The Polkadot Parachain Slot auction is coming soon. Lianwen has compiled the reward rules for popular projects of Polkadot crowd lending and the channels for participating in the event.
Written by: Si Yu
At the end of September this year, Polkadot co-founder Gavin Wood said in an interview that Polkadot has made technical preparations for the parachain to go online, and the specific time to go online is only to be confirmed by the governance vote. About half a month later, on October 14th, Polkadot officially passed Proposal No. 39, and the launch time of the first Parachain slot auction was confirmed on November 11th this year. At the beginning of this month, the No. 42 community proposal for Polkadot’s Runtime upgrade to v9122 was also officially passed, and Polkadot’s parachain ID registration and crowd lending modules were officially opened on November 4. The long-awaited Polkadot Parachain Slot auction will be officially launched this week.
This article counts all the projects that have announced their participation in the first round of Polkadot Parachain slot auctions so far, and sorts out the reward rules for these projects to participate in crowd loans.
List of crowd-lending projects and incentive mechanisms
Acala
Acala is the world’s first decentralized open financial alliance and Polkadot Eco-Financial Center. It aims to create an open financial framework in conjunction with the Polkadot Ecosystem to bring financial stability, liquidity and accessibility to global crypto assets .
bonus system
Total auction reward: 17% of the total ACA (170 million ACA, 15% basic reward + 2% other rewards)
Total: 1 billion
Parachain slot lease term: 96 weeks (approximately 2 years)
Reward distribution: 100% of the ACA will be distributed after the network is online to support the transfer
Circulation quantity: 20% ACA will support transfer after going online
Locked amount: The remaining 80% of ACA will be released linearly in units of blocks within 96 weeks
Reward calculation formula: (your DOT contribution / total DOT contribution to Acala) * 170,000,000 ACA, this formula is a rough calculation and needs to include various additional rewards
lcDOT distribution (choose the lcDOT method to contribute): 100% lcDOT will be issued at the same time as the ACA reward after going online. Every time a user contributes 1 DOT to Acala, he will get 1 LCDOT
Liquid lcDOT: 100% lcDOT will be liquid and support use within the Acala DeFi protocol
Parallel Cooperation Reward: If our platform becomes a VIP recommendation (3000 DOT and 500 users), and you are the top 100 contributor, users who contribute through Parallels auction loans will receive an additional 10% ACA bonus reward
Binance Early Bird Reward: Before November 11, participate in Binance to share an extra 70,000 ACA
Participation link: https://crowdloan.parallel.fi/#/auction/contribute/polkadot/2000
Astar Network
Astar Network was renamed from Plasm and developed and supported by Staked Technologies, allowing developers to easily and seamlessly add Plasma features to Substrate.
bonus system
Total auction reward: 20% of the total supply of ASTR (1.4 billion ASTR tokens)
Total: 7 billion
Parachain slot lease term: 96 weeks (approximately 2 years)
Reward distribution: 100% of the ASTR will be distributed after the network is online to support the transfer
Circulation quantity: 10% ASTR can be received immediately
Locked amount: The remaining 90% ASTR will be released linearly in units of blocks within 96 weeks
Additional rewards: 5% of the total amount of tokens issued is used for additional rewards
Inviting benefits: For every DOT contributed by your friends, you will get 10 ASTRs! Your friends contribute through your recommendation and get a 1% bonus of their amount
Early bird benefits: If you join before the end of the first round of auctions, you will get a 20% bonus
Parallel Cooperation Reward: Week 1, 1st place: 6% extra ASTR bonus
Weeks 2-3, 2-3 places: 4% extra ASTR bonus
Weeks 4-5, 4-5 places: 2% extra ASTR bonus
Binance Early Bird Reward: Before November 11, participating in Binance can share an extra 70 million ASTR
Participation link: https://crowdloan.parallel.fi/#/auction/contribute/polkadot/2006
Clover Finance
Clover Finance is a cross-chain smart contract platform that is committed to providing an easy-to-use blockchain infrastructure and creating a one-stop compatible EVM framework for Substrate-based applications to reduce the barriers and costs for developers.
bonus system
Total auction reward: 20% of the total supply of Clover (200 million CLV tokens)
Total: 1 billion
Parachain slot lease term: 96 weeks (approximately 2 years)
Reward distribution: 100% of the CLV will be distributed after the network is online to support the transfer
Circulation quantity: 28% CLV can be received immediately (30% of contributors through Binance)
Locked amount: 72% (or 70% for contributors via Binance), which will be unlocked monthly in the next 23 months
Extra rewards: You can get extra rewards by participating in the Clover The LUCKY Gachapon event
Parallel cooperation reward: 12% extra Clover bonus for the first week
4% extra Clover bonus for the second week
2% extra Clover bonus before the first batch is closed
Binance Early Bird Reward: Before November 11, participating in Binance can share an additional 8 million CLV
Participation link: https://crowdloan.parallel.fi/#/auction/contribute/polkadot/1010
Crust Network
The goal of Crust Network is to establish a decentralized cloud ecosystem, implement an incentive layer protocol for distributed storage, apply to a variety of storage layer protocols (such as IPFS), and provide support for the application layer. The Crust architecture also has the ability to support a decentralized computing layer and build a decentralized cloud ecosystem.
bonus system
Total auction reward: 5% of the total supply of Crust (1 million CRU tokens)
Total: 20 million
Parachain slot lease term: 96 weeks (approximately 2 years)
Reward distribution: 100% of the CRU will be distributed after the network is online to support the transfer
Circulation quantity: 30% CRU can be received immediately
Locked number: 70% 10% linear release every 3 months
Extra rewards: You can get extra rewards by participating in the Clover The LUCKY Gachapon event
Darwinia Network
Darwin Network is a cross-chain bridging network developed based on Substrate, focusing on building a future asset interconnection network, including non-standard asset auction markets, stable currency cross-chain, asset exchange and other fields.
bonus system
Total auction reward: 10% of the total supply of RING (200 million RING), 8000 KTON
Total: 2 billion RING
Parachain slot lease term: 96 weeks (approximately 2 years)
Reward distribution: 100% RING, 8000 KTON
Number of locks: 10% of the RING is released immediately, 90% is linearly released, and 8000 KTON is linearly released
BTC rewards: After the second round of auctions, regardless of whether Darwinia Network wins the auction, 1 BTC will be immediately distributed among the top 5 contributors. (Condition: Top 5 contributors who contributed more than 10,000 DOT before the start of Polkadot’s Batch 2 auction (December 23, 2021))
NFT Reward: Limited edition Metaverse NFT blind box, including evolutionary planet lottery tickets, PLO commemorative medals (a total of 1,000 randomly issued), and other joint hidden models of Metaverse projects. (Condition: Contribute ≥10 DOT during the entire Darwin crowd loan period)
Referral reward: +5% for the referrer and the referred person (condition: you and your friends can contribute to the Darwinia crowdfunding through the same referral link generated in the Darwinia PLO page)
Advanced referral reward: The more DOT you contribute under your referral link, the higher your ranking on the leaderboard. The top 10 in the recommended contribution rankings will receive an additional reward of up to 3%, which means you can get a recommendation reward of up to 8%
Early bird rewards: From the beginning of the Darwin crowd loan to the end of the first round of auction (2021.12.23), at this stage, a 120% increase in contribution rewards will be obtained
From the start of the second round of auction (2021.12.23) until the candle is lit, at this stage, 100% contribution rewards will be received
During the candle lighting period, that is, from the lighting of the candle to the end of the crowd loan, the reward will linearly decrease from the highest 100% to the lowest 0% at this stage.
Equilibrium
Equilibrium is an all-in-one interoperable DeFi collection, the first cross-chain digital asset market that combines credit lending, synthetic asset generation and trading.
bonus system
Total auction reward: 10% of the total EQ supply (12 million EQ tokens)
Initial circulation: 120 million EQ
Parachain slot lease term: 96 weeks (approximately 2 years)
Reward distribution: 100% of the EQ will be distributed after the network is online to support the transfer
Circulation quantity: temporarily unknown
Locked number: temporarily unknown
Referral rewards: get 6% extra bonus (3% referrals, 3% referrals)
Early bird reward: 10% EQ bonus for registration waiting list, 10% bonus for PLO first stage participants
Giant Whale Reward: 10000+DOT donation can get 15% bonus
Litentry
Litentry is a privacy-protected DID aggregator that plays a unique function in the Polkadot ecosystem, providing Liquidity, interoperability and consistency for multi-chain identity data.
bonus system
Total auction reward: 20% of Litentry’s total supply (20 million LIT tokens)
Total: 100 million
Parachain slot lease term: 96 weeks (approximately 2 years)
Reward distribution: 100% of the LIT will be released linearly in units of blocks within 96 weeks
Locked quantity: 100% LIT
Minimum contribution: 5 DOT
Distribution rules: Every time 1 DOT is locked, participants will get at least 2.5 LIT rewards. The final reward will be calculated based on the percentage of each participant’s contribution to the crowd lending pool. (Your DOT contribution/Total DOT contribution) * 20 million LIT
Compensation for failed bidding: If Litentry does not successfully bid for the first batch of slots, additional LIT compensation will be issued to contributors. The compensation ratio is 1 DOT to compensate 0.12 LIT, and the estimated compensation APY is 13%.
Parallel Cooperation Reward: Donate before November 11 or within 3 days before the start of the crowd loan, and get 10% extra LIT reward.
Paying users within 4-7 days before the start of the crowd loan can receive an additional 5% LIT reward.
Contribute 2% extra LIT rewards after the 7th day
Binance Early Bird Reward: Before November 11, participating in Binance can share an extra 500,000 LIT
Participation link: https://crowdloan.parallel.fi/#/auction/contribute/polkadot/2013
Moonbeam
Moonbeam Network builds a cross-chain connected DApp, provides a smart contract platform compatible with Ethereum, and can easily build local interoperable applications. It is supported by the Polkadot network and developed by PureStake.
bonus system
Total auction reward: 10% of the total supply of GLMR (100 million GLMR tokens)
Total: 1 billion
Parachain slot lease term: 96 weeks (approximately 2 years)
Reward distribution: 100% of GLMR will be distributed after the network is online to support transfers
Circulation quantity: 30% GLMR can be received immediately
Locked number: The remaining 70% of GLMR will be released linearly in units of blocks within 96 weeks
Binance Early Bird Reward: Before November 11, participate in Binance to share an extra 2750 MOVR
Participation methods: Participate in crowd loans through three methods: Moonbeam crowd loan DApp, exchanges, and Moonbeam supported wallets
Manta Network
Manta’s first product, MantaPay, is able to privateize the entire relay chain and parachain of Polkadot, such as the stablecoin on Acala, and the EVM digital assets on Moonbeam, to maximize Polkadot’s interoperability. Manta will eventually establish a privacy smart contract platform based on zkSNARK, which can build and deploy various decentralized applications, such as the privacy trading platform MantaSwap and the privacy NFT platform.
bonus system
Total auction reward: 15.6% of the total supply of MANTA (156 million MANTA tokens)
Total: 1 billion MANTA
Parachain slot lease term: 96 weeks (approximately 2 years)
Reward distribution: 100% of MANTA will be distributed after the network is online to support the transfer
Locked amount: 100%, will be released linearly in units of blocks within 96 weeks
NFT reward: get an NFT
Early bird bonus: before November 11: an extra bonus of 10%, from November 11 to December 2: an extra bonus of 5%
Parallel Cooperation Reward: Before the crowd loan starts, you can get 10% extra MANTA bonus
In the first 21 days, you can get 5% extra MANTA bonus
The rest cannot get additional rewards
Binance Early Bird Reward: Before November 11, participating in Binance can share an additional 6 million MANTA
Participation link: https://crowdloan.parallel.fi/#/auction/contribute/polkadot/2015
Parallel Finance
Parallel Finance is a decentralized loan agreement built on the Polkadot ecosystem. Its unique method will enable users to obtain double rewards by collateralizing and borrowing at the same time.
bonus system
Total auction reward: 15% of the total supply of PARA (1.5 billion PARA tokens)
Total: 10 billion PARA
Parachain slot lease term: 96 weeks (approximately 2 years)
Reward distribution: 100% of PARA will be distributed after the network is online to support the transfer
Locked amount: 100%, will be released linearly in units of blocks within 24 months
Basic reward: 1 DOT = 25 Parallel (participation through Polkadot.js)
1 DOT = 33 Parallel (participate through Parallel Auction Loan)
NFT reward: 1000 random participants
Early bird reward: 40% bonus for every 1 DOT contributed before November 10th
From November 11 to November 16, for every 1 DOT contributed, you will get a 20% bonus
From November 17th to November 23rd, for every 1 DOT contributed, you will get a 10% bonus
From November 24 to November 30, for every 1 DOT contributed, you will get a 5% bonus
From December 1st to December 7th, for every 1 DOT contributed, you will get a 2.5% bonus
Binance Early Bird Reward: Before November 11, participate in Binance to share an extra 500,000 USDC
Participation link: https://crowdloan.parallel.fi/#/auction/contribute/polkadot/2012
SubDAO
SubDAO is a DAO platform that focuses on solving the diverse governance of the Substrate chain. Based on Substrate, it is committed to creating a platform that allows any organization to create and manage cross-chain DAO organizations. It is also the first project incubated by the PAKA Labs accelerator.
bonus system
Total auction reward: 10% of the total supply of GOV (300 million GOV tokens)
Total: 1 billion
Number of locks: unknown
Parachain slot lease term: 96 weeks (approximately 2 years)
Reward distribution: 20 GOVs for every DOT contributed
Early bird reward: 10% extra GOV
Invitation reward: 10% extra GOV
Participation: Users can support SubDAO crowd loans through Polkadot JS
Exchange activities
Announcement link of Binan Polkadot crowd loan warm-up event
OUYi OKEx Early Bird Shooting Event Announcement Link
Supplementary reading
What is Polkadot Parachain Slot Auction (Auction)?
Polkadot is a scalable heterogeneous multi-chain blockchain. This means that it is composed of a collaborative decentralized blockchain network, which is called a relay chain, which interacts with the parallel running shard chain, that is, the parachain. These parachains can be regarded as clients of the relay chain, and the purpose of the relay chain is to protect and coordinate the parachains. If you want to join the Polkadot network and interact with other parachains, you need to implement it through slots. Slots are only rented but not sold, and the right to use is obtained by locking the DOT.
However, the number of Polkadot Parachain slots is limited, and the official estimate is that the maximum number of slots running at the same time is about 100.
Among them, 80% of the slots will be put on the market for auction, and 20% of the slots will be reserved for projects of interest to the Web3 Foundation. These officially supported projects need to be able to contribute to the Polkadot ecology and be conducive to the development of the Polkadot ecology. Whether it is the official 20% reserved or the 80% participating in the auction, DOT needs to be locked. After the lease period, the locked DOT will be refunded.
The rental period of the slot is 6 months. Each auction consists of 4 cycles, namely 2 years. The project party can freely bid on these 4 cycles according to its own needs, and the higher price will be awarded.
So the slot is equivalent to the jack of the patch panel, the parallel chain is inserted into the jack, and the shared cross-chain provided by the relay chain is used to meet the daily interaction.
Analysis of Polkadot Slot Auction Method
The number of each auction is one slot. (The interval is usually a few weeks)
Each slot auction adopts a candle auction + random parameters. The auction will stop suddenly at a random time specified by the system, and the higher bid price before this will win.
For example, we assume that the bidding cycle is 5 days, and the project party can bid at any time within 5 days. The system uses random parameters to generate an unpredictable auction deadline. For example, at 1:00 pm on the third day, the highest bidder before this time will be eligible for the slot use. After obsolescence, it is deemed invalid.
Note that: You can only bid once during the auction period.
Effect of auction rules
Coin holder
If the project party fails to bid successfully or the lease term ends, DOT will be refunded to the token holder immediately.
Polkadot Eco
High-quality projects will receive more attention and support from more people. This process is not only screening high-quality projects, but also bringing more popularity to Polkadot. As more and more parallel chains are connected and the interaction increases, it will bring excellent development to the Polkadot ecology.
About Polkadot Crowdloan (Crowdloan)
When Parachain is bidding on slots, project parties can raise DOT from their respective communities through Crowdloan, and DOT holders can choose to contribute their DOT to any bidding project they like.
