Polkadot slot auction warm-up event. 7 days to share 30 million US dollars worth of rewards.
Binance DOT Slot Auction Warm-Up Promotion
Binance will start the Polkadot slot auction warm-up event at 21:00 (East Eighth District Time) on November 4, 2021.
Users who meet the requirements of the event will have the opportunity to share 30 million USD equivalent token rewards.
Activity time is from 21:00 on November 4, 2021 to 20:59 on November 11, 2021 ( East Eighth District Time).
Reward distribution forms are:
- Users can receive warm-up rewards every hour on the DOT slot auction page.
- During the event, 100% of USD 30 million equivalent rewards will be distributed to users.
What is DOT slot auction?
The DOT slot auction is a parachain auction of the Polkadot ecosystem.
It is expected to officially start at Binance at 21:00 (East Eighth District Time) on November 11, 2021. Users can pledge DOT on the Binance platform and vote for their favorite Polkadot parachain projects.
The warm-up period is a lock-up activity provided by the parachain project parties in conjunction with Binance for users to familiarize DOT holders with the auction process.
Users who participate in the warm-up period will have the opportunity to share a $30 million warm-up period prize.
DOT pledged during the warm-up period is not redeemable.
After entering the auction period, the DOT will be directly locked in the auction period.
If the project you voted for successfully gets a slot, your DOT will be locked for 96 weeks.
In return, you will receive lock-up rewards for the project you voted for; if the project you voted for fails to bid, the DOT you locked will be returned to your spot wallet on December 18, 2021 (East Eighth District Time).
Please note that some projects will provide lock-up rewards during the auction period.
Why participate in the Binance DOT slot auction warm-up event?
In one week, 30 million USD equivalent reward tokens can be divided up.
Preview the Polkadot Parachain Slot auction.
Voting through Binance lock-up, one-click operation yields higher returns.
Go to Binance Official Website
DOT slot auction process
| Warm-up period: | 21:00 on November 4, 2021 to 20:59 on November 11, 2021 (East Eighth District Time). |
|---|---|
| Auction time: | 21:00 on November 11, 2021 to 20:59 on December 16, 2021 (East Eighth District Time). |
| Auction results: | The auction results will be announced after the end of each auction. The results of the last auction (the 5th round) will be announced at 20:59 (East Eighth District Time) on December 16, 2021. |
| Slot lease period: | From 08:00 on December 17, 2021 to 08:00 on October 20, 2023 (East Eighth District Time). |
| Minimum lock-up voting volume: | 0.0001 DOT |
| APY lock-up during the lease period: | Based on the actual lock-up income of each chain |
| Reward calculation: | The profit during the warm-up period is calculated every hour, and your reward during the hour is calculated according to the proportion of the amount of DOT you invested in the total DOT of the project. APY is updated every hour, and users can click to receive income every hour, or accumulatively receive. |
Binance will provide users with liquidity solutions through the issuance of BDOT. After the slot lease expires, users will be able to exchange BDOT for their pledged DOT at a ratio of 1:1.
When Binance launches the BDOT/DOT trading pair, users will be able to trade freely (Note: The trading price is determined by the market, and the spread caused by the transaction is borne by the user).
Terms and Conditions of the promotion
There are three types of rewards: Binance warm-up period exclusive rewards, slot auction period rewards (provided for some projects), and lease period lock-up rewards. Binance will distribute 100% of the rewards of the project party to users.
BDOT will be issued within 45 days after the end of the auction period and will be priced at the market price of DOT.
The reward of USD 30 million will be distributed to users based on 100% of the DOT voting weight. Some reward tokens cannot be withdrawn or traded initially.
Binance will fully integrate the network and distribute rewards after the winning projects are launched on their respective parachains. The withdrawal function of some reward tokens will be opened in the future.
During the warm-up period, the rewards that users click to receive every hour can be viewed in the DOT slot auction page and the spot wallet.
Redemption: After the end of the parachain slot lease period, users can redeem the pledged DOT with BDOT at a ratio of 1:1. The DOT redemption amount will depend on the amount of BDOT held, not the initial pledge amount.
After the BDOT opens the transaction, if the user chooses to sell the BDOT, he can still continue to receive the 2-year pledge reward of the project; but the user who purchases the BDOT will not receive the pledge reward.
Go to Binance Official Website
Please check Binance official website or contact the customer support with regard to the latest information and more accurate details.
Binance official website is here.
Please click "Introduction of Binance", if you want to know the details and the company information of Binance.
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April 24, 2024
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