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Summit AscendEX Opens Polkadot Parachain Slot Auction "One-Click Voting"

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Summit AscendEX grandly launched Polkadot slot auction "one-click voting". Through the centralized display of selected auction items, it is expected to help project supporters participate in DOT pledge voting easily, conveniently and safely.

Original source: Summit AscendEX

In November 2021, the long-awaited auction of Polkadot parachain slots will finally start Open the curtain. As of press time, the parachain candidate projects Moonbeam, Acala, and Astar were the first to win with pledges of 35,759,900 DOT, 32,515,900 DOT, and 10,333,500 DOT respectively, and obtained the right to use the slot.

What is Polkadot Parachain slot auction?

As a heterogeneous cross-chain system, Polkadot itself does not have any inherent functional applications. However, its core relay chain, as a verifiable and dynamic data structure that supports global dependencies, can coordinate the data and consensus transfer of the parachains above it.

That is to say, Polkadot is actually a Layer0 blockchain, which can bring together the solutions belonging to Layer1 . In Web3.0, the coexistence of multi-blockchain access is the general trend, and Polkadot can be said to be the first to take this step.

In Polkadot, the parachain as an external system reflects the diversity of its function expansion. When the parallel chain is connected through the slot, not only can the nodes of the relay chain be used for verification and interaction, but also the parallel chains can communicate with each other. Such a parallel processing mechanism not only effectively improves the scalability of the Polkadot network, but also enables network security sharing.

In order to gain technological advantages and capture new opportunities for development, many blockchain projects are eager to access Polkadot and become their parachains. However, the current Polkadot relay chain can only support 100 parallel chains to communicate across chains at the same time. In the case of "many monks and few porridge", Polkadot adopted the method of slot bidding to provide access opportunities for project parties.

Polkadot allows blockchain projects that intend to access its system to participate in the auction by locking DOT, and stipulates that in an uncertain During the auction period, "the more bet wins", the winner is selected by the method of "candle auction + random parameters".

During the bidding process, if the project party holds limited DOT, it can initiate a public loan (PLO) to borrow other people's holdings DOT to help it increase the total amount of pledges, thereby gaining an advantage in bidding. The slot lease period available to the project party is 6-24 months, and DOT still needs to be locked during the lease period after winning the bid.

As a general user, as long as you hold DOT, you can support the bidding project side by locking it, and you can win the project side Afterwards, project Token rewards will be obtained in proportion. The pledged DOT will be returned in full after the end of the slot lease period. Therefore, once the crowd lending activity was launched, it set off an upsurge of market participation.

As of press time, more than 100,000,000 DOTs have been locked through completed and ongoing crowd lending activities. At the same time, as the popularity continues to rise, the total amount of pledges in this large financial event is still surging.

In general, Polkadot slot auction is not only of great significance to the construction of its ecological integrity, but also through public participation To decide the access project, it will also have a positive impact on the token economy and the liquidity of the secondary market.

AscendEX launched Polkadot "one-click" auction voting

On December 9th, in order to support the development of the Polkadot ecosystem, Summit AscendEX grandly launched the Polkadot slot auction "one-click voting". Through the centralized display of selected bidding projects, it is hoped that project supporters can easily, conveniently and safely participate in DOT pledge voting.

The Polkadot slot auction schedule is generally divided into two phases, the first phase of voting will be on December 9, 2021 Starts at 10:00 and ends on December 16, 2021 at 20:00. If the project wins this auction, the DOT pledge period invested by users will be from December 17, 2021 to October 20, 2023.

The second round of voting will start at 10:00 on December 23, 2021 and will be held on March 10, 2022 at 20 :00 End. The DOT pledge period for this period is from March 11, 2022 to January 12, 2024. The voting entrance is located at the top navigation of AscendEX official website - "Finance" - "DOT Slot Auction".

In terms of voting rewards, when the project supported by the user wins the auction, the project party will give Voter lease rewards will be distributed to the user's account by AscendEX. At the same time, in order to increase users' enthusiasm for participation, Summit AscendEX will also launch activity benefits totaling up to 40,000 US dollars for a limited time.

In addition to rewards, regardless of whether the project supported by the user wins the slot auction or not, the DOT pledged by the user will be fully paid Return to account. If the invested project wins, the pledged DOT will be returned after the slot lease period of the project party ends; if not won, it will be returned after the auction ends.

Participating in the peak AscendEX Polkadot slot auction voting, you can not only experience the convenience and peace of mind of "one-click voting", 0 handling fee And the setting of 0.1 DOT starting investment undoubtedly minimizes the "threshold" for user participation. In addition, in line with the policy of "meeting user needs", Summit AscendEX will also provide:

1. Project reward 100 % Delivery to home service

After the project participating in the auction wins, it will be calculated according to (number of DOTs pledged by users/total DOTs pledged by the project) Quantity) × total rewards during the lease period to give back to users who participated in voting. Participate in the auction voting of AscendEX, you can enjoy the considerate service of 100% of the platform's full rewards sent to the account on behalf of the account, eliminating the need for intermediate processes such as wallet registration and asset transfer.

2. Extra rewards for high-value activities

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Users who participate in DOT voting and pledge will not only have the opportunity to get the winning rewards from the project side, but also can directly get the early bird rewards from the peak AscendEX and the top challenge rewards during the voting period. A total of 40,000 U.S. dollars in support rewards are not taken for nothing.

During the first round of voting, the first 1,000 users who participate in the auction to lock DOT will receive an early bird reward of $10 . During the second voting period, the first 500 users who participated in the auction to lock DOT can share the early bird reward of 9,000 US dollars according to the ratio of the locked amount.

At the same time, the top 100 users will share a total of 21,000 USD according to the pledge ratio The top challenge rewards, and the higher the ranking, the larger the prize pool that can be shared, up to $10,000.

3. A solution for both pledge lock-up and liquidity

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In order to solve the liquidity problem of users locking DOT during the slot lease period, according to the number of DOT locked by users who actually participate in bidding and voting, AscendEX will issue DOT-A at a ratio of 1:1 ( DOT lock certificate) to the user account, and open the transaction of DOT-A within 60 days after the end of the slot auction.

As a DOT lockup and unlock return certificate, the change in the number of DOT-A will not affect the amount of project rewards obtained. However, it should be noted that when the slot lease expires, the actual amount of DOT unlocked and returned will be based on the number of DOT-A held by the user. Users can choose whether to trade according to their own situation.

The first phase of the selection auction project "Sparkling Debut"

Among the candidate projects selected for the first phase of AscendEX include Bifrost, Clover Finance, Efinity, Litentry, Manta Network, and Parallel, six innovative blockchain projects with outstanding strength. Users can make a comprehensive judgment based on factors such as project development potential and popularity, and vote for the project that is most likely to win, so as to obtain lease period rewards from the project party.

1. Bifrost (total reward amount during lease period: 11,000,000 BNC)

As the basic DeFi protocol of the Polkadot ecosystem, Bifrost is committed to creating an infrastructure that provides liquidity for pledged assets. At present, Bifrost has received millions of dollars in financing from institutions such as NGC, SNZ, DFG, and CMS.

2. Clover Finance (total reward amount during lease period: 200,000,000 CLV)

Founded in 2020, Clover Finance is a Substrate-based smart contract platform dedicated to improving the cross-chain compatibility of DeFi and the interoperability between different blockchains.

3. Efinity (total reward amount during lease period: 200,000,000 EFI)

Enjin was founded in 2009. As the decentralized metaverse infrastructure Efinity is building, it is expected to support NFT from any network and become the next generation of digital asset blockchain.

4. Litentry (total reward amount during lease period: 20,000,000 LIT)

Litentry is Polkadot's ecological decentralized identity aggregation cross-chain protocol, which aims to provide decentralized and interoperable identity aggregation services, featuring DID index mechanism and substrate-based Credit computing network.

5. Manta Network (total reward amount during lease period: 156,000,000 MANTA)

Manta Network is committed to building a better Web3.0 through privacy protection, and adopts zkSNARK and other cryptographic architectures to provide blockchain users with strict privacy protection and interoperability , convenience, high performance and auditability.

6. Parallel (total reward amount during lease period: 1,000,000,000 PARA)

Parallel Finance, as the decentralized currency market protocol of the Polkadot ecosystem, can provide the ecology with products such as loans and pledges, so as to improve capital efficiency, security and accessibility, and generate More mobility.

Reminder

1. Arrangements such as pledge of relevant assets involved in the AscendEX Polkadot slot auction are based on the official rules of Polkadot. AscendEX will not bear any responsibility if any accident occurs midway.

2. AscendEX Polkadot slot auction-related reward information comes from public information. If there are subsequent changes, AscendEX The information will be adjusted synchronously, but no joint and several liabilities will be assumed.

3. Not all the candidate projects participating in the Polkadot slot auction have a business relationship with AscendEX. Therefore, the users get The Token rewarded by the project party may not be able to be traded on AscendEX.

4. Event rewards will be It will be issued to the user account within 10 working days after the end of each round of voting. Winners must complete real-name authentication before the end of the event to receive rewards. The details of the auction are subject to the official announcement, and the final interpretation right belongs to AscendEX.