Polkadot Parachain Auctions!! ULTIMATE 101 GUIDE!!
I’ve just finished putting in the final touches on my video on the Polkadot Parachain Loan Offerings.
Now, I know you’ve been extra keen on this one and you wanted me to walk you through exactly what the process is in order for you to participate in the PLOs as well.
You asked, I delivered!
The Polkadot Parachains constitute a much anticipated event in the crypto space as a whole, and they most definitely embody one of the most exciting advancements within the Polkadot ecosystem.
In fact, the activation of the Parachain structure on Polkadot signifies its ultimate culmination as a Layer-0 multi-chain protocol and represents one of the final steps in the Polkadot roadmap.
After Kusama (Polkadot's Test network) began rolling out its Parachains earlier in June of this year, people were expecting momentum to be maintained and that PLOs would move to Polkadot soon after.
After numerous delays, much anticipation and great excitement, Polkadot finally announced Motion 118, a governance-granted proposal of technical readiness for the Polkadot blockchain to start rolling out its own parachains.
So, in the video I have for you today, I will be taking you through a step-by-step guide on how you can get yourselves prepped and ready to start contributing to those mighty Parachain Loan Offerings.
I will be showing you two ways in which you can participate:
- Through a centralised exchange
- Through the Polkadot JS Chrome Extension
I will say though that these PLOs require you to be a hardcore DOT hodler. This is because projects competing to win a slot on Polkadot will be bidding for slot leases that may last all of 96 weeks. Yes, you read that correctly! That’s almost two years.
This means that if you were to participate in a PLO and the project you contributed to ends up winning the slot, you will not be able to access your DOT tokens for quite some time.
Thus, as always, I would recommend that you do your proper due diligence before you make any rash decisions or blindly “ape” into the first PLO you see pop up.
Anyhow, Guys, you’re going to absolutely love this one.
So, get comfortable, strap in and let’s dive into the magical world of DOT.
⛓️ 🔗 Useful Links 🔗 ⛓️
Kraken Exchange: https://guy.coinbureau.com/r/kraken
Polkadot Architecture: https://wiki.polkadot.network/docs/le...
Parachains, Explained: https://wiki.polkadot.network/docs/le...
Statemine and Statemint: https://wiki.polkadot.network/docs/bu...
All Systems Go!: https://polkadot.network/launch-parac...
Kraken: What Are Parachains?: https://www.kraken.com/learn/parachai...
Polkadot JS: https://polkadot.js.org Polkadot JS Extension: https://polkadot.js.org/extension/
Motion 118: https://polkadot.polkassembly.io/moti...
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.