The auction for Polkadot parachain #14 finished. This is the auction that Polkadex participated in. Each auction lasts for a week. A nice touch is that nobody knows exactly when the auction actually ends. This is to prevent last-minute manipulation by one of the participants.
After each auction, there is a three-day period, before the next auction starts. So, come April 17th, a new auction starts for parachain slot #15. Let’s take a look at how the Polkadex parachain bid managed in auction #14.
How Did Polkadex Do in Polkadot Parachain Auction #14
Polkadex did not manage to grab the parachain slot in auction #14. There’s only one winner per auction. However, Polkadex is still doing well. They are still competing for a parachain slot during the current Batch 3 of auctions. To clarify, Batch 3 has 7 auctions, between auction #12 and #18. Polkadot has some good information about their auctions. You can also look here for one more good explanation of their parachain auctions.
However, it looks very likely that Polkadex is going to win either auction #15 or #16. They set up their crowd loan campaign to last various auctions. This increases their chance of winning a slot. Theoretically, you would get your bonded DOT back if a project doesn’t win the bid. However, in this case, the bonded DOT goes straight to the next auction #15. And if needed, to the next one as well, auction #16.
Over 135k DOT contributed to the Polkade Crowdloan!
Have you contributed yet?
— Polkadex (@polkadex) April 15, 2022
In case you haven’t participated yet, there are various ways of taking part in the auction. As a result, you support the Polkadex bid for a parachain slot. Check our previous article about the Polkadex bid for more details on how to take part. This article also clearly explains the various ways and benefits you get helping Polkadex win a slot.
Once Polkadex secures their parachain slot, it lasts for 96 weeks. During this period, you bond your DOT. In other words, they get locked for the duration of the parachain lease. In the Polkadex case, it is a crowd loan to get a slot. This means that your DOT locks from the moment you take part, until the end of the parachain lease period. However, at the end of this period, you get your bonded DOT back. Now they are free for staking, trading, or whatever you plan to do with them.
Source: Polkadex crowdsource page
Polkadex didn’t secure a parachain slot during auction #14. However, they still look strong. The chances of winning a bid in auctions #15 or #16 are high. Consequently, it’s not too late to take part in the Polkadex bid.
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The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by Polkadex. Copyright Altcoin Buzz Pte Ltd.