Kusama/Polkadot auction is coming and we are going to start the Parachain Lease Offering during the Parachain auction. In this post, I would like to describe what you need to do to prepare for the auction.
First of all, the auction is conducted through a mechanism called Candle Auctions.
To participate in the Polkadot Parachain auction, you need to have DOT tokens (KSM tokens for Kusama Parachain auction). By locking DOTs for the Plasm’s Parachain slot, you will be able to receive PLMs in proportion to the locking amount.
So, the best way to prepare for the auction is to buy and HODL DOT/KSM tokens till Web3 Foundation announces the date of the auction.
If you are staking DOTs on Polkadot, it needs 28 days to unlock DOTs (In the case of Kusama, it takes 7 days). We will make sure that we make an announcement at least 28 days before the auction.
Currently, we are working with some top exchanges to make our slot auction successful. I hope users can join the auction directly from centralized exchanges. The people who can’t trust centralized exchanges also can join the Plasm’s slot auction by using our interface developed by Stake Technologies.
Important Information: We are going to fully disclose our auction strategy once it is ready. We highly likely incentivize people to get into the auction on Day 1. So, please prepare for the auction and join the auction on Day 1.