LONDON, November 8, 2021 / PRNewswire / – Huobi Global, the world’s leading digital asset exchange, today announced a new offering for users that will allow them to participate in the growing number of projects in the Polkadot ecosystem. Starting today, users can access the Polkadot Parachan Slots Auction voting channel on Huobi Global to earn rewards at no cost.

The relay chain refers to Polkadot’s central chain and is responsible for the shared security of the network, consensus and interoperability between the chains. Parachains are the various Layer 1 blockchains that run in parallel on Polkadot networks, which are connected and secured by the central relay chain. They exchange information and facilitate transactions between other parachaines connected via the relay chain. In the Polkadot network, a parachain slot is the first step to participate in the ecosystem.

Polkadot recently passed a referendum to allow parachain registration, which will open up the network to a variety of new use cases and projects. At the start of the auction, Huobi Global will launch a convenient and easy-to-use parachain slot machine auction voting channel so that users can support their favorite projects without any complicated channel operations. It also eliminates the potential risks associated with private key leaks.

How the voting channel works

Parachain slot auctions use a candle-lit auction format to allocate parachain slots. Projects that wish to secure a parachain location can participate in the auction by bidding for DOT tokens. Community members can vote with DOT for a particular project, after which these tokens will be temporarily locked. If the project that a user supports in the parachain slot machine auction wins, their voted DOT tokens will be locked for the duration of the lease (The maximum duration of a parachain slot machine is 2 years.), Over the course of which they will be unavailable for staking, transfer, or trading.

Join the voting channel

The Polkadot Parachain Slots Auction voting channel is now open on Huobi Global. Users can vote for their favorite project with DOT to earn free rewards. Voting began at 1:00 p.m. (UTC) on November 5, 2021. Projects will participate in 5 auction rounds until all the slots are filled.
A locked DOT represents one vote, and the upper voting limit for each user is 5 million DOT. For each locked DOT, voters can get corresponding daily rewards when the voted project wins the slots auction.

For more details and to participate in the parachain voting channel, please visit https://www.huobi.pk/support/en-us/detail/64872710438383.

About the Huobi group

As a global leader in the blockchain industry, the Huobi Group was founded in 2013 with a mission to make breakthroughs in core blockchain technology and the integration of blockchain technology with others. industries. The Huobi Group has expanded into public blockchains, digital asset trading, wallets, mining pools, exclusive investments, incubation, digital asset research, and more. The Huobi Group has established a global digital economy industry ecosystem by investing in more than 60 upstream and downstream blockchain industry companies and created a global ecology of the global digital economy.

For more information, please visit https://blog.hbg.com/.

SOURCE Huobi