crowdloan

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3 yrs

What is Parachain Auction?
Parachain auctions are auctions that are held on the Polkadot (or Kusama - network built as fast-moving 'canary in the coal mine' for its cousin Polkadot) relay chain to determine which blockchain will connect to the parachain slot. Once auction begins, then every project on the network is free to submit their bid to the relay chain.

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Parachains are sold in an unpermissioned candle auction — a method used to auction ships in the 16th century where the winner was the highest bidder when the flame went out — which terminate after a random amount of time determined by the system. Auctions for both Polkadot and Kusama function similarly, and teams bid using two pieces of information — their bid amount and slot duration. Project teams bid using DOT (or KSM for Kusama).

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3 yrs

Crypto man