The recent announcement regarding the hearings to win the place among the Parachains of Polkadot has put the entire ecosystem in turmoil. The earning possibilities are attractive and have attracted many investors. In fact, the award process foresees that the competitor can ask for the help of external investors and, in exchange for the bond of their $DOT, reward them with the winning token of the auction. also offers the ability to receive $BDOT in a 1: 1 ratio, a liquid form of captive $DOT, also available for trading within 45 days of auctions. This is a kind of liquid staking which, coupled with the fact that there are no commissions to pay, one of the best choices to participate in auctions as an investor. Now let's see how to do it and what are the projects on the list.
How to participate
Participating is very simple, I summarize it all in a few points:
1. Create an account on BINANCE from (10% discount on trading fees) and complete the KYC verification.
2. Deposit your $DOT on the Spot wallet.
3. Go to the "" section and select DOT (https://www.binance.com/it/dotslot
4. Choose the project you want to invest in and proceed with the $DOT allocation. The auction has a particular functioning: a random "snapshot" of the allocations will be made in the 7 days of the audition and whoever presents more than $DOT wins. Therefore, if you want to participate, do it as soon as possible. Additionally, as an incentive, will distribute a reward that will function as a launchpad. All the details can be found on their announcement with the official rules (https://www.binance.com/en/support/faq/1d6025c85e7447a181da19fcffbcd8d4
Here are the main participating projects, the descriptions come directly from the
Moonbeam: is an EVM platform compatible on the Polkadot network. It allows you to implement existing smart contracts on Ethereum and therefore interoperability between blockchains.
Clover Finance: is focused on cross chain compatibility for DeFi applications and on interoperability between different blockchains. It is one of Coinlist's most important projects of 2021 and has been launched on major platforms including Coinbase, Binance, Huobi, OKEx and FTX, helping to make it one of the fastest growing projects in the Polkadot ecosystem.
Astar Network: is a multichain dApp on Polkadot, which supports EVM. Since Polkadot Relaychain does not support smart contracts based on its design, Astar provides dApp developers with a high-performance smart contract platform with scalability and interoperability between multiple and blockchains.
: is a decentralized identity aggregation protocol across multiple networks. In addition, it provides a secure vehicle through which users manage their identities and dApps obtain real-time credit / reputation of an identity owner across different blockchains.
: Manta Network is the on-chain privacy solution for crypto assets. In the short term, Manta will be a product that enables high-performance private DeFi transactions and an AMM exchange. Manta will be the privacy protection platform for all Web3 applications.
: Bifrost is the core protocol of Polkadot Ecological DeFi, one of five Kusama parachains in the first batch. Its goal is to become a hedging asset infrastructure to provide liquidity. Bifrost launched Polkadot's (Crowdloan) staking derivative vToken and parachain slot.
: Efinity wants to act as a preferential route for NFTs built on Polkadot. It is developing a next-generation token standard that is interoperable with other Polkadot parachains and capable of linking to other blockchains.
: Parallel Finance is a decentralized money market protocol that offers loans and staking in the Polkadot ecosystem. Depositaries can simultaneously lend and stake assets to earn double the return on their staking funds, and borrowers can provide collateral for the service obtained.
: Acala is Polkadot's decentralized financial network and liquidity hub. It is a scalable, Ethereum-compatible, DeFi-optimized Tier 1 smart contract platform with built-in liquidity and ready-to-use financial applications. With Acala Swap's trustless exchange, decentralized Acala Dollar stablecoin (aUSD), DOT liquid staking (LDOT) and Acala EVM +, Acala allows developers to access the best of Ethereum and the full power of Substrate.
Here is an interesting site where you can see and evaluate the status of the various projects that aim to become a parachain: parachains.info
Conclusions
The choice on whether or not to participate in auctions must be made after careful research. Earnings can attract a lot of people but you should always consider the $DOT block period and the exposure you want to have.
DYOR before invest!
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