public chains and has a large community base. Here we take a look at the current projects that have proposed to participate in the Auction of Boca slots.

1. Acala

Acala Network is a one-stop DeFi hub for the Boca ecosystem, co-founded by Laminar, a decentralized open finance protocol company, and PolkaWallet to provide developers with a series of DeFi base modules out of the box, Make it easy to create a series of applications for the use of end users. Dedicated to the new Web3.0 world to provide low threshold financial stability, liquidity, to achieve a more open and fair future.  

In Kusama's earlier auction of parallel chain slots, Acala's Pioneering Network Karura was the first project to acquire the Kusama parallel chain slot lease, providing Kusama with tremendous liquidity and becoming the indispensable star project in Kusama.   In the Boca parallel chain slot auction, Acala Network offered 17% of the total number of ACA, or 170 million ACA, as a bidding prize for a 96-week lease on the parallel chain slot.

100% of the ACA will be distributed once the network goes online to support transfers, 20% of the ACA will support transfers once the network goes online, and the remaining ACA will be released linearly in blocks within 96 weeks. Additional rewards and limited editions of the NFT attract active participation from the community.   For users who Crowdloan through IcDOT at the same time, 100% of IcDOT will be issued at the same time as ACA when it goes live, and 100% of IcDOT will be mobile and available under Acala DeFi protocol.

Allow users to maximize liquidity while enjoying Crowdloan incentives. At the end of the 96-week parallel chain lease, IcDOT can redeem DOT 1:1.

2. Moonbeam

Moonbeam is an Ethereum-compatible smart contract platform on Boca, allowing multi-chain projects to easily scale into the Boca ecosystem and gain the interoperability, scalability, and security that Boca brings. Moonbeam, which plays the role of Boca eco-smart contract chain, is of great importance to the Boca eco-smart contract system, where the relay chain itself does not have the function of smart contract.  

Earlier in Kusama's parallel chain slot auction, Moonbeam's Golden Sparrow Network, Moonriver, successfully acquired the lease for Kusama's second parallel chain slot and was fully operational within a month. Due to its good performance, it is supported by many well-known projects in Ethereum.  

In the Boca parallel Chain slot auction, Moonbeam offered 10% of the initial supply as the total prize, 100 million Glimmer. 30% are unlocked when the parallel chain comes online and 70% are allocated linearly in blocks over the 96-week lease.

3. Astar Network

Astar is an early technical project of boca ecosystem. It is a polkadot-based multi-virtual machine, multi-chain, Layer2 scalable smart contract platform. It has received more than 7 Web3 foundation grants and is Astar project in the boca ecosystem. Boca is committed to creating a native smart contract ecosystem.  

In Kusama's earlier auction of parallel chain slots, Astar's Forerunner Network Shiden, as a multi-chain decentralized application layer on Kusama, was awarded the lease for the third slot, providing Kusama with a variety of features and great scalability.   In this Boca parallel Chain slot auction, Astar is dedicating 20% of the total supply to Crowdloan, 15% as base rewards and 5% as additional rewards pool. Astar will distribute 10% after the transfer function is activated, and the remaining 90% will be released linearly over 22 months.

On top of that, the 10ASTR/DOT referral bonus, 20% early bird bonus and 10% Shiden Supporter bonus are all very attractive.

4. Parallel Finance

Parallel Finance is a decentralized lending protocol built on the Boca ecosystem that offers leveraged mortgages and auction lending in the Polkadot ecosystem, enabling communities to improve capital efficiency, security and accessibility.

Innovative designs such as Liquid Staking, Margin Staking, and Money Market agreements allow users to secure and lend Money simultaneously in Parallel Finance systems, gaining liquidity and earning double interest rates.   The current Parallel pilot network became the 10th Parallel chain of the Kusama network on October 6.   The Auction Loan Contribution channel has been opened to allow users to win Parallel's 40% early bird bonus with Auction Loan product Contributions.

Auction Loan is a product launched by Parallel Finance for Crowdloan participants that can be used to increase the utilization of funds to achieve higher returns.   Parallel dedicates 10-15% of the total (10 billion PARA) to Crowdloan contributions (1.5 billion PARA tokens)

- $PARA Total supply: 10,000,000,000

- Total Crowdloan bonus allocation/supply: 10-15%

- Parallel link lease: 96 weeks

- $PARA Unlock period: 24 months

Parallel offers 5 rewards, all of which can be awarded to users who contribute to a Parallel Crowdloan through the Auction Loan product.  

- Base bonus: 1 DOT = 33 PARA

- Referral bonus: 10% (referees get 5%; Referees receive 5%.

- Community early bird bonus: up to 40%

- NFT Bonus: Parallel will allocate 1000 NFT incentives to users who participate in the Parallel Crowdloan. These NFT will be used in Parallel chains in the future

- cDOT as a liquid asset: By contributing to any Crowdloan project through Auction Loan, users will receive 1DOT and receive 1cDOT as a liquid asset during the 2-year DOT pledge process.

- After Parallel chain goes live, it can be used in Parallel lending market and AMM market.

5. Menta Network

Manta Network is boca's first on-chain privacy project. Manta Network is committed to building a better Web3 world through privacy protection. Manta's product design starts from first principles and provides end-to-end privacy protection for blockchain users through leading cryptography architectures such as zkSNARK.

While ensuring privacy, Manta offers interoperability, convenience, high performance, and auditability, allowing users to conduct private transfers and transactions between any parallel chain of assets.   Calamari, the current Manta Network pioneer Network, became the seventh parallel chain of the Kusama Network on September 15.   Manta Network's latest Crowdloan strategy: & NBSP; Instead of a fixed 1DOT: 5MANTA bonus ratio, 15.6% MANTA bonus will be allocated to all participants in the first round of Boca Parallel Chain Crowdloan based on their contribution ratio, including 12% base bonus, 3% liquidity mining bonus and 0.6% Binance contribution bonus.

  The calculation formula is: Base reward = (your DOT contribution/total DOT contribution to Manta) * 120,000,000 Manta; Liquidity Incentive Reward = (your DOT contribution/total total DOT contribution to Manta) * 30,000,000 Manta. Among them, liquidity incentive rewards can be obtained in decentralized platform participation.  

The Binance Contribution Award remains unchanged. From November 4 to November 11, contributors who pledge through Binance will receive 6,000,000 MANTA in addition to the base award, as well as an additional 10% of MANTA early bird award. It is estimated that Manta currently has over 1.5 million DOT pledges on Binance.

Contributors participating through all platforms will receive an additional 10% of MANTA until the first Parallel chain auction in Boca begins and an additional 5% of MANTA until the third parallel chain auction ends.

6. Phala Network

Phala is a Substrate based privacy cloud computing service in the Polkadot ecosystem. Data privacy, as it is known, is just one of the basic features mentioned in the Phala Network whitepaper. Phala's vision is to become the world's largest P2P computing network, a standard decentralized computing cloud based on Web 3.0.  

An important prerequisite for achieving this goal is to de-trust the computing network itself: all computing on the Phala network runs in secure enclaves. Secure enclaves guarantee the security of computational load, including the correctness of program execution, and the confidentiality and privacy of data. Not only was Trustless the first feature recognized by the Phala community, it was the cornerstone of Phala's emergence as a reliable distributed computing network.   In addition, the "sharing economy" model also features in Phala's Web 3.0.

To ensure that network users and computing power providers are not controlled by centralized Internet companies, Phala has adopted the blockchain protocol, which allows any computing node to join the network and provide available and stable computing services. This is also the basis of the Secure Worker Mining mechanism.   Phala became the fourth parallel chain of the Kusama network on July 13. According to Phala Network's plans, it will go through four periods: the Triassic, Jurassic, Cretaceous and Holocene.

At present, Khala Network has entered the Holocene period.   As for the poka slot plan, Phala's earlier plan was to try to win the Poka slot a year after winning the Kusama slot. Phala will allocate a certain percentage of the total circulation of the original PHA as a successful auction pool. Roughly designed as Kusama slots: 0.5%-1% (5 ~10 million), Polkadot slots: 3%-5% (30 ~50 million).  

But the co-founder of the Phala Network recently tweeted that he wants the Phala community to discuss and make a decision together. He advised Phala not to get the first slot, but to join the second auction of Polkadot slots, which starts on December 23.

7. SubDAO

SubDAO is boca's DAO infrastructure, a DAO platform that focuses on Substrate chain diversification governance. It allows any decentralized organization to quickly create and manage DAOs. SubDAO can not only link DAO and DApp, realize cross-chain management of DAO, but also provide an entrance for Web2.0 to connect to the Web3.0 world.  

Earlier, SubDAO announced that it would participate in the first round of Polkadot parallel chain auction. SubDAO has been actively preparing to launch the parallel chain network Starfish and issue GOV (Governance) as the network token. Will participate in the Polkadot parallel chain auction and win the slot starting from slot 1 (November 11), providing blockchain-based electronic protocol signing, DAO social, asset management and other tools and services as well as DAO management functions for Boca's relay chain and parallel chain.  

SubDAO offers a variety of rewards:

- Total Prize for GOV auction: 30% of the initial GOV offering, or 300 million GOV.

- Base rewards: 20% base rewards; 200 million GOV. An initial bonus of 20GOV will be awarded for each DOT pledged, and 10,000,000  is expected to be raised. The DOT to vote. In addition to the base award of 200 million, there is 100 million GOV as other awards.

- 5% Early Bird Bonus: SubDAO will award an additional 5% early bird bonus for the first 1000 pledge users.

- 5% invitation reward: The official Crowdloan page of SubDAO can obtain the invitation link and exclusive recommendation ID. If the user is successfully invited with the recommendation code, both recommender and recommender will get the & NBSP of the recommender; 5% invite rewards.)

- "Strong Supporter" up to 10% : vote contribution 100  DOT or above users will receive additional bonus

- "Sprint" up to 6% : When the total number of supporting bid locks reaches a certain order of magnitude, all bid supporters will receive a bonus

- 34% of the GOV bonus will be released immediately after Starfish Network successfully shoots a slot and runs smoothly as a parallel chain The remaining & have spent 66%  GOV awards will be divided into   Linear release at 96 weeks.

Currently, the channels confirmed to support SubDAO bidding include decentralized platforms such as Polkadot-JS, Bifrost, Zenlink and Math Wallet, as well as centralized trading platforms such as Huobi, Gate and MEXC.

8. Bifrost

Bifrost is the basic Polkadot ecological DeFi protocol. Committed to become the pledged assets to provide liquidity infrastructure. With Bifrost, a user can, at any time, convert PoS currencies into Vtokens under Bifrost protocols to obtain Staking and liquidity.  

Bifrost became the fifth parallel chain of the Kusama network on July 20. As of now, the Bifrost network supports both Kusama and Bifrost's two-way asset chain, and KSM can interoperate between the Bifrost and Kusama networks.   The Bifrost team plans to deploy the slot-bidding liquidity protocol SALP on Polkadot, Will open the casting of the Derivatives vsDOT+vsBond in Bifrost Dapp Dot Slot module on November 9th at 18:00 Beijing time to support participation in the Boca Parallel Chain auction.

Customers participating in the Contribute will have the advantage of unlocking the DOT Liquidity release, and those who vote for Bifrost through the DOT Slot of the Bifrost Dapp will receive the rewards offered by the candidate parallel chain, Obtain Derivatives: & have spent VsDOT and vsBond.   The latest news is that the Bifrost team is working on plans for boca parallel chain slots, which will be announced at a later date.

9. KILT

KILT was one of the first companies to adopt modular System Substrate, created by Parity Technologies. KILT is an open source blockchain protocol for publishing autonomous, anonymous, and verifiable credentials for Web 3.0. Unlike peer-to-peer solutions, KILT uses blockchain technology to provide self-contained data and revocable credentials.   KILT brings the traditional trust process of real-world verifiable credentials (passports, driver's licenses, educational certificates, etc.) to the digital world while keeping your data private and proprietary.

KILT can also be used to create identifiers for machines, services, and anything else that can establish an identity.   The KILT protocol became the sixth parallel chain of the Kusama network on September 8. KILT protocol is online, with Runtime upgrades, introduction of governance (internal testing) and Treasury. KILT features such as decentralized identifiers (diDs) and verifiable credentials will be added later. When KILT functional testing and the complete system are completed, the Sudo module will be removed and decentralized.   KILT previously announced plans to participate in the boca slot auction, but has yet to announce details.

10. HydraDX

HydraDX is a Substrate based, fully decentralized and open protocol that uses a bond curvely-inspired token model designed to handle multiple asset pools and help coordinate relationships between different actors and protocols.

Compared to traditional AMM, HydraDX aims to provide "sea-like" mobility for cross-chain DeFi by reducing slippage, providing deeper mobility (minimizing liquidity dispersion), better internal composability and execution and user experience.   HydraDX protocol became the eighth parallel chain of the Kusama network on 22 September. HydraDX has previously announced plans to take part in the poca slot auction, but has yet to announce details.

11. Interlay

Interlay's vision is to create a future of blockchain seamless connectivity and interaction: anyone can use any digital asset on any blockchain, untrusted and unrestricted.

Its current focus is InterBTC, which will serve as a "bridge" for decentralized and untrusted Bitcoin, connecting boca and Kusama first. InterBTC allows users to cast A 1:1 BTC-supported asset, PolkaBTC, onto the Boca blockchain and use these assets in a wide range of applications, including decentralized trading platforms, Stablecoin, and loan protocols.   Kintsugi, the Interlay pioneer network, became the 11th parallel chain of the Kusama network on October 13.   Since Interlay Pioneer Kintsugi just won the Kusama slot, Kintsugi will be online with all features before Interlay does anything on Polkadot.

Interlay's interBTC comes from XCM. As long as the other parallel chains and XCM are not 100% ready, interBTC will not reach its full potential. Therefore, Interlay Network will not participate in the first slot auction of Boca Parallel Chain, but will participate in the second auction on December 23, 2021.

12. Litentry

Litentry is a decentralized identity aggregator featuring Substrate built blockchains and distributed decentralized identity (DID) authentication networks. A unique function in the Polkadot ecosystem, providing Liquidity, interoperability, and consistency for multi-chain identity data.

It can provide interoperability and liquidity for DID data of different systems, and provide identity aggregation services including DID authentication, credit calculation and rating for DID users and DID applications through distributed decentralized identity index (DID) and credit computing network constructed based on Substrate.  

Due to time, cost and resources considerations, Litentry will directly participate in the Polkadot parallel chain slot auction, skipping the Kusama slot auction.                              

Litentry will put up 20% of the total supply to incentivize supporters who help Litentry gain an edge in the auction. All supporters of the auction can split up the 20 million LIT prize pool. For every 1DOT locked in, participants will receive at least 2.5LIT rewards. The final reward will be calculated as a percentage of each participant's contribution to the Crowdloan pool.

In addition to this, users can also earn up to 20% bonus on participating in Binance before November 11 to split up an additional 500,000 LIT, Parallel's Auciton Loan also allows users to unlock DOT liquidity and earn additional PARA bonuses.

13. Efinity

Efinity is a scalable NFT cross-chain network built on Boca that will help humanity create a truly free global digital economy. Developed by cutting-edge blockchain technology company Enjin, they created the ERC-1155 NFT standard on Ethereum.

Efinity, through its partnership with Boca, will be able to provide an accessible, scalable solution that will enable everyone to participate in the emerging NFT economy.   Efinity previously announced plans to participate in the Poca slot auction, and participation in the Efinity Crowdloan by November 11 will be a chance to win prizes in the $1,500,000 FEI pool.

Afterword.

It is a coincidence that the official opening time of the boca parallel chain slot auction is chosen during the "Double 11" in China. I do not know whether it is a coincidence or deliberately chosen at such an auspicious moment. After all, the nationwide shopping tide will inevitably set a "new XXX record", and this boca seems to be for setting a record.  

Since the emergence of the wave card, to now slot auction, along the way is hard, 5 years to make great changes have taken place in block chain industry, also brought glory to boca, and ecology is becoming more and more prosperous, Substrate framework also attracts many developers to use, is under unprecedented attention, people waiting for this moment for a long time.  

The bell of "Double 11" is about to ring, and the historic moment of the auction of Boca slot is coming. Maybe we will remember this moment many years later. The curtain of cross-chain interoperability is about to open.

The original link

Welcome to join the official BlockBeats community:

Telegram Subscription Group: https://t.me/theblockbeats

Telegram Discussion Group: https://t.me/BlockBeats_App

Official Twitter Account: https://twitter.com/BlockBeatsAsia