Fellow Binancians,Binance will launch a DOT Slot Auction Warm-Up promotion starting from 2021-11-04 at 13:00 (UTC). Users that participate in the 1-week Warm-Up promotion will receive a share of $30M in rewards. Activity Period: 2021-11-04 13:00 – 2021-11-11 12:59 (UTC)Prize Distribution Format: Users can claim the Warm-Up bonus on the slot auction page hourly. The $30M in rewards will be 100% distributed during the activity period. What Is the DOT Slot Auction?DOT Slot Auction is a parachain auction for the Polkadot ecosystem that officially starts on Binance on 2021-11-11 at 13:00 (UTC). Users can stake* DOT on Binance and vote for their favorite Polkadot parachain projects. The warm-up period is essentially a practice environment developed by Binance, for DOT holders to familiarize themselves with the process. Users that take part in the warm-up period can win a share of the $30M Warm-Up Bonus.* The DOT staked during the Warm-Up Period are not redeemable and will be locked for the Auction Period directly. If your selected project is successful, your DOT will be locked for 96 weeks. In return, you will receive staking rewards from your chosen project. If your selected project fails to bid on the slot, your staked DOT will be returned to your spot wallet on 2021-12-18 (UTC).Some projects offer auction period rewards. Why Should I Join the DOT Slot Auction Warm-Up Promotion on Binance?
- Extra $30M in rewards to be shared in 1 week;
- Pre-learning of Polkadot parachain slot auction;
- Easy to use: stake and get higher rewards in 1 click
DOT Slot Auction Process:
- Warm-Up Period: 2021-11-04 13:00 – 2021-11-11 12:59 (UTC)
- Auction Period: 2021-11-11 13:00 – 2021-12-16 12:59 (UTC）
- Auction Results: The auction results will be announced after every auction round ends. The results for the last auction round (round 5) will be announced approximately at 2021-12-16 12:59 (UTC).
- Lease Period: 2021-12-17 – 2023-10-20（The dates are approximate, based on fixed block numbers)
- Minimum Staking Amount: 0.0001 DOT
- Staking APY: Based on the actual on-chain staking income
- Reward Calculation: Earnings during the warm-up period are calculated every hour, and your rewards within the hour are calculated according to the proportion of DOT you stake to the total number of DOT staked by all participants. Users can claim the warm-up rewards hourly or cumulatively.
- Binance will provide a liquidity solution by issuing BDOT. Users will be able to convert their staked DOT to BDOT at a 1:1 ratio. When parachain slot lease period ends, users can redeem their staked DOT with BDOT at a 1:1 ratio.
- Users will be able to freely trade between DOT and BDOT when BDOT is made available for trading on Binance. (Note: The trading price is determined by the market, and the spread caused by the transaction shall be borne by users).
- DOT Slot Auction Rules and FAQ.
Terms & Conditions:
- There are three types of rewards: $30M Warm-Up Bonus, Slot Auction Period Rewards (some projects only), and Lease Period Staking Rewards. Binance will distribute 100% of the rewards to users.
- BDOT will be issued within 45 days after the Auction Period ends, and will be priced at the market price of DOT.
- The $30M in rewards will be 100% distributed to users according to the DOT voting power. Some reward tokens are not transferable or tradeable initially. Binance will fully integrate the networks and distribute the rewards after the successful bidders launch their respective parachains. Withdrawals for some of the reward tokens will be enabled at a later time.
- The hourly-claimed bonus rewards during the Warm-Up Period can be viewed on DOT Slot Auction page and in the Spot Wallet.
- Redemption: when parachain slot lease period ends, users can redeem their staked DOT with BDOT at a 1:1 ratio. The DOT redemption amount will be based on the BDOT holding amount instead of the initial staking amount.
- When BDOT is enabled to trade, if users sell their BDOT, they can keep receiving the 2-year staking rewards from the projects whereas users who buy BDOT will not receive the staking rewards.
- Binance reserves the right to cancel or amend any Activity or Activity Rules at our sole discretion.
Risk warning: Cryptocurrency trading is subject to high market risk. Please make your trades cautiously. You are advised that Binance is not responsible for your trading losses.Thanks for your support!Binance Team2021-11-03Trade on-the-go with Binance’s crypto trading app (iOS/Android)Find us on Telegram: https://t.me/binanceexchangeTwitter: https://twitter.com/binanceFacebook: https://www.facebook.com/binanceInstagram: https://www.instagram.com/binanceBinance reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.
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