Parachain slot auctions
Parachains connect to Polkadot by leasing a slot on the Relay Chain for up to 96 weeks at a time, with the option to renew. These slots are assigned by an on-chain auction, with auction winners locking up a bond in DOT for the lease duration. Auctions and crowdloans raise the bar for blockchain projects, incentivizing them to demonstrate their technology and gain community support prior to launch.
How auctions work
Auction duration
Polkadot auctions have an open bidding period of approximately one week. The precise moment of the auction’s close is determined retroactively, preventing last-minute “auction sniping” and promoting more accurate price discovery.
Slot duration & lease periods
Each slot on the Relay Chain can be leased for up to 96 weeks. Parachains can bid for lease periods in 12-week increments known as lease periods. Multiple parachains can win a single auction by bidding on non-overlapping lease periods.
Auctions timetable
Each auction lasts one week and assigns a slot duration of 96 weeks, divided into eight 12-week lease periods. The schedule is determined via Polkadot’s on-chain governance community.
Auction ending period
The auction’s ending period starts about one day and 21 hours after the auction begins and lasts until the end of the one-week bidding period. The auction’s end point is randomly chosen by the Verifiable Random Function (VRF) at the close of the bidding period.
Crowdloans
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