Huobi Global, the world’s leading digital asset exchange, announced a new offering for users that will enable them to participate in the burgeoning number of projects in the Polkadot ecosystem. Starting, users can access the Polkadot Parachan Slot Auction voting channel on Huobi Global to earn rewards at zero fees.
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Relay Chain refers to the central chain of Polkadot and is responsible for the network’s shared security, consensus, and cross-chain interoperability. Parachains are the diverse layer-1 blockchains that run in parallel on the Polkadot networks, which are connected to and secured by the central Relay Chain. They exchange information and facilitate transactions between other connected parachains through the Relay Chain. In the Polkadot network, a parachain slot is the first step to participating in the ecosystem.
Polkadot recently passed a referendum to enable parachain registration, which will open up the network to a variety of new use cases and projects. As the auctions kick off, Huobi Global will launch a convenient and easy-to-use voting channel for the parachain slot auction so users can support their favorite projects without any complicated on-chain operations. It also eliminates potential risks associated with private key leaks.
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How the Voting Channel Works
Parachain slot auctions employ a candle auction format to allocate parachain slots. Projects that want to secure a parachain slot can participate in the auction by bidding DOT tokens. Community members can vote with DOT for a particular project, after which those tokens will be temporarily locked. If the project a user supports during parachain slot auction wins, their DOT tokens voted will be locked for the duration of the lease (The maximum duration of a parachain slot is 2 years.), during which they will be unavailable for staking, transferring, or trading.
Join the Voting Channel
The Polkadot Parachain Slot Auction voting channel is now open on Huobi Global. Users can vote for their preferred project with DOT to win rewards at zero fees. Voting started at 13:00 (UTC) on Nov 5, 2021. Projects will participate in 5 rounds of auctions until all slots are filled.
One DOT locked represents one vote, and the upper voting limit for each user is 5 million DOT. For every DOT locked, voters can get corresponding daily rewards when the voted project wins the slot auction.
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